Identity theft (impersonation)

In the financial sector, the conduct of business using the name of a private person or entity without authorization. – In contrast to address spoofing, in which a fictitious, imaginary identity is simulated, identity theft uses the name of a private person or company that actually exists. The latter usually only become aware of the operations carried out under their identity when claims are made against them. For this reason, identity theft is also considered to be far more damaging than address spoofing. This is because those affected by the theft sometimes have to incur high expenses in order to provide relevant evidence to alleged contracting parties and also to the financial authorities. – The supervisory authorities have little opportunity to stop such criminal activities on the financial market. Even institutions that act carefully within the scope of their identity verification obligations cannot completely rule out identity theft, especially since today’s technical possibilities have made it not all that difficult to put excellently counterfeited documents into circulation. Worldwide identity theft has become an increasing problem. The trick operates by obtaining information about an individual, then using the information to apply for identity cards, accounts and credit in that person’s name. In Germany, often little more is necessary to obtain a birth certificate than name, parent’s name, and date of birth. Each document attained then is used as identification in order to get more identity documents. – See Authentication Requirement, Bank Information, Bank Secrecy, Observation Note, Financial Intelligence Unit, Money Laundering, Internet Offers, Account, Anonymous, Account, False, Account Disclosure, Account Blocking, Customer Data Information Obligation, Market Transparency, Shadow Banking, Nominee, Tafelgeschäft, Zahlungsverkehrsverordnung, Second ID.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/