The Elements of Identity Theft – Pod Cast

Anyone, and increasingly any business, can be a victim of identity theft; and it can happen easily. The high rate of occurrence necessitates that Fraud Examiners and the organizations they serve, whether private or public, review security management practices to address this seemingly ever increasing threat.

The use of the victim’s information for financial gain is a material threat, both the individual whose information is stolen and to the custodian institution which is the source of the information. The information used to perpetrate identity theft is a tool that can positively identify the victim. To recommend effective internal and external controls to curb this threat, Fraud Examiners and auditors need to better understand how the criminal uses stolen information to succeed.

Today, it is virtually impossible to conduct any type of financial transaction without collecting and storing personal information (PI). If PI falls into the hands of criminals, it confers on them the ability to impersonate the victim and to represent themselves to banks and other entities as the victim.

Identity theft can be divided into two general categories based on the types of perpetrators involved; internal employees who have access to PI as part of their job duties and professional criminals outside the target organization.

The following pod cast is made available to assist Fraud Examiners in building an understanding of this type of crime and to provide tools to assist their client organizations to identify and implement the categories  of internal controls which can go a long way toward preventing it.

The Elements of Identity Theft – Pod Cast

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