Our exposure to Identity theft is stronger during the holiday season.
Kroll Fraud Solutions Center posted the following tips to keep your personal information safer
Tip#1
Before you hit the stores, the very first thing you should do is take stock of what you are bringing along with you. Clean out your purse or wallet and remove unnecessary key identity components or valuables. Take inventory of whatever you will be carrying. That way, you’ll know what was taken if your purse or wallet is lost or stolen.
For added protection, keep your valuables with you at all times – your purse, wallet, or cell phone is not safer in your locked car than in your possession. Thieves know this is a common habit and will be scanning the parking lots looking for cars they can break in to.
Consider your preferred method of payment before heading out – there are pros and cons to each, and it’s up to the consumer to determine which best suits his or her needs. Generally, from a theft standpoint, credit cards are a safer bet because, unlike debit cards, you usually have more protection against fraudulent charges – many credit cards have a zero liability policy. Cash is another option, but while you will not have to worry about personal identifiers, it will be gone for good if your purse or wallet is stolen. Take your checkbook only if it’s absolutely necessary – stolen checks can turn into an ongoing forgery nightmare and give the thief direct access to your checking account.
Finally, be stingy with your personal information. If a store clerk asks what seems like too much personal information during a transaction, remember that you have a right to ask why it’s needed. Some stores ask for phone numbers or zip codes for customer tracking – sharing this information won’t necessarily increase your risk of identity theft. Beware of shoulder surfers and shield your PIN number while entering it on a keypad. Resist the temptation to apply for credit at the register – you may get a hefty discount on your purchases, but there’s added risk at this time of year that your identifiers will be exposed. Someone may overhear your information or, if it is written down, the paperwork can be easily misplaced.
Tip#2
Contrary to popular belief, online shopping does not necessarily carry any additional risk for identity theft than shopping in the store, provided you are taking reasonable precautions. However, it’s important to remember that thieves generally step up their activities during the holiday season – the increase in online traffic and transaction levels offer plenty of opportunities to steal data.
It sort of goes without saying, but you should never use a public computer (like those found at the library) to perform online financial transactions. Likewise, if the coffee shop is offering free – yet unsecured – wi-fi, don’t be tempted to buy anything there, either. These are high-risk scenarios that offer little protection to the consumer. You never know if a public computer contains spyware, such as a keylogger or some type of malware, and it is very easy for thieves to steal data via unsecured wireless internet hookup.
Even when using a computer you trust, you should make sure you have installed your security software’s latest update and run a scan of your computer. Beyond that, practice smart shopping by visiting reputable sites and being careful not to fall for phishing scams that will try to trick you into giving up or exposing personal information. Some sites may offer great deals, but be skeptical about the level of safety they provide for financial transactions.
Just as you would keep receipts from the stores, keep a record of all your online transactions. Check your debit/credit accounts daily and make sure only the transactions you’ve authorized have been registered. If you see any unauthorized transactions, dispute them with your financial institution immediately. If you haven’t received your monthly statement, call the financial institution to verify that no one has changed the address on your account.
Contact me for more information about how you can protect your identity and that of your company as well.
Happy Thanksgiving
Showing posts with label identity theft. Show all posts
Showing posts with label identity theft. Show all posts
Tuesday, November 23, 2010
Thursday, October 21, 2010
Identity Theft up 123%
According to a report by the US Treasury Department, identity theft rose 123% in the past 5 years. The question that begs to be asked is why we aren't taking it seriously? Most believe that monitoring will be enough. What if I told you that monitoring only covers less than 20% of identity theft? Most of identity theft has nothing to do with credit cards and credit reports and if you wait for it to notify you, it's too late.
When you think that all it takes is knowing your name and your date of birth to steal your identity then everyone is at risk because the only form of proving your identity is your driver's license and it has enough information to steal it, use it, and repeatedly abuse it for years to come.
Protecting it is useless if it doesn't include a plan what you are going to do when it happens to you. Ask the 22 year old I met at Applebees the other day when I inquired about how they ID people. Her identity was stolen when she was 6 years old and she just found out. Six hundred hours won't begin to cover what has to be reversed in her case. The cost will be with her for a lifetime. For others the cost will be their lives.
When you think that all it takes is knowing your name and your date of birth to steal your identity then everyone is at risk because the only form of proving your identity is your driver's license and it has enough information to steal it, use it, and repeatedly abuse it for years to come.
Protecting it is useless if it doesn't include a plan what you are going to do when it happens to you. Ask the 22 year old I met at Applebees the other day when I inquired about how they ID people. Her identity was stolen when she was 6 years old and she just found out. Six hundred hours won't begin to cover what has to be reversed in her case. The cost will be with her for a lifetime. For others the cost will be their lives.
Monday, October 4, 2010
State of Connecticut Acts
Five Days ago the State of Connecticut imposed upon all licensed insurance agents, of any type, the responsibility of reporting any identity theft breaches their clients inform them about to the attorney general's office. The attorney general has already taken the stance that any privacy breach that occurs in their state will require identity theft consultation and recovery as part of a company's responsibilities.
Three and one half percent of identities stolen are compromised and the costs to business grows exponentially. Not too many companies do full restoration really. Connecticut fired the first shot. How far behind do you think other states are in enacting the same requirements?
So tell me have you done your privacy prebreach preparedness yet? Do you know if it was done well? Take my test and find out.
As it relates to identity protection "How Naked Are You?" Take the Test. Get Your Score.
Three and one half percent of identities stolen are compromised and the costs to business grows exponentially. Not too many companies do full restoration really. Connecticut fired the first shot. How far behind do you think other states are in enacting the same requirements?
So tell me have you done your privacy prebreach preparedness yet? Do you know if it was done well? Take my test and find out.
As it relates to identity protection "How Naked Are You?" Take the Test. Get Your Score.
Monday, August 23, 2010
Business Owners Hate Spending Money on What they Can't See
I had a conversation today about trying to get business owners to recognize that they need to comply with certain laws. While the choir understands that not doing so puts businesses at risk, the choir still can't get why the business and the owner is willing to take their chances despite law.
I stated that business owners and small businesses are reluctant to pay for something that doesn't have an immediate ROI emotionally or economically. For example, if a supplement company were given an opportunity to distribute their product internationally for the cost of liability insurance, they are motivated to make the investment provided the opportunity far exceeds the cost. But the same company may not want to purchase liability if it involved something more remote like PCI compliance when they don't see the value. Especially in unfunded mandates. Every company is subject to one or more of five major privacy mandates and all of them are unfunded. Most companies don't even know they are required.
In addition, they are unwilling to part with funds for something that has a million and one chance of ever happening in their eyes. "We're too small for anyone to care" is the usual mantra. However, when it comes to identity theft, it only takes one to put a small business out of business. The likelihood is not "if" but "when" and far greater than all of the other risks that businesses must contemplate.
So how do you motivate a business or organization to comply? Fear doesn't work because most companies are immune to what feels remote them. Instead, what hits home now? Did a customer loose a wallet or have a credit card turn down? Did an employee have a credit problem due to a bad profile? Did the company computers get infected or go down for any length of time recently? Did an employee loose a laptop or blackberry? Ask who they turned to when it happen and why?
Another way is to show companies how unfunded mandates actually have hidden wealth opportunities they can acquire immediately in employee morale, growth opportunities, and economically. If you are interested email me at witsowitz@verizon.net and write in the subject "Wealth in Unfunded Mandates".
I stated that business owners and small businesses are reluctant to pay for something that doesn't have an immediate ROI emotionally or economically. For example, if a supplement company were given an opportunity to distribute their product internationally for the cost of liability insurance, they are motivated to make the investment provided the opportunity far exceeds the cost. But the same company may not want to purchase liability if it involved something more remote like PCI compliance when they don't see the value. Especially in unfunded mandates. Every company is subject to one or more of five major privacy mandates and all of them are unfunded. Most companies don't even know they are required.
In addition, they are unwilling to part with funds for something that has a million and one chance of ever happening in their eyes. "We're too small for anyone to care" is the usual mantra. However, when it comes to identity theft, it only takes one to put a small business out of business. The likelihood is not "if" but "when" and far greater than all of the other risks that businesses must contemplate.
So how do you motivate a business or organization to comply? Fear doesn't work because most companies are immune to what feels remote them. Instead, what hits home now? Did a customer loose a wallet or have a credit card turn down? Did an employee have a credit problem due to a bad profile? Did the company computers get infected or go down for any length of time recently? Did an employee loose a laptop or blackberry? Ask who they turned to when it happen and why?
Another way is to show companies how unfunded mandates actually have hidden wealth opportunities they can acquire immediately in employee morale, growth opportunities, and economically. If you are interested email me at witsowitz@verizon.net and write in the subject "Wealth in Unfunded Mandates".
Thursday, August 12, 2010
New Technology to Fight Identity Theft
Governor Patterson, of New York, declared that New York is a hotbed for terrorism and he states “New York has a target on its back as the epicenter, the source of terrorism, with a very unique population". In February, the state began using facial recognition software to reduce the ability for identity theives from requesting multiple licenses. So far 1000 cases have been thwarted.
But we all know that it is human nature to find ways to get around any road block when a thief is bent on stealing identities. So for now, we can breath a bit... but not for long because as well all know, there is no fail safe method.
What his news has acknowledge is that it is very real. It confirms the use of identity theft as a terrorist strategy. It has infiltrated our communities and daily doings including among our children . All the things that I've been saying all along.
But we all know that it is human nature to find ways to get around any road block when a thief is bent on stealing identities. So for now, we can breath a bit... but not for long because as well all know, there is no fail safe method.
What his news has acknowledge is that it is very real. It confirms the use of identity theft as a terrorist strategy. It has infiltrated our communities and daily doings including among our children . All the things that I've been saying all along.
Thursday, July 22, 2010
Our Nation Is Unprepared According to CSIS Study
Center for Strategic and International Studies (CSIS) recently issued a study called “A Human Capital Crisis in Cybersecurity,” that highlights how the United States is facing a chronic shortage in cybersecurity experts. According to the study our nation is in a very weak position when it comes to cyber security and our nation is unprepared to defend itself against increasingly sophisticated online attacks.
And you wonder why identity theft is rising. Forty percent of privacy breaches are cyber related. It is not that your IT support is not good at what they do. It is because there is no fail safe method.
And you wonder why identity theft is rising. Forty percent of privacy breaches are cyber related. It is not that your IT support is not good at what they do. It is because there is no fail safe method.
Thursday, July 8, 2010
ID Theft, Fraud, and Real Estate Transactions: Save a World of Hurt
The real estate process generally includes a buyer (or renter), seller (or landlord), financial officer, lawyer, and agent to execute the sale successfully. Within that process many more people become involved. Depending upon the deal, it includes a prequalified mortgage, credit check, offer to purchase (or rent), contract (or lease), mortgage application ($$$ paid in advance), title insurance, exterminator, homeowner’s insurance, closing, and recording the sale among it. The amount of people and sets of eyes that look at every detail of the transaction becomes an easy target for identity theft. [I have not even touched what happens after the transaction is completed … a conversation for another day.]
When you consider that eighty percent of identity theft occurs from negligence due to lack of knowledge or lack of care, and the fact that the sale is recorded for public scrutiny, it leaves every new homeowner and every old homeowner at much higher risk. Never mind the number of people that view the property in the process which may have access to enough information within view. (No one thinks of these things do they?)
This week alone, an IT guy employed by a major bank was arrested for bilking millions from both employees and unsuspecting consumers. What makes you think that identity theft doesn’t happen in real estate transactions?
Despite new laws governing how everyone in the chain of events must act with respect to the real estate transaction, there is no law that says you can’t recommend identity theft protection as a standard policy. What the feds want is transparency and clean lines of relationships.
Add a standard recommendation to every home buyer (renter) and seller (landlord) that they should consider identity theft protection. It will save a world of hurt later. Identity theft is a repeatable crime.
It will also demonstrate that the organization goes one-step beyond the FTC and State identity theft law to make consumers and landowners aware they are vulnerable and empower them with what they can do about it.
There is no statute of limitation for identity theft. If the buyer/seller decline to obtain services, then you have it as a matter of record. They can’t turn around and tell you that you didn’t advise them, making you criminally or civilly liable later. Think about it and then email me at services@m2powerinc.com to learn how to develop an identity theft and fraud program in your organization.
When you consider that eighty percent of identity theft occurs from negligence due to lack of knowledge or lack of care, and the fact that the sale is recorded for public scrutiny, it leaves every new homeowner and every old homeowner at much higher risk. Never mind the number of people that view the property in the process which may have access to enough information within view. (No one thinks of these things do they?)
This week alone, an IT guy employed by a major bank was arrested for bilking millions from both employees and unsuspecting consumers. What makes you think that identity theft doesn’t happen in real estate transactions?
Despite new laws governing how everyone in the chain of events must act with respect to the real estate transaction, there is no law that says you can’t recommend identity theft protection as a standard policy. What the feds want is transparency and clean lines of relationships.
Add a standard recommendation to every home buyer (renter) and seller (landlord) that they should consider identity theft protection. It will save a world of hurt later. Identity theft is a repeatable crime.
It will also demonstrate that the organization goes one-step beyond the FTC and State identity theft law to make consumers and landowners aware they are vulnerable and empower them with what they can do about it.
There is no statute of limitation for identity theft. If the buyer/seller decline to obtain services, then you have it as a matter of record. They can’t turn around and tell you that you didn’t advise them, making you criminally or civilly liable later. Think about it and then email me at services@m2powerinc.com to learn how to develop an identity theft and fraud program in your organization.
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