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Cloud Computing
Nov 12
Comment
The Secure-Me Desktop is the innovative solution for preventing identity theft
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PR Newswire
Nov 11
Comment
SCOTTSDALE, Ariz., Nov. 11 /PRNewswire/ -- Security State Bank of Independence, Iowa, has announced that customers will receive comprehensive identity theft resolution and education services at no cost through Identity Theft 911, America's leading
Cloud Computing
Nov 10
Comment
Uniloc USA, which is good at identifying network devices, has launched WebAnchor, extending its physical device recognition technology to the cloud.
The widgetry includes a physical, tangible identifier for online services and SaaS applications...
Insurance Journal
Nov 6
Comment
California Insurance Commissioner Steve Poizner yesterday announced that Byron Andres Prado, 21, of Northridge was convicted November 2 of one count of misdemeanor identity theft. He was sentenced ...
Canadian Business
Oct 28
Comment
TIME FOR ANOTHER MEETING: Do your weekly meetings feel like a waste of time? More important, does your company have that kind of time to
Insurance Journal
Oct 26
Comment
The Oregon Department of Consumer and Business Services has issued a cease-and-desist order against insurance agent Robert Warren Spruill for violating the Oregon Consumer Identity Theft ...
TheStreet.com
Oct 19
Comment
Adam Levin of Identity Theft 911 gives Alix Steel three ways to minimize your risk and protect against identity theft.
Cloud Computing
Oct 19
Comment
With more than 10 million identity theft victims in 2008, a 22 percent
increase from 20071, and the Federal Trade Commission (FTC)
taking a strong position on enforcing written identity theft prevention
plans, policy-based...
PR Newswire
Oct 19
Comment
IRVINE, Calif., Oct. 19 /PRNewswire/ -- ProtectMyID.com(TM), the multilayered identity theft detection, protection and fraud resolution product, today announced its alliance with San Diego-based Identity Theft Resource Center (ITRC), a nonprofit,
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This article describes a concept which could impact a variety of companies, countries or industries. To see what companies and articles reference this concept page, click here. |
TOP CONTRIBUTORS
Identity Theft is a type of fraud in which perpetrators obtain and use victims' private information, like social security numbers, bank account numbers and driver's license numbers.
Types of Identity Theft
According to the Identity Theft Resource Center, ID theft can be divided into three categories:
- financial ID theft - making purchases or bank transactions with the victim's private information
- criminal ID theft - committing crimes under the identity of the victim
- medical ID theft - receiving medical care under the identity of the victim[2]
- identity cloning - assuming the victim's identity in everyday life[3]
In 2007, there were 8.4 million adult victims of identity theft, with a total cost of $49.3 billion.[4]
How is confidential information obtained by ID thieves?
In order to commit ID theft, the perpetrator must obtain the victim's private and confidential information. There are many ways this can be done. The following are some of the most common methods:
- dumpster diving
- tampering with mail
- stealing wallets (or finding lost ones)
- hacking into internet transmissions over wireless networks
- soliciting personal information through 'phishing' (posing as an entity legitimately needing personal information, like a bank , eBay , or PayPal)
Who gains when ID theft is on the rise?
- Banks and credit card companies with specific anti-ID theft protection. For example, Citi credit cards come with Citi Identity Theft Solutions and Discover offers its customers Discover Identity Theft Protection
Who loses?
- Banks and credit card companies who have less substantial ID protection programs lose customers to competitors with better protection offerings.
- Companies that have been compromised by ID thieves in the past suffer from bad PR and decreased confidence from consumers in their ability to keep information safe. Hannaford Supermarkets, part of Etablissements Delhaize Freres et Cie Le Lion S.A. (DEG), sufferred a security breach in March 2008 in which an estimated 4.2 million credit and debit card numbers were stolen.[5]
References
- ↑ Flickr
- ↑ www.IdentityTheft.info – “approximately 250,000 people are victims of medical identity theft each year in the United States
- ↑ ID Theft Center - Fact Sheet 120, Identity Theft and Children
- ↑ Identity Theft Surveys and Studies: How Many Identity Theft Victims Are There? What is the Impact on Victims?
- ↑ InfoWorld.com - Data thieves steal credit card data from supermarket chain, March 17, 2008
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