Author: M’Bia H. De-Yolande, PhD. Candidate
China University of Political Science and Law, Beijing, Xitucheng Road, N0. 25,100088.
Email: oreargent@yahoo.fr / Corner333stone@yahoo.com
INTRODUCTION
No one has a franchise when it comes to online identity theft fraud. Fraudsters tempt us all regardless gender, age or association. Be it online or off line fraudsters known how to use our own interests against us. At a given moment, everyone may have undergone that fraud scheme, experienced online identity theft. Identity theft statistics and examples have been some of the most prevalent forms of e-transactions fraud between 2012 and 2016[1]. As a matter of fact, transactions conducted by electronic means have given rise to various frauds. Among these identified online fraud schemes is identity theft which presents two-fold category: The first is referred to as ‘True name’[2] in which the thief of identity utilizes a third person personal data to open various accounts and even registers for services or makes online purchases The second type is Account takeover”[3].As the name illustrates, information gathered from an illegal access to a computer is used to log into existing accounts and engage into electronic transactions in someone’s name. Both are very serious, and can result in significant financial loss as well as emotional distress.
According to the Organization for Economic Co-operation and Development(OECD), identity theft ‘‘occurs when a party acquires, transfers, possesses, or uses personal information of a natural or legal person in an unauthorized manner, with the intent to commit, or in connection with fraud or other crimes.’’[4] Here someone fall for a phishing scam after following a link within a personal e-mail fearing to avoid apparent suspension of his account by replying to an e-mail that appeared to be in relation to his bank account. The personal details once entered as requested make realize that a certain amount of money had been withdrawn from the personal account. There someone had failed to update the internet security software only to discover later that malicious software had taken control of the computer and sent bogus e-mails to close relatives, friends and acquaintances that included a link to further spread the malicious code. The personal information retrieved afterward from the computer is generally used by fraudsters to register for several credit cards and sign up to a number of purchases on E-transactions sites. This is how identity theft works and much more schemes to add to the collection when associated with other e-transactions frauds.
Surprisingly despite the existing laws to curb the scourge, online identity theft remains unabated. Not only the number of victims’ has experienced a rise throughout years but also the fraudsters find the way to cover their tracks and escape the law, putting at trial law enforcers, those in charge of investigations for what matters and policyholders. There are many ways in which identity theft may occur. This study examines factually two methods, to wit, identity theft that involves the use of credit cards and virtual currency as a tool to conceal proceeds of international fraudulent online identity theft activities.
States agree that it is a problem that needs to be dealt with both domestically and internationally. However the fact that ID theft is referred to as a crime, a fraud, an aggravated fraud, a serious crime or even a cybercrime does not help to harmonize the legal measures. This circumstance will be difficult to manage especially in cross border e-transactions fraud cases that mainly necessitate outside border investigations; and the reality is that with the development of technology such cases happens at a high frequency in E-transactions fraud. This study therefore proposes a new dynamic to consider in terms of remedies to the victims in order to address the matter but more importantly to assist the victims seeking compensation after being defrauded. We believe more stringent compensation regime which will serve as deterrence are more than necessary.
