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Identity theft: a pernicious and costly fraud

Author

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  • Julia S. Cheney

Abstract

On October 3, 2003, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop on identity theft to examine its growing impact on participants in our payments system. Avivah Litan, vice president and research director of financial services for Gartner Inc., led the workshop. The discussion began and this paper follows with a broad study of identity theft, at times compared with traditional payment fraud, and continues with an evaluation of its overall risk to consumers, merchants, and credit providers. The paper compares the incentives each such party has to address identity theft in concert with current market response to the crime. Finally, the paper concludes by posing several questions for further study. This paper supplements material from Litan?s presentation with additional research on the crime of identity theft.

Suggested Citation

  • Julia S. Cheney, 2003. "Identity theft: a pernicious and costly fraud," Consumer Finance Institute discussion papers 03-18, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpdp:03-18
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/consumer-finance/discussion-papers/IdentityTheft_122003.pdf
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    Cited by:

    1. Reurink, Arjan, 2016. "Financial fraud: A literature review," MPIfG Discussion Paper 16/5, Max Planck Institute for the Study of Societies.
    2. Nathan Blascak & Julia S. Cheney & Robert M. Hunt & Vyacheslav Mikhed & Dubravka Ritter & Michael Vogan, 2020. "Financial Consequences of Identity Theft," Working Papers 20-33, Federal Reserve Bank of Philadelphia.
    3. Julia S. Cheney & Robert M. Hunt & Vyacheslav Mikhed & Dubravka Ritter & Michael Vogan, 2014. "Identity theft as a teachable moment," Working Papers 14-28, Federal Reserve Bank of Philadelphia.
    4. Nathan Blascak & Julia S. Cheney & Robert M. Hunt & Vyacheslav Mikhed & Dubravka Ritter & Michael Vogan, 2021. "Financial Consequences of Severe Identity Theft in the U.S," Working Papers 21-41, Federal Reserve Bank of Philadelphia.
    5. Eisenstein, Eric M., 2008. "Identity theft: An exploratory study with implications for marketers," Journal of Business Research, Elsevier, vol. 61(11), pages 1160-1172, November.

    More about this item

    Keywords

    Fraud; Identity theft;

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