by Cindy Calhoun
A law has been passed and the rules implemented for Red Flag/FACTA, Gramm, Leach, Bliley (GLB) as well as state and federal agencies.
Birthdates, names, addresses, credit card numbers etc. will be held liable for any breach of data that results in a loss to the customer, employee or vendor partner.
What’s that mean to me? Well, it is one more area to secure. However, to date 87% of businesses do not comply. Either because they are unaware of the law or simply don’t want to take the time to comply with the law.
According to the Federal Trade Commission (FTC) today in the US there is a new victim of Identity Theft every 6 seconds! The average person spends 600 hours (that’s 75, 8 hour days) clearing their name and credit. We’re all aware that this country runs on credit; it determines if you’ll get hired, whether or not the utility company will provide access to their service, what interest rate you’ll pay on that new car just to name a few.
Wake up! Many people confuse credit card fraud with Identity Theft. Actually only 26% of credit card cases are Identity Theft. You invest in car insurance in case of an accident, but what do we do to protect our good name and credit?
New information released from the Department of Homeland Security states that on average 800 illegal aliens enter the US on a daily basis. 200 of those, on average enter with a SSN and driver’s license. You’ve got it. That personal information belongs to someone else! They are willing to pay $400-$600 for that information. What’s even more frightening is that they are willing to pay up to $5,000 for a child’s SSN. Think of all the years it would take to detect fraud on that!
Law enforcement reports that about 2% of these criminals are ever caught.
Don’t be fooled into thinking it you don’t buy products on the internet OR that you’re vigilant with your credit cards that it will not happen to you. It’s no longer a case of “if” but “when.”
Your information is already out in the system
Who are the third parties who have your data?
1. Financial institutions
2. Schools, colleges and universities
3. Employer
4. DMV offices
5. Hospitals and medical offices
6. FDIC, DOJ/IRS
7. Phone and utility companies
8. Merchants
9. Card networks
10. Credit reference agencies
11. Data and brokerage firms
12. Payment processing agencies
Still think you’re not at risk? Learn more.
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