Wednesday, May 30, 2007
Identity Theft - The Second Misconception
1. That it is just about your credit cards or your finances
2. That you can't be held liable for the debt racked up in your name by thieves
3. That you can take steps to 100% prevent the crime
Nothing could be further from the truth.
Identity Theft - The Second Misconception
"That you can't be held liable for the debt racked up in your name by thieves"
Forget about those "comfy" old rules you think you know about fraud being committed in your name. Those commercials where someone is in trouble or under duress and their confidant says "just imagine someone stole your (fill in the blank) check card" and all of sudden, things are peachy, are a not only a joke, they are dangerously misleading.
I encourage you to download the Federal Trade Commission's Free Report "Take Charge: Fighting Back Against Identity Theft". On page 19 of this publication, you will read firsthand why the second misconception is just that, a misconception. It reads:
"send your letter so that it reaches the creditor within 60 days. If an identity thief changes the address on your account and you didn’t receive the bill, your dispute letter still must reach the creditor within 60 days of when the creditor would have mailed the bill"
What this means is, you could wake up tomorrow owing $75,000 on a debt that you can prove is not yours but because you did not dispute within the required time frame, you 100% owe the money. The notion of zero liability is a joke.
Here are two great stories that will hopefully help you kill the second misconception:
1) "Getting there money back isn't always easy"
2) "Forget about those comfy old rules about fraud"
Our next post will cover the third misconception, "That you can take steps to 100% prevent the crime".
Thursday, May 17, 2007
Identity Theft - Beware of Peer-To-Peer Networks!
A big thanks to Aaron Hillyer, a good friend of The Identity Theft Times, for this story.
"Beware P2P Networks With a Tunnel to Confidential Data, Study Warns"
InformationWeek (05/15/07) ; Greenemeier, Larry
Peer-to-peer networks are being used by cyberthieves to tunnel into networks and access confidential information, according to a new study of corporate data leaks released by researchers at Dartmouth business school. Eric Johnson, a professor of operations management at Dartmouth's Tuck School of Business and a co-author of the study, noted that most users were not sufficiently protecting their files and data from peer-to-peer networks. He added that the majority of peer-to-peer software applications have interface designs that are confusing and even deceptive in a way that gets users to unwittingly share the contents of their entire hard drive. This can open up consumers to identity theft, and can also give criminals access to confidential information stored on corporate networks, such as job performance reviews and the results of security audits. There are a number of ways that companies can see whether their data has been leaked onto peer-to-peer networks. For instance, security professionals can set up their own accounts on the most popular peer-to-peer networks and search to see if any information being offered is similar to their proprietary data or intellectual property. Security professionals can also keep track of all searchable keywords that would lead a Web surfer to their company, including firm names, abbreviations, and ticker symbols, and use those keywords to search peer-to-peer networks.
View Entire Article
Wednesday, May 16, 2007
Identity Theft - The First Misconception
1. That it is just about your credit cards or your finances
2. That you can't be held liable for the debt racked up in your name by thieves
3. That you can take steps to 100% prevent the crime
Nothing could be further from the truth.
Identity Theft - The First Misconception
"That it is just about your credit cards or your finances"
Identity theft is so much more than just your credit cards or your finances. In fact, the Federal Trade Commission reports that only 28% of identity theft has to do with your credit cards and less than half of all reported instances are financial in nature. Please refer to the May 14th post to review the five common types of identity theft to gain an understanding on what Identity Theft really is.
My definition of Identity Theft is: "When someone gets some piece of information about you, personally, professionally, or financially, and uses it to their benefit and your detriment". The mainstream media is missing the boat because the majority the of reporting done focuses on the financial side of the equation. They are completely missing 4/5's of the problem.
Here are three great stories that hopefully will help you kill The First Misconception
MEDICAL IDENTITY THEFT: The Information Crime that Can Kill You
Identity Theft Woes
Illegal Immigrants and Identity Theft
Our next post will cover The Second Misconception: "That you can't be held liable for the debt racked up in your name by thieves"
Monday, May 14, 2007
Identity Theft - Five Major Types
The Five Major Types of Identity Theft
Driver’s License Identity Theft
Thieves use your information to acquire a driver’s license in your name or claim to be you during a traffic stop
♦You could receive DWI, DUI, and other driving-related charges
♦Your driving privileges could be suspended or revoked
♦You could be arrested during a routine traffic stop for crimes you did not commit
Social Security (SSN) Identity Theft
Thieves use your SSN Identity to gain employment or to report income under your name
♦Thieves take the income, but don’t pay the taxes, leaving you with the bill
♦Wanted criminals use your SSN Identity so they can get employment without being found
♦Illegal immigrants use your SSN Identity to gain employment.
♦Thieves and Criminals use your SSN for employment, medical, financial, criminal, school, and other purposes.
Medical Identity Theft
♦Your rates could go up or your coverage could be cancelled or used up
♦You could owe thousands of dollars for a procedure you never had
♦You could be unable to obtain medical or life insurance, other coverage, and/or employment because of conditions that you do not have (AIDS, Diabetes etc…)
Character / Criminal Identity Theft
Thieves mask their criminal activity behind your identity
♦You could be arrested
♦You could be denied employment because of fraudulent criminal records found during routine background checks
♦Security checkpoints at airports could become a nightmare for you
♦You could be denied a passport and be barred from leaving the country
Financial Identity Theft
Thieves use your information to open new accounts or to gain access to existing accounts
♦Thieves rob your accounts
♦They rack up outrageous charges on credit cards, take out new loans, and more
♦They destroy your credit, forcing you to pay higher rates
♦You can absolutely be held responsible for the debts incurred by the thieves in your name