Identity theft: a small step towards big financial crimes

Purpose - This paper aims to study the concept of identity fraud and how these identity thefts can actually lead to financial crime. These crimes which usually were done in the traditional way now have taken leaps with the increase in the use of cyber world. Design/methodology/approach - Several research papers, articles and newsfeeds were referred to study the concept, growth, scope, effect and impact of identity theft. It was also found that identity theft is the most common type of cybercrimes. Findings - Identity theft though a simple crime but if not taken care of can lead to multiple crimes which can affect not only individuals but also companies. And when these crimes impact companies, they can actually hamper the economy as a whole. Practical implications - Information for the same is not available very easily, so the study is solely based on secondary data. Social implications - Identity theft effects an individual not only financially but also mentally and socially; thus, these effect each and every one in the said economy. Originality/value - This paper is an original work of the authors, and it is for the use of students, educators and academicians.