Identity Theft

Full Title or Meme

Identity Theft is a special case of an Identity Pathology that is used to acquire access to financial accounts at and Web Site that can be exploited to provide the attacker with the means to steal or launder money.

Context

There are many types of accounts that can be exploited by attackers. For example the attacker can use illegally acquired money in one country to over pay a user's tax account and then apply to that taxing authority for a refund.

Problem

It is easy at many Web Sites to create accounts. Only financial accounts that are in a depository institution (like a bank) are subject to strong Know Your Customer legislation.

Solution

• Users must be protected from fraudulent account creation.
  • It is now the law in the US for free control of the release of User Private Information by the credit agencies.
• Still Users need to be aware of their own account status and monitor them for fraudulent activity.