Identity Theft Fraud Research Articles

Review Paper- Study on Central Know Your Customer (CKYC)

To Know Your Customer (CKYC) Policy is introduced in financial industry to prevent the Bank from being used by criminal elements for money laundering activities and to understand the customer and their financial dealings to manage their risks prudently. Know your customer policies are very important for identity theft fraud, Anti money laundering and terrorist financing. In order to reduce the risk of identity fraud document forgery and have paperless KYC verification UIDAI has launched its E-KYC service. In order to help investors and customers CKYC is introduced by Government of India in Feb 2017. Government of India has authorized a central Registry of Securitization of Asset Reconstruction and Security Interest of India (CERSAI) to act as, and perform the function of CKYC. KEYWORDS – Unified Customer Number, Block chain in KYC, Increase Global KYC Standard, Maintain Secrecy, Know your customer.

Identity theft fraud- major loophole for FinTech industry in India

PurposeThe fraud landscape for FinTech industry has increased over the past few years, certainly during the time of COVID-19, FinTech market reported rapid growth in the fraud cases (World Bank, 2020). Taking the consideration, the paper has qualitatively understood the loopholes of the FinTech industry and designed a conceptual model declaring “Identity Theft” as the major and the common fraud type in this industry. The paper is divided in two phases. The first phase discusses about the evolution of FinTech industry, the second phase discusses “Identity Theft” as the common fraud type in FinTech Industry and suggests solutions to prevent “Identity Theft” frauds. This study aims to serve as a guide for subsequent investigations into the FinTech sector and add to the body of knowledge regarding fraud detection and prevention. This study would also help organisations and regulators raise their professional standards in relation to the global fraud scene.Design/methodology/approachThis paper revisits the literature to understand the evolution of FinTech Industry and the types of FinTech solutions. The authors argue that traditional models must be modernised to keep up with the current trends in the rapidly increasing number and severity of fraud incidents and however introduces the conceptual model of the common fraud type in FinTech Industry. The research also develops evidences based on theoretical underpinnings to enhance the comprehension of the key fraud-causing elements.FindingsThe authors have identified the most common fraud type in the FinTech Industry which is “Identity Theft” and supports the study with profusion of literature. “Identity theft” and various types of fraud continue to outbreak customers and industries similar in 2021, leaving several to wonder what could be the scenario in 2022 and coming years ahead (IBS Inteligence, 2022). “Identify theft” has been identified as one the common fraud schemes to defraud individuals as per the Association of Certified Fraud Examiners. There is a need for many of the FinTech organisations to create preventive measures to combat such fraud scheme. The authors suggest some preventive techniques to prevent corporate frauds in the FinTech industry.Research limitations/implicationsThis study identifies the evolution of FinTech industry, major evidences of Identity Thefts and some preventive suggestions to combat identity theft frauds which requires practical approach in FinTech Industry. Further, this study is based out of qualitative data, the study can be modified with statistical data and can be measured with the quantitative results.Practical implicationsThis study would also help organisations and regulators raise their professional standards in relation to the global fraud scene.Social implicationsThis study will serve as a guide for subsequent investigations into the FinTech sector and add to the body of knowledge regarding fraud detection and prevention.Originality/valueThis study presents evidence for the most prevalent fraud scheme in the FinTech sector and proposes that it serve as a theoretical standard for all ensuing comparison.

Financial fraud victimization: an examination of distress and financial complications

PurposeThis study expands the empirical understanding of financial fraud victims and the consequences that emerge as a result of financial fraud victimization. In addition, this study aims to assess the impact of the unique role victims play in financial fraud and the impact self-identifying as a victim has on the negative consequences they experience.Design/methodology/approachData from the Supplemental Fraud Survey to the National Crime Victimization Survey are used to assess the negative consequences of financial fraud victimization.FindingsResults suggest that victims of financial fraud experience increased distress and financial complications following their victimization experience. In addition, self-reported victim status is found to significantly increase a respondent’s likelihood of reporting emotional distress and financial complications. Implications for research, theory and policy are discussed.Originality/valueWhile empirical studies on the consequences of identity theft victimization have been increasing in recent years, financial fraud victimization remains understudied. Given the victim involvement in financial fraud, the consideration of financial fraud independent of identity theft fraud is vital.

Plastic Money and Electronic Banking Services Espousal vis-a-viz Financial Identity Theft Fraud Risk Awareness in a Developing Country

Exploitation of plastic money coupled with electronic banking services has come as expediency to financial establishment customers in Zimbabwe. This paper sought to analyze plastic money and electronic banking services espousal vis-a-viz financial identity theft fraud risk awareness in Zimbabwe banking sector via banks’ websites. The theoretical underpinning for this study is Routine Activity Theory. The study used qualitative content analysis research technique for examination of the text content data through the consistent taxonomy process of coding and classifying themes or patterns to submit a painstaking considerate of financial identity theft fraud awareness by the banking sector in Zimbabwe. A sample size of 14 banks (including commercial, merchant and building societies) was used and the banks were arbitrarily chosen on the basis of website accessibility and ease of use of the data. The study findings suggest that there is very little financial identity theft awareness in Zimbabwe by the banking sector through their websites to the general public whilst there is amplified adoption of plastic money and electronic banking adoption. This study proposes a need to amplify the information and inform plastic card and electronic banking customers of the types of financial identity theft fraud. Plastic card and electronic banking is an urgent area to focus on for banking institutions and should inexorably capitalize in it. Financial identity theft information should be easily retrievable and conveyed in a manner that makes reasonableness to the varied customers.

Plastic Money and Electronic Banking Services Espousal vis-a-viz Financial Identity Theft Fraud Risk Awareness in a Developing Country

Exploitation of plastic money coupled with electronic banking services has come as expediency to financial establishment customers in Zimbabwe. This paper sought to analyze plastic money and electronic banking services espousal vis-a-viz financial identity theft fraud risk awareness in Zimbabwe banking sector via banks’ websites. The theoretical underpinning for this study is Routine Activity Theory. The study used qualitative content analysis research technique for examination of the text content data through the consistent taxonomy process of coding and classifying themes or patterns to submit a painstaking considerate of financial identity theft fraud awareness by the banking sector in Zimbabwe. A sample size of 14 banks (including commercial, merchant and building societies) was used and the banks were arbitrarily chosen on the basis of website accessibility and ease of use of the data. The study findings suggest that there is very little financial identity theft awareness in Zimbabwe by the banking sector through their websites to the general public whilst there is amplified adoption of plastic money and electronic banking adoption. This study proposes a need to amplify the information and inform plastic card and electronic banking customers of the types of financial identity theft fraud. Plastic card and electronic banking is an urgent area to focus on for banking institutions and should inexorably capitalize in it. Financial identity theft information should be easily retrievable and conveyed in a manner that makes reasonableness to the varied customers.

Determinants of Data Breaches: A Categorization-Based Empirical Investigation

Data security breaches involving personal and sensitive information have significantly grown over the last few years. The stolen personal information—which includes social security number (SSN), medical records, date of birth, etc.—has been used to launch fraud against individuals and organizations. It already costs billions of dollars in the United States to detect and remediate consequences of security breaches which include identity theft frauds and lawsuits. It is estimated that on an average a company spends $2 million per data breach. With the increase in the rate of breaches, it has become equally important for organizations and individuals to understand the risks and take measures to safeguard personal information. This article investigates data security breaches, which accounted for about 26 million compromised records of personal information in the United States, to present the trends and risks that characterize the security breaches. The article categorizes the incident and loss trends into different dimensions including the industry, victim type, data type, and threats such as stolen computer, hacking and unauthorized access. The research can aid individuals and organizations understand the data breach, trends and evaluate their own risks in handling personal information, which will help them to make better and informed decisions to protect against data breaches.

Information technology for healthcare transformation

Rising costs, decreasing quality of care, diminishing productivity, and increasing complexity have all contributed to the present state of the healthcare industry. The interactions between payers (e.g., insurance companies and health plans) and providers (e.g., hospitals and laboratories) are growing and are becoming more complicated. The constant upsurge in and enhanced complexity of diagnostic and treatment information has made the clinical decision-making process more difficult. Medical transaction charges are greater than ever. Population-specific financial requirements are increasing the economic burden on the entire system. Medical insurance and identity theft frauds are on the rise. The current lack of comparative cost analytics hampers systematic efficiency. Redundant and unnecessary interventions add to medical expenditures that add no value. Contemporary payment models are antithetic to outcome-driven medicine. The rate of medical errors and mistakes is high. Slow inefficient processes and the lack of best practice support for care delivery do not create productive settings. Information technology has an important role to play in approaching these problems. This paper describes IBM Research's approach to helping address these issues, i.e., the evidence-based healthcare platform.