Economic Impact of Online Identity Theft Assignment

Economic Impact of Online Identity Theft - Assignment Example Indeed, apprehension of cyber-identity criminals, and especially multi-national organized crime rings, poses a serious challenge to law enforcement specialists deployed to tackle transnational jurisdictional measures. Cyber-theft knows no boundaries, and the tendency for such crimes to be commissioned through a network of communications is extensive. With exception of high wealth transfer operations, and those transactions connected to official terrorist organizations, cooperation between governments is far beyond normal extradition order. As a result, facilitation of consumer protections is allocated primarily to watch groups and the efforts of independent counsel hired to address client complaints. At the Sixteenth Session of the United Nations Economic and Social Council (UNESC) Commission on Crime Prevention and Criminal Justice in 2007, the Results of the study on fraud and the criminal misuse and falsification of identity in a Report of the UN Secretary General toward 'international cooperation in the prevention, investigation, prosecution and punishment of fraud, the criminal misuse and falsification of identity and related crimes' set the international platform toward legislative policies pertaining to cyber identity theft, and the economic impact of transnational fraud. Responsive to the intensifying multi-jurisdictional complications of global cyber fraud and its attendant economic impacts in the realm of cyber-terrorism, the Commission outlined priority targets within international legislation intended to stem the rapid expansion of predatory privacy invasion and usurpation of finance through identity theft toward support of organized criminal activity. Amidst the proliferation of personal data collected by internet service providers and commercial and government businesses online, the quantification of fraud has become a massive undertaking. The recent disclosure of previously undetected, large-scale securities based Ponzi schemes, informs us that significant losses of wealth can be lost over long periods of time when they involve a large portfolio of parties subject to varied national rules on securities trading. Counting the cost of identity theft is, then, one of scale. As the UNSEC Report indicates, "mass-fraud schemes tend to produce large numbers of cases if occurrences are based on counting numbers of victims or complaints but lower rates if numbers of offenders fraud schemes or prosecutions are counted." Statistical accountability of identity theft related fraud by UN member states is spotty, with underreporting of the prevalence of the different methods of commissioning those crimes has shifted rapidly as technologies induce related regulatory restrictions that push criminal activity into a vague area whereby "fraud imitates legitimate commerce, making variations of commercial practice likely to produce parallel variations in fraud over time, between countries or regions, and with respect to specific areas of commerce." Mitigating factors such as privatization of previously State-owned operations in contexts where the system of justice is weak due to parallel post-conflict or reconstruction efforts, leaves infrastructural oversight open to fraud in general. The Fair Credit Reporting Act (FCRA) was written into legislation in 1970 and has been amended almost