Identity Theft and Credit Fraud - Intermediate Writing | ENGL 2010, Assignments of English Language

Download Identity Theft and Credit Fraud - Intermediate Writing | ENGL 2010 and more Assignments English Language in PDF only on Docsity! Identity Theft and Credit Fraud Identity theft and credit fraud are two tremendously growing problems today in the United States. The U.S. News and World Report published a woman’s story regarding how credit fraud affected her life directly. Jessica Grant sought to refinance the mortgage on her home at a local bank in Sun Prairie, Wisconsin, confident that the trip would be routine. Grant and her husband were shocked to find that Grant’s credit record, unbeknownst to them, was quite marred. Quick research led the couple to find that an unknown woman in Texas used Grant’s name and social security number for 19 credit applications. Jessica Grant, without any action of her own, now owed over $60,000 in debt for cars, a mobile home, and credit card bills. Grant, like thousands of Americans, is the victim of credit fraud. (Mannix 48) Credit theft is a relatively new crime, yet the number of credit fraud cases reported is staggering: “More than 700,000 Americans have their credit hijacked every year” (Taylor 100). The problem is obviously a very serious one. According to the U.S. Department of Justice, Congress didn’t even begin cracking down on credit theft until 1998, at which point the Identity Theft and Assumption Deterrence Act was passed. This act, among other things, made identity theft and illegal act, with a maximum of 15 years imprisonment for anyone found guilty of such allegations (U.S. Dept of Justice). Why is identity theft such an incredibly growing problem? For one thing, the ease of committing the act provides thieves quick cash with little threat. In a modem ‘credit world,’ where purchases are made not with currency but plastic, any semi- intelligent crook can steal the identity of an innocent working American for loans and credit card applications, Identity theft is often performed by crooks through ‘dumpster diving,’ the act of going through another’s trash. Thieves can easily stumble on discarded pre-approved credit cards, personal information including social security numbers, and banking information such as checks and deposit slips. Once personal information is obtained, credit or loan applications can be made. Often, thieves are able to activate pre-approved credit cards, max them out, and look for their next victim (U.S. Dept of Justice). While government officials have attempted to crack down harder on credit thieves, the problem steadily worsens. The other reason credit theft won’t go away any time soon: “Until lenders suffer ... substantial losses, they can’t justify the expenditures necessary to verify identity,” according to Christine Pratt, a credit specialist for TowerGroup. Sufficient government action has not been enforced on credit agencies to the point that big businesses own accountability for the credit theft problem. In other words, big credit companies leave it up to the consumers to clean up the mess left behind from a stolen identity. With credit lenders free from the responsibilities for collateral damages, the victims of credit fraud are often forced to pay for attorney fees, mailing and notary costs, and other expenses necessary to clear their once-clean credit record (Hawkins 40). Since the U.S. Federal Goverment seems a loss for solutions, an answer must be established elsewhere. Enter the VeriChip: the Digital Angel. Created by the Florida-based company Applied Digital Solutions, VeriChip is an implantable radio frequency identification downright /oco” (Murray 4). Some are as simple as being more careful with our personal information. Aside from a few laws passed to set the punishments for guilty parties, our political leaders seem to be at a loss for answers. Perhaps Americans need to stop looking for an answer from the higher-ups, and decide how they can protect their own credit records. The U.S. Government suggests we “be stingy” with our personal data (U.S. Dept. of Justice Website). Time reports that “Shredding your junk mail and leaving your social security card at home can save a lot of agony later.” Also, checking personal credit reports with Equifax, Tran-Union, and Experian help consumers keep a handle on the position of their credit profiles (Taylor 100). A few simple measures may be all it would take to dramatically decrease identity theft incidences. Although, it would be nice if the government could place a little pressure on big lending companies to discontinue pre-approved credit card mailings. No, that would be going too far; we would have better luck getting the VeriChip up-and-running. Credit theft is a growing problem in the United States, one in which many people choose to ignore until directly affected. Who’s to blame for this indecency? Some look to the government, some to the credit card companies, and others to the thieves themselves. Ultimately, the solution is not a simple one. Many say that ‘getting chipped’ is going too far. Well, those skeptics probably said the same thing about pacemakers and artificial joints. Too far? Tell that to the poor bankrupt bastard that can’t walk! Works Cited Cascadiamedia Website. “Are you ready to get Chipped?” May 2002. <hitp://www.cascadiamedia.org> Digital Solutions Website. “VeriChip” Dec. 2001. <http:/Avww.adsx.com/investorrelations/pdfs/V eriBro.pdf> Hawkins, Dana. “Hide and they can't seek” U.S. News & World Report, 19 May 2003: 39-40. The Holy Bible. King James Version. Massachusetts: Hendrickson Publishers. December 2003. “Is That a VeriChip Under Your Skin?” Time. 25 Oct 2004: 101. Mannix, Margaret. ‘Stolen Identity” U.S. News & World Report 1 June 1998: 48-52. Murray, Charles J. “Implantable chips get under skin of security experts.” Electronic Engineering Times, 26 July 2004: 4-6. Taylor, Chris “Giving Credit Where Credit Is Not Due” Time. 9 Dec 2002: 12/9/2002: 100. United States Department of Justice Website. “Identity Theft and Fraud” 5 June 2000. <http://Avww.usdoj.gov/criminal/fraud/idtheft.html>