Identity fraud refers to a crime where someone wrongfully obtains and uses another’s personal data in a manner involving deception for economic gain. The offense was not that relevant years ago. Recently, however, it is a crime under Federal law. This provision has enabled the capture of persons who had turned it into a means of living. This paper provides insight into its enactment, importance, and applicability by referring to “Catch me if you can,” a common film featuring a character who used the practice to make a living in the past.
Now Frank was born in 1948, so the defense against criminals has dramatically changed. Discuss what the government and banks have done to try and fight against fraud.
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The government, through the Department of Justice, prosecutes cases of fraud under several federal statutes. These federal prosecutors work in collaboration with investigative agencies such as the United States Secret Service, the Federal Bureau of Investigation, and the United States Inspection Service to prosecute cases of fraud. Congress spearheaded the punishment of such cases by passing the Identity Theft and Assumption Deterrence Act in 1998. With this legislation in hand, a new offense of identity theft was created prohibiting any unlawful transfer of another person’s identification under any applicable state. Also, the law has provided relevant information about fraud in some government and private organizations. There is also a list of websites that one may find informative on fraud and related topics.
Do you think it is important that the government has changed it's defense against fraud?
The move by the government to make identity fraud a crime is important because identity fraud has become rampant and it should be stopped by all means. The reason is that it is caused by different factors and influences. At the core of every fraud is an individual decision to bend the rules. The outcome is similar across the board because it always entails deceit and injury to the real person. There are those frauds that are planned in advance. In such a case, the person is acting intentionally to steal someone else’s identity. The second type is that of persons who believe they are merely borrowing but in the end; they are unable to pay back what they have borrowed because they have already committed a crime. The third type is the opportunist who finds himself in a position where he can benefit even though he did not intend to do it. The most common type, however, is the minimizer, who knows that he is committing a crime but intends also to minimize the consequences of his actions by may be trying to run away or setting someone else up.
How do you think Frank got away with stealing so much money and defrauding so many people?
Frank, the character in the film got away with so much money before being captured mainly because the practice was not an offense at the time. Also, there was no appropriate technology to monitor and expose fraudsters like him. The experience he gained from repeatedly doing the same thing also made him exceptional and undetectable while committing the offense.
As a bank employee, what steps do you need to follow to try and prevent?
As a bank employee, I would work towards preventing fraud by eliminating every opportunity that presents itself by displaying a confident understanding and believe in the job’s code of ethics. Also, I would ensure that every customer makes full disclosure of his or her details. In turn, I should provide detection measures used by the entity to the client in writing to ensure we are in understanding. Conducting the needed checks and balances after transactions can also help in a great way at exposing identity fraud.
What types of fraud are still very relevant today?
Apart from identity fraud, there are other types of fraud evident to date. Online fraud is a common type of fraud today because it involves reliance on the internet. Corporate fraud is another type fraud that involves fraud against business. Advance fee fraud, on the other hand, is committed when fraudsters target victims to make advance payments for financial gains that do not materialize.
