This paper departs from the usual format of a literature review because there is very little formal research on identity theft per se. Thus we have reached out to other fields to import into this review research and other studies that seem immediately relevant to our topic. Identity theft is a product of the new age of information technology and as such fits nicely into the literature of opportunity theory in criminology which examines how offenders take advantage of new (and old) ways of doing business and conducting the affairs of everyday life (Felson 1998; Felson and Clarke 1998). We have therefore drawn heavily on that approach and used it as an organizing principle for the paper.
The paper also differs from a typical literature review because it is in some places prescriptive, sometimes without adequate formal research to support such prescriptions. This applies particularly in regard to local police response. Much of the evidence in such matters lies in prescriptions and sometimes exhortations delivered by various associations and interest groups, sometimes emerging from various congressional hearings and on occasion emerging from federal or state legislation.
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The global financial crisis has undermined trust in financial institutions and reduced faith that market discipline alone can effectively regulate the behavior of firms. As a result, demands for consumer protections have increased and strengthening consumer protection regulation has become a cornerstone of financial regulatory reform. Both the federal and state governments have enacted significant new protections since the crisis. This renewed public and political interest in consumer protections and the heightened interest in reshaping the regulatory landscape provide a timely opportunity to rethink consumer protection regulation in insurance markets.
