Identity theft and fraud Essay Example for Free

Identity theft and fraud Essay Identity theft and credit card fraud are two of the fastest growing white collar crimes in society today. Identity thieves and credit card fraud perpetrators are aided by todays continually developing technologies and low technology and crude methods like Dumpster diving or trash retrieval. However, more often than not, it is their victims own carelessness and public lack of awareness that often turn out to be these criminals biggest ally. On November 2007, the Federal Trade Commission (FTC) released a report that put the number of cases of Identity theft reported in 2005 at 8. 9 million American adults or approximately 3. 7 percent of the US adult population. (FTC Releases Survey of Identity Theft in the U. S. Study Shows 8. 3 Million Victims in 2005) What is Identity theft? By definition, identity theft is what happens when someone other than ones self and without their knowledge uses his/her personal information such as social security and credit card numbers. With this information, it is easy for thieves to run up bills by ordering items on line or even apply for credit cards in the victims name. They of course get the benefit of spending while their poor victim is left with stacks of bills for purchases they did not make on cards they do not own. Some of these victims have even gone to jail and made to pay up debts they were not even aware existed (Identity Theft: How to, 24. ) There are a number of ways by which identity thieves and credit card frauds can victimize unsuspecting and hardworking citizens. The growing number of reports of instances where people are penalized for bills and financial charges they were not even aware of is alarming. What is even more alarming however is very few people are aware of how such incidents may be prevented by simple common sense measures. Detroit based Attorney and president of the American Bankruptcy Institute Richardo Kilpatrick stresses the importance of quick action saying that the longer the victim waits to dispute bills raised through fraud, the fewer rights they can expect to have. If not done properly, victims may be made responsible for the credit card charges. (24) To avoid credit card fraud and identity theft, the FTC along with other law enforcement and consumer advocacy groups recommend the following common-sense guidelines (Facts for Consumers) to protect themselves from identity theft and credit card fraud: 1. Keep your credit card in sight every time you use it. Make sure it is returned as quickly as possible. Unscrupulous people may easily write down your card number as well as other pertinent information found on your card. There are also electronic devices called skimmers (Shannon) that can not only read and copy card information embedded in the cards magnetic strip but also the verification codes that are needed by merchants to validate cards electronically from the issuing card companies. All the data downloaded by the skimmer are all a card counterfeiter needs to produce perfect duplicates of credit cards. 2. Keep identification, licenses and credit cards separate from your wallet. In case you are out shopping and your wallet gets snatched, at least your Ids and credit cards remain safe. Jason King, a spokesman for the American Association of Motor Vehicles Administrators (AAMVA) says that there are many ways an identity thief or common burglar may use a stolen drivers license and credit card. Access to someones drivers license, for example, leads to an amazing number of other opportunities in our society, he says, such as obtaining financial and health services, and everything else from renting a car to cashing a check and boarding an airplane. (Boulard) In a case cited in the US Department of Justice web site, a woman in the Southern District of Florida plead guilty to counts of federal charges on her applying for an obtaining a drivers license in the name of her victim. The said license was used by the woman to withdraw more that $13,000 from her victims bank account as well as applying for and receiving five department store credit cards in her victims name which she the used to rack up bills amounting to $4,000. (Identity Theft para. 16) In some cases, where ID cards have been stolen, thieves have been known to break into the homes of their victims stealing from them a second time. 3. Ignore emails that request for credit card information for verification purposes. Never entertain e-mail messages asking you to go to a web site to verify your personal and credit card information. There is a scam called phishing where computer-savvy identity thieves construct mirror web sites of legit companies such as PayPal or banks, that trick customers into divulging their personal and financial information. (OSullivan) 4. Sign credit cards as soon as you receive them. 5. Shred and dispose all credit card applications you receive in the mail. If thieves can get these applications it means they could also have gotten or have access to mail containing your personal information. Some thieves also resort to low-tech and old fashioned methods such as swiping mail from mailboxes, diving through trash cans and dumpsters, or working in league with employees of postal and card companies. At times, they also work with employees at restaurants, hotels and establishments that accept credit card payments warns Johnny May, an independent security consultant and author of Johnny Mays Guide to Preventing Identity Theft: How Criminals Steal Your Personal Information, How to Prevent it, and What to Do if You Become a Victim (Security Resources Unlimited L. L. C. ) (Young) The FTC also advises bank clients to tear up the change of address: forms that come with bank statements. In some cases, mail, pre-approved credit cards and other financial documents have been diverted by identity thieves to another address simply by filling out the banks change of address form that they dug out of your dumpster. 6. Never write your PIN numbers on ATM and credit cards. Once the card is stolen, the readiness of information on the card will just make it easier for thieves to bypass whatever validation or verification processes done by the card companies. When it comes to it, dont put slips of paper containing these PIN numbers in your wallet either. 7. Avoid leaving credit card receipts, bills and documents containing personal and financial information lying around even in familiar surroundings. In the magazine article Stolen Lives: Identity Theft Is the Countrys Fastest Growing Crime. Heres How to Protect Your Most Valuable Asset-You! by Stephanie Young, she details the experience of Tahira Scott who was victimized by her housemate who was also her cousin. We started getting bills in someone elses name. Then two employees from a car dealership came to Scotts job to see if the person who had tried to purchase a vehicle in her name was actually her. Although she was a little suspicious, Scott says she had no idea about her cousins misdeeds. I just thought it was a mistake, she says. (Young) 8. Keep an updated record of all bank and credit card account numbers with their expiration dates. Make sure that you also take note of the address and contact numbers of the bank and issuing card company just in case your cards get misplaced or stolen. There are people who realize that they cannot report credit card theft or losses simply because they have no record of their account and card numbers. 9. When using your credit card in public, it is better to be paranoid and shield your card from other peoples view just in case they manage to take pictures of your card face with all the info and numbers counterfeiters need. 10. Never carry around more credit cards than you need. The more cards a thief can get from you, the bigger the balances they can spend. 11. Do not delay opening your credit card bills. This may be crucial in determining whether you can still contest the charges made on your card. In my friend Brians case, his parents were away for months and therefore only got to open the bills when they got back. By then, it was too late to do anything but pay up or else suffer marks against their credit rating. 12. Keep receipts of purchases made with credit cards. That way, it will be easy to balance out credit card bills with purchases made. Any charges made without corresponding hard copies of receipts may necessitate a call to the card company to verify the charge. Always keep tracks of your monthly financial statements. The reason why most thieves get away with their activities is because some people just do not scrutinize the monthly statements from their banks and credit cards. 13. Never sign a blank credit card receipt. If such a receipt is presented to you, draw a line on the blank spaces to make it impossible for anyone to fill in amounts later on. Do not just sign anything absent-mindedly. As with contracts, signatures mean approval. And unfortunately, carelessness is not an acceptable reason in disputing bill payment collections. 14. Do not be taken in by calls from people offering prizes or credit cards with higher limits when they start asking for personal information. Social Security numbers, birthdays, mothers maiden name or credit card number, it is most likely a scam to get information out of you. Try to ask for a written application form or notice. Do not do over-the-phone transactions with people offering these kinds of things.

Description of eclipse in The Eclipse by Virginia Woolf :: essays research papers

Description of eclipse in "The Eclipse" by "Virginia Woolf" Virginia Woolf, English novelist, essayist, and critic has beautifully portrayed the natural phenomenon of eclipse. She has also enlightened the importance of the sun. She has narrated the essay dramatically and has regarded sun as an actor that was going to come on the stage to perform as if a drama was going on. The sky served as a stage. She has made the scene vivid and ravishing by the usage of colors, images and similes. The way she has described it is so highly coloured and realistic that the readers visualize the eclipse to be occurring before their eyes. People were anxiously going towards a hilltop from where all would view the sun with reverence. People had gathered on the hilltop and stood in a straight line that it seemed they were statues standing on the edge of the world. As the sun rose, clouds glowed up. Light gleamed and peered over the rim of the clouds. The sun raced towards the point where eclipse had to take place. But the clouds were impeding it. The sun with a tremendous speed endeavoured to escape the mist. At some point it came forth then again was shrouded by the fleecy clouds. The sun then appeared hollow as the moon had come in front of it. A substantial proportion of the Sun was covered and the loss of daylight became noticeable. The writer has efficaciously described the sun’s efforts to break free from the cloudy hurdle. She has continuously personified sun as it was putting its best efforts to make its face appear before the world. The clouds were stifling the sun’s speed. The sanctified twenty-four seconds had begun but still the sun was entrapped and was striving to disencumber itself from the clump of clouds. â€Å"Of the twenty-four seconds only five remained, and still he was obscured.† The time of the eclipse was passing and it seemed that the sun was losing. It was continuously obliterated by the clouds. The colours of the valleys seemed to disappear. Everything was fading as ‘All the colour bega n to go from the moor.’ The colours were changing, â€Å"The blue turned to purple, the white became livid as at the approach of a violent but windless storm. Pink faces went green, and it became colder than ever.† The light and warmth were vanishing.

Is Walmart good for America? Essay

As the largest retailer in history, it’s no surprise that Walmart is the target of both vicious attacks and effusive praise. According to its own website, Wal-Mart Stores, Inc. operates more than 8,000 stores, employs more than 2.1 million people, and sells more than $400 billion worth of goods in every year. Though this bulk intimidates those who fear for the viability of â€Å"mom and pop† retailers, Walmart’s great strength is that it devotes its considerable power to American consumers. Its size enables it to provide services that other retailers cannot, and it has deservedly become an integral part of the modern American economy. Criticisms of Walmart’s effect on small retailers fall flat because of Americans’ role in that effect. Consumption is the only democratic component of the corporate world: small retailers fail because Americans choose Walmart. Walmart provides cheaper, better, more accessible services than its competition. While competing stores’ closings produce touching hard-luck stories, the shift to Walmart is beneficial for society, because Walmart is much more efficient at every stage of its business. The benefits of this efficiency are less personal and more broadly spread than the costs to smaller competitors, but such dissemination of value demonstrates one of the best qualities of Walmart – its egalitarianism. Walmart provides a good that is accessible to virtually all Americans. The 2006 book The Walmart Effect estimates that 97% of Americans live within twenty-five miles of a Walmart, and Walmart’s low prices assure that the store is also economically accessible. As long as consumers continue to choose Walmart (for understandable reasons), the onus is on small retailers to find better ways to compete. The second main argument against Walmart deals with its impact on suppliers. Because Walmart has such immense buying power, it carries great influence with manufacturers. Fortunately, Walmart uses its substantial bargaining power in the interests of American consumers by demanding ever-decreasing prices. Though manufacturers often complain about this pressure, it forces  constant innovation, which ultimately benefits consumers. Walmart has much to teach American businesses. Despite its size, Walmart is a paragon of corporate efficiency. It has compiled the largest sales data-set of any American retailer and analyzes this data using the second largest supercomputer in the world (trailing only the Pentagon). Aided by this number-crunching, Walmart excels at knowing what its consumers want. Walmart’s purchasing decisions thus reflect American preferences. In short, Walmart is a driving force in the American economy leading to smarter, more streamlined production, and (as always) lower prices for consumers. The benefits of Walmart’s efficiency are not only economic, as illustrated by the company’s response to Hurricane Katrina. Walmart’s response to the hurricane was lauded even by its critics: it donated more than $20 million worth of merchandise, including food for 100,000 meals, and it promised jobs for all of its displaced workers. But what I wish to extol is not Walmart’s largesse, which bore immediate public relations benefits, but rather the utility of their efficient distribution system. The first supply truck to arrive at the Superdome after the hurricane came from Walmart, not from FEMA. The administrative particulars of Walmart’s response to the hurricane, detailed in a study by Steven Horwitz, are both fascinating and inspiring. Walmart’s existing distribution chain was – and is – able to deliver needed goods faster and more efficiently than a government agency, which (besides being inept) had no existing infrastructure to respond to the disaster. The Coast Guard, another organization praised for its post-Katrina efforts, was great for rescuing people from flooded houses, but it was incapable of providing them with sufficient supplies afterwards. Without the aid of Walmart, the aftermath of the hurricane would have been even more catastrophic. Regardless of its reputation or its value to society, Walmart is here to stay. Consumption drives our daily lives and accounts for some 70% of America’s GDP. As long as Walmart continues to increase the accessibility and quality of consumption, it will remain America’s top retailer and continue to grow. Whether or not you choose to shop at Walmart, everyone should appreciate it as an outstanding American institution.

Essay on Justly Solving the Foreclosure Crisis - 2580 Words

For millions of people in the United States, the property boom of the 2000’s ended without much warning. All over the country, tent cities are emerging as the abode of those most unprepared for the collapse of housing prices and the resulting decrease in employment opportunities. The housing crisis’ effect on national economies threatens to plunge the global economy into a malaise unseen since the 1930s, according to Alan Greenspan (former Federal Reserve Chairman), the International Monetary Fund, Warren Buffet, and a host of economists around the world. In the United States, financial and real estate sectors’ unethical behavior has done much to produce the crisis, and must be addressed for prosperity to be reestablished. In the spirit of†¦show more content†¦For example, a collateralized debt obligation is a bond that is issued on the performance of a debt obligation, such as an automobile loan, commercial or residential mortgage, credit card loan, or student loan. CDOs, backed by real estate, create a number of ethical quandaries: 1) they are contingent upon the performance of the buyer to fulfill their responsibilities of the contract; 2) they are contingent upon the value of the property; 3) market appetite for these assets can affect the health of the company, possibly triggering a recall of the very loans the bonds are based upon; 4) they are not subjected to rigorous regulation by the SEC or other government agency. Some of these bonds were underwritten, or protected from default, by private banks, while government-sponsored enterprises such as Fannie May and Freddie Mac underwrote the remainder of them. Banks profit from the joy of rising prices when the value of CDOs rise. The operation of buying and selling these assets yields tremendous profits for banks and encourages a continuation of the cycle. When times are good, the property owners are ecstatic about the equity gained by rising prices. Some even choose to take out a second mortgage, creating another opportunity for issuance of a CDO, or similar financial instrument. However, all good things come to