According to several studies and surveys, anywhere between 7 Million and 15 Million American residents fall victim to Identity Theft annually. Such annual figures represent anywhere between 2.3% and 5% of the total population of the United States. Such large annual percentages imply that over a span of 40 years, or during one’s lifetime, it is almost a certainty that one would fall a victim of Identity Theft. Given such risk, and the disruptive and detrimental effects of becoming an Identity Theft victim, it is no wonder that 39 States, and the District of Columbia, have all passed Credit Freeze / Credit Lock laws More…
There have been several Mortgage related Identity Theft cases reported recently. In such cases, criminals stole various sensitive personal information from their victims, such as social security number and driver’s license, in order to qualify for mortgage loans. In one recent case, the Identity thief actually made timely monthly payments on the loan. The victim did not become aware of the situation until he received a refund check for closing costs of a mortgage that he had never requested! You cannot help but wonder: how many similar mortgage related Identity Theft cases remain undiscovered?
Through the end of 2008, it is estimated that as many as $1 Trillion in adjustable rate mortgages (ARM) will adjust for the first time. In October of 2007, it is estimated that More…
Despite substantial efforts to reduce Identity Theft, headlines continue to indicate that no major breakthrough has been achieved. Depending on the source, it is estimated that as many as 9 Million to 15 Million victims are affected annually. Such lack of progress is illustrated in the recent headline, “Identity Theft is increasing in Illinois, Montana, North Dakota” (link available at end of this article), Teya Jacobs, Associated Content, August 1, 2007. Given such lack of progress, those concerned about Identity Theft must be wondering: “are current Identity Theft Protection measures inadequate? ”
It is important to note that if Identity Theft Protection measures are not implemented, it is virtually impossible to test their effectiveness. It is also important to distinguish between preventive measures and detection measures. One of the most valuable preventive measures is the ability to lock down access to your Credit Report by placing a Credit Freeze. Many states have passed such Credit Freeze laws, including Illinois, Montana and North Dakota. Unfortunately, such states waited too long to pass such laws. Credit Freeze laws became effective in North Dakota and Montana on July 1, 2007. As for Illinois, such laws became effective on January 1, 2007. It is not possible to test the effectiveness of such newly enacted laws until additional time has elapsed.
In addition, residents need to take advantage of Credit Freeze laws in order to reduce Identity Theft. The Boston Globe reported on May 22, 2007 that according to Consumer Data Industry Association, only 50,000 people had ordered Credit Freezes ( “Group Says ID Theft Victims Seldom Freeze Credit Reports”, Ross Kerber - link available at end of this article). At that time, that represented only 0.03% of the population where such laws were effective, or 3 people for every 10,000 residents. Despite such low penetration rate, there is no question that the ability to lock down access to your credit report holds the key to Identity Theft Protection for the following reasons: More…
By now, we all know that Identity Theft is the crime of the decade, claiming about 9 million victims and causing close to $50 Billion in damages every year. What is the reason for the surge in Identity Theft? In a recent informal poll/survey published at http://www.creditlock.com, visitors were asked: “What do you Believe is Primarily Responsible for the Spread of Identity Theft?” The survey was not interested in its visitors’ opinion of who is responsible, but it was rather interested in its visitors’ opinion of what is responsible. Such distinction is an important one; the poll/survey results can be used to suggest solutions, as opposed to laying blame. More…
In an article that appeared on Yahoo, “Find Out if Your Printer is Spying on You” (related link available at end of this article), Christopher Null raised an issue emphasizing how difficult it is to balance Security and Privacy. Such delicate balancing act could also lead to the undesired effect of actually increasing the risk of Identity Theft.
According to the article, it was discovered in late 2005 that many makers of color printers embed a unique signature, comprised of a yellow dots pattern, unperceivable to the naked eye. Such signature makes it possible, when examined under blue light and a microscope, to trace printed color documents to the producing printer (and its owner).
Critics of such technology are concerned about its implication on Privacy Protection. In addition, they are concerned that such capability can be abused for purposes that may lead to a violation of human rights and More…
Google announced Monday that it will reduce the lifespan of “Cookies” from 30 years to 2 years. Such Cookies are small files planted on the computers of consumers, primarily tracking internet use and recognizing users’ preferences. Such move will somewhat improve consumers’ privacy.
Identity Theft, which can be exacerbated by cookies associated with Malware programs that infiltrate computers of unaware consumers, can possibly be reduced if Internet Browsing was totally anonymous; however It is highly unlikely that Internet Browsing will ever be totally anonymous for two main reasons. First, technologically speaking, 100% anonymity is practically impossible. Second, existence of search engine companies, such as Google, would be financially jeopardized.
On the surface, Google’s announcement may seem as a drastic measure, cutting the lifespan of its cookies by more than 93%. More…
Identity Theft is the number one crime, affecting about 9 Million victims annually, and resulting in about $50 Billion in annual losses. The I-Phone is the number one consumer product, estimated to have registered over 500,000 unit sales in its opening weekend launch, and expected by some analysts, such as PiperFaffray, to record as many as 45 Million annual unit sales by 2009.
Identity Theft occurrences increased dramatically following the proliferation of the new technology of the internet, accompanied by Computer Viruses, Malware, Phishing, Skimming and more. The I-Phone is termed as a technological breakthrough, supported by over 200 I-Phone related patent filings. Will such technological breakthrough lead to another explosion to the upside in the number of occurrences of Identity Theft?
If there is a risk of Identity Theft associated with the I-Phone, such risk would stem from More…
Identity Theft, resulting in about 9 Million victims annually, has become America’s number one crime. As consumers expressed their concerns, most States introduced Credit Freeze laws allowing consumers to lock down access to their Credit Report. Although such laws are now available to more than 67% of the total U.S. population, they still lag in the Deep South.
In the Deep South region, consisting of South Carolina, Mississippi, Florida, Alabama, Georgia and Louisiana, only Florida and Louisiana have effective Credit Freeze laws available to both Identity Theft victims, as well as non-victims. Alabama, Georgia and South Carolina, with a total population of 18.2 Million residents (consisting of 6% of the total U.S. population) still have no Credit Freeze laws. Meanwhile, Mississippi has only recently made such law effective, but only available to Identity Theft victims. More…
The Associated Press recently reported that according to a government report obtained Tuesday July 10, the FBI’s search for terrorists includes searching records about Identity Theft. Such information, along with other information, is being mined, creating “a new database to assess the risk posed by people identified as potential or suspected terrorists.”
It should not be surprising that an integral part of the fight against terrorism should be the scrutiny and investigation of cases of Identity Theft. The second largest terrorist attack in U.S. history, the bombing of Alfred P. Murray Federal building in downtown Oklahoma City in 1995, which resulted in 168 deaths, was committed by Timothy McVeigh. Although at his time of arrest, Timothy McVeigh presented his real name, he had previously used an alias in preparation for committing his crime. He had rented the Van used in the explosion under the name of Robert Kling.
Similarly, it was reported by the BBC and other media that the identities of some of the September 11 World Trade Center bombing More…
The Government Accountability Office, GAO, released on Thursday July 5 a comprehensive 50 page report titled: “Data Breaches are Frequent, but Evidence of Resulting Identity Theft Is Limited; However The Full Extent is Unknown.” Unfortunately, most headlines covering the content of the report gave the wrong impression that Data Breaches do not result in increased risk of Identity Theft. Many such headlines totally ignored the last part of the report title: “…However The Full Extent is Unknown.” Many seem to have forgotten to ask themselves: if a criminal is not interested in using the data acquired through a data breach, then why commit such illegal activity in the first place?
The fact that the GAO itself admitted in the title that “The Full Extent is Unknown,” means that the report is inconclusive. If the report is inconclusive, then More…
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