Identity Theft and Fraud A Major Threat to the Australian...

Identity theft/fraud is becoming a major threat to the Australian community as technology advances. This section of crime produces substantial profits for offenders and causes considerable financial and emotions harm to the victims (Australian federal police, 2014). With this increasing alarm around identity theft/fraud in Australia, there has to be strong legal actions available to counteract the issue. Identity theft/fraud can be defined as a crime of obtaining the personal or financial information of another person for the sole purpose of assuming that person’s name or identity in order to gain benefit (investopedia, 2014). This essay will extensively discuss the current laws/legislations implemented for identity theft/fraud, the key stakeholders involved in the issue and an overview around the effectiveness of the current laws/legislations. After thoroughly analysing the current legislations used to counteract the threat of identity theft/fraud, it will be clear which aspe cts of the legislations are working efficiently and which aspects are proving inefficient for the Australian government. Identity Theft is the assumption of a person’s identity in order to obtain credit cards from back account and retailers; the crime varies from stealing money from existing bank accounts; renting apartments or storage units; applying for loans or establishing accounts using another’s name (legal dictionary, 2007). Identity theft and identity fraud are terms that are often usedShow MoreRelatedEffects Of Social Networking On The Internet3661 Words   |  15 Pagesconcentration, a significant increase or decrease in appetite and time spent sleeping, feelings of dejection and hopelessness, and sometimes suicidal tendencies.† (p.395). 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