Identity Theft

2 Pages 497 Words

The effects of the crime of identity theft are numerous. As our society continues to develop and our populations continue to explode, crime is a major concern. Our society is bombarded daily with shocking crime statistics that elude to the destruction of our morality; however, most law-abiding citizens feel reasonably safe from becoming a victim. Only in the last few years have we begun to recognize that crime can affect us personally, even if not physically. Originally, identity theft was considered a victimless crime since everything occurred on paper. However, “since September 11th, the entire country has been made aware of the impact that identity theft has on national security” (Primary Payment website). The tragedy of that day has increased our national skepticism and paranoia of others.
Another effect of this rampant crime has been the development of expensive services offered by companies to help consumers protect themselves. “While some services are offered for free by financial institutions, others cost well over $100 a year” (Bergstein, p.B2). This new industry capitalizes on our fear. Their efforts include things such as monitoring credit reports, email alerts, professional help from identity theft experts, and insurance. The “services are marketed as salves for a growing problem” and create huge profit margins for these businesses (Bergstein p.B2). For example, the personal solutions unit at Equifax brought in $70 million in revenue in 2003 and is expected to contribute more than $100 million in 2004 (Bergstein p.B2). Consumer advocates “complain that identity theft protection services are being offered by companies that could do more to stop the problem in the first place” (Bergstein p.B2).
A third effect resulting from this new crime has been the new legislation created to help protect victims and punish offenders. Our politicians have been forced to spend countless tax-dollars to create b...