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The Effects of Identity Theft in Business

Jul 30, 2008
Nowadays, there has been a great increase in the problem of identity theft. The increased identity theft crimes also have increased effects that are also getting worse to the victimized individual, to law enforcers, to the government as well as with the totality of the country's citizens.

Let us assume a person name Dick James makes fake documents calling himself Terry Johns. Now he can make all sorts of documents he wishes to. He takes loans worth hundreds of thousands of dollars, he gets several credit cards and makes several purchases on credit, takes money through ATM and the like.

With all of this, of course Jonard Weelord is now very rich probably owning assets amounting through hundreds of thousand or even millions. Of course, the bank and other companies he made a debt to, is expecting him to pay all his credits.

However, if in case he has left the city and nobody from the bank that he had signed up with knows where he is or how to reach him, it will be very hard or almost impossible to get hold of him anymore since his name and all his documents are fake. Even with a photograph submitted to the banks and other financial institutions but for the police to track him down, they need to know the real information on the culprit.

Jonard Weelord could just go to a cheaper place and his life is changed. He is filthy rich for what he did. But the companies and banks that he took fake loans are the one who lost a lot of money.

Now once in a while they may be able to take the loss, but what if this starts to happen every now and then. Of course no bank would tolerate it besides it won't be very easy for the bank to afford such a loss either, would it?

Besides losing so much money, their great reputation that they worked for a very long time is swept. Trust and confidence of their customers are also gone. So the business is not the only thing that was lost, not just money but also respect.

It is certain that the crimes of identity thefts have worse implications that can affect the business really bad. It can certainly be considered as very serious problems, which are very hard to get over with, for big banks and small ones, as well.
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