Final answer:
Identity theft has evolved into 'True-name Fraud,' where criminals acquire and leverage personal information without consent. This form of fraud poses significant risks, including financial damage, loss of trust in institutions, and increased vulnerability during job searches and online activities.
Step-by-step explanation:
Identity theft has evolved with technological advancements, and a newer form called “True-name Fraud” has emerged, presenting criminals with a fresh opportunity to exploit individuals. This type of fraud involves acquiring someone's personal identification details like a social security number, credit information, or account details without their permission. Criminals use this ill-gotten information to assume a person's identity, often leading to significant financial damage through drained saving accounts and massive debts incurred by purchasing high-value items.
Victims of identity theft suffer not only financial loss but also a profound breakdown in trust towards institutions such as banks, hospitals, and the government. The act of looking for a job can increase vulnerability to such scams, exposing individuals to greater risk. As our online activities expand, the threat of identity theft grows, heightened by instances of data breaches at major institutions and increasing online harassment and personal information theft, as reported by Pew Research Center.
Online privacy and security continue to be paramount concerns. Large-scale data breaches at major retailers, financial institutions, government websites, and telecommunications carriers have made millions susceptible to identity theft, causing chaos and incurring substantial financial consequences.