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Identity theft is becoming an increasingly bigger crisis in the digital age. Cybercriminals steal personal information, such as ID numbers and financial details, from unsuspecting people and commit fraudulent acts posing as them.
These stolen credentials can be misused for a number of different purposes, including for making unauthorised online purchases and taking loans. Identity theft has been there for centuries but the digital age is transforming cybercrime.
Identity theft accounted for 77% of all fraud cases in India in the first quarter of 2015, according to an Experian India report. By 2022, India had recorded the highest number of identity theft cases globally as an estimated 27.2 million people got affected.
The concerning situation has also been seen in the US and Japan. From telephone deception to sophisticated synthetic identities, cybercriminals are becoming almost untraceable. These cases also lead to unnecessary legal troubles.
