Create a Wiki entry

Create a Wiki entry

Create a Wiki entry on the Security and Privacy of Consumer Financial Information as it relates to the chapter and recent news.

must be less than 10 % plagiarism accepted

with APA format with 4 to 5 references

chapter details please find attachment

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The Security and Privacy of Consumer Financial Information

            Electronic commerce has led to the rapid growth of identity theft with consumer financial information being the primary target of criminals engaging in this form of crime. Identity thieves rely on consumers’ data to create new identities that they use to breach banks’ security systems. The victims are left spending a lot of money and time in repairing the damage caused by this form of crime. Customers lose a lot of money when they bank accounts are accessed using fake details. These crimes also jeopardize the reputation of financial institutions and they are forced to spend a significant amount of resources in convincing the public that their systems are safe (Wallach, 2010). Moreover, breached e-commerce companies struggle to acquire customers due to the fear that they might lose money when their financial details get into the wrong hands.

(658 words)