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Running head: INTERNET AND IDENTITY FRAUD

Impacts of internet diversity and identity fraud on health of global economy
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The impact of the internet and identity fraud on health of global economy
Introduction
Identity fraud is the acquisition and usage of another person’s social security details
without their concern and permission to present them (McNally, 2012). It can also be defined as
the pretending of being someone else in order to gain financial benefits of even fame. The acts
always end up affecting the victim a lot.
The examples of the identity frauds that happen often are the acquisition of loans and
credit cards in other people’s names and neglecting the responsibilities of paying the bills,
renting homes and apartments using the identity of another person, opening accounts and many
other activities that the involved person uses the identity of another person. Another identity
fraud that can be very costly and unlawful is where the participant takes part in a crime and
secures their freedom using another person’s details thus leaving the victim with criminal
records.
Despite the fact that the federal law does not penalize the victims of identity fraud in
terms of payment of the bills that have been accumulated by the frauds, it takes the victims so
long to get back to their healthy financial state and getting back their reputation in credits. On the
global context, the victims of identity fraud are affected in many ways due to a number of
reasons too.
Many at times, when the victims report identity cases to the police or sheriff departments,
they are ignored due to the belief that the banks and the credit card companies should be the ones
to report because the loses are incurred by them and not the individual victims. The failure to
recognize the harm of the activities to the victims even makes them suffer more. In their attempt

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to report, they are seeking to clear their names and prove that they are not quilt of the activities
carried out by the fraudsters.
Upon reporting of the identity frauds to the respective credit card companies and banks,
many of the victims suffer the disbelief by the agencies and they end up incurring the loses in
silence. The reports go in vain because the credit card companies, banks and other agencies do
not take any action and the fraudsters keep taking more credits in their names. The general global
economy therefore is greatly affected because the effects on the victims drain their energy on
delivery and contribution to economic growth (McGinley & Hoffman, 2010).
The penalties that the agencies impose on the victims tend to be very severe and they
could include their homes being taken away for auctioning and even others get to the extent of
law suits. The fact remains that the victims are innocent and not any single person can give their
time to hear them out and come up with mitigating measures for the problem. The economy is
therefore affected in the sense that the victims are dragged from their healthy economic state to
bankruptcy which eventually ...