Essay on Identity Theft
It has been taking place in various forms such as cybercrimes, signature forgery, and even hacking techniques. However, federal laws have been put in place to tackle such problems and avoid them in the future by implementing harsh penalties such as long jail terms and a huge amount of money in terms of fines to punish the criminals. Therefore, it is vital to note these penalties that have been put in place so as to understand the consequences of identity theft. Identity theft can make one pay for a huge amount of fine in the long run once a suspect is convicted. One of the basic penalties an identity thief can face in terms of compensating the victim for the financial loses is to pay for every penny spent on the charges.
Chances are that the criminal will be sentenced to five more years to the previous punishment that they had already received. This simply means that the law offender is likely to the rest of their 25 years in prison. Thirdly, identity theft can result in forfeiture of personal property used in the crime. Identity theft is an egregious crime one can commit. This is because, once the suspect is charged, there are a couple of penalties they are likely to face. By doing this, one realizes that bank and other financial institutions are prompted to keep on updating their digital security systems so that they can catch up with the latest identity theft techniques. However, this leaves the institution with a huge loses annually of about $250 million (Security Intelligence, 2015).
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