Magnitude and frequency of cybercrime has increased many fold in recent years and complaints regarding identity theft, identity fraud, unauthorized transfer of funds are lodging by customers against financial organizations have increased simultaneously. In such context, this paper will try to shed light on pertinent issues regarding identity fraud in financial organization through cyber space. In the first section, the paper will try to demystify the nature of identity fraud in financial organizations and what are the pertinent factors that create difficulty for users to detect the fraud. Identifying the loopholes in the existing regulatory framework for cybercrime will be the essence of the second part of this report. In the final part, the paper will try to recommend a viable solution which can at least decrease the magnitude of cyber threat in terms of identity fraud for financial organizations.
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