The Socio-Economic Impact of Identity Theft and Cybercrime

The purpose of this chapter is to explore and address the socio-economic impact of identity thefts and cybercrime in general. The chapter will further explain the various ways employed in their implementation. The chapter will also put forward ways to prevent the threats and vulnerabilities of the attacks. The study will also recommend solutions to stop and/or mitigate the consequences of cyber-thefts. The study will define social engineering as well as provide various social engineering tactic. The chapter will also discuss the reasons for the rise in cybercrime. Such reasons will include financial gain, revenge, as well as non-financial gains. Also cited are examples that demonstrate the capabilities of cybercriminal. The chapter will also provide justification for the reasons behind the cumbersome task and failure in instituting a lasting solution to the criminal activities. Finally, this chapter will close with a conclusion on the economic implications of social engineering on the general cyberwar on cybercrime at the national and global levels.