The Nov. 1 deadline for new federal identity theft regulations requiring financial institutions and other creditors that provide financing is fast approaching, reports eWeek. Known as FACTA (Fair and Accurate Credit Transactions Act), the rules require covered organizations to re-examine their ID theft prevention policies and implement new procedures and business practices.

More specifically, FACTA requires a written ID theft prevention policy that includes polices that identify “patterns, practices or specific activities that could indicate identity theft,” according to the FTC (Federal Trade Commission). Violators of the new rules can be subject to civil penalties of up to $2,500 per violation.

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The new regulations – also known as Red Flag rules — have long been thought to only apply to financial institutions such as banks, savings and loans, mortgage lenders and credit unions, but as the compliance deadline nears, SMBs (small and midsize businesses) are concerned the rules may also cover them. While clearly targeting financial institutions, the rules also cover “any person or business” that arranges for customer credit.

The agency defines a creditor as “any entity that regularly extends, renews, or continues credit; any entity that regularly arranges for the extension, renewal, or continuation of credit; or any assignee of an original creditor who is involved in the decision to extend, renew, or continue credit.”

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A business alert issued by the FTC adds, “Accepting credit cards as a form of payment does not in and of itself make an entity a creditor.”
The FTC added the Red Flag rules to FACTA in January. Businesses are required to define policies for recognizing red flags in identity verification. Typical red flags include discrepancies in address histories, fraud alerts on consumer reports, questionable use of Social Security numbers, credit freeze notifications and unusual patterns of customer activities.

Once those definitions are in place, companies are then required to define appropriate courses of action when a red flag drops.

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Tags: credit protection, customer privacy, Data Breach, FACTA, Federal Trade Commission, id theft prevention, identity fraud, Identity theft, identity theft prevention, Identity Theft Protection, identity thief, identity thieves, red flag rules

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A group of corporate, government and academic institutions have formed the Center for Applied Identity Management Research (CAIMR), which focuses on developing research and solutions for identity management challenges, such as cyber crime, terrorism, financial crimes, identity theft and fraud, weapons of mass destruction, and narcotics and human trafficking.

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The Center is the first of its kind to bring cross-disciplinary experts in criminal justice, financial crime, biometrics, cybercrime and cyber defense, data protection, homeland security and national defense to address identity management challenges that impact individuals, public safety, commerce, government programs and national security.

The group consists of non-profit, public sector and corporate institutions, including Indiana University, U.S. Secret Service, LexisNexis, IBM, Cogent Systems, Visa and Intersections. CAIMR aims to identify the key challenges, the gaps in knowledge and the research needed to provide solutions to these challenges.

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Tags: CAIMR, Center for Applied Identity Management Research, cybercrime, id theft prevention, Identity theft

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Identity theft is frequently committed by people who are close to the victim, as evidenced by a new case. According to Newsday, a man was arrested and charged with stealing his wife’s identity. He wrote checks for $32,000 from her personal bank account, making the checks payable to his business.

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The checks bounced after the man cashed them at PLS Check Cashing in Freeport, causing a $32,000 loss to the check cashing agency.

Stephen Takats, 44, of Papoose Lane, was charged with first-degree identity theft, first-degree fraud and third-degree grand larceny in the May 13 check-cashing scheme.

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Tags: id theft prevention, Identity theft, identity theft prevention, Identity Theft Protection, identity thief, identity thieves, spouse

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Data Loss Source: As many as 2 million Countrywide customers may be at risk thanks to a data breach that lasted for nearly two years. A former Countrywide employee was arrested on August 1 and charged with illegally accessing the lender’s records to sell sales leads to mortgage brokers.
Date of Breach: Sept. 11, 2008
Size of Loss : 2,000,000
Affected Individuals: Countrywide customers
Geographic Focus: Nationwide
Data contained: Names, addresses, Social Security numbers, and loan details
Additional Notes: The company promised to provide two years of free credit monitoring to affected individuals.
Additional Information: Consumer Affairs

Tags: countrywide data breach, Data Breach, id theft protection, identity fraud, identity protection, Identity theft, identity theft credit freeze, identity theft fraud, identity theft prevention

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Kansas Attorney General Steve Six issued a warning about voter registration scams, according to Kake 10. A number of people have reported receiving unsolicited emails or calls requesting Social Security numbers or credit card numbers to confirm voter registration eligibility.

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Here’s how it works: Identity thieves send messages asking for your Social Security number or financial information to register you to vote or to confirm your registration. If you hand over this information, they use it to commit fraud.

Such scams have been reported in many states across the U.S.

It is important to understand that legitimate voter registration drives will either contact you in person or give you a voter registration form that you fill out yourself. They will never ask you to provide your financial information.

If you want to register to vote, do it the safe way. Simply contact the county election office in the county you live or fill out the Voter Registration Form online and return it to your county’s election officer.

TrustedID’s® mission is to proactively protect consumers against identity theft, especially as identity theft is the fastest growing crime in the United States. Our innovative flagship product – IDFreeze® - stops identity theft before it ever happens. Secured from identity theft by our 15 points of protection which includes protection for children, seniors, and medical records, over 97% of our customers are extremely satisfied, loyal, and, most importantly, protected, Please Click on following banner to find out more!

Tags: cybercrime, id theft prevention, identity fraud, Identity theft, identity theft complaints, identity theft prevention, Identity Theft Protection, identity thief, identity thieves, identity verification, Internet threats, online fraud, Scams and Identity theft, voter registration scams

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According to InformationWeek, Congress passed a bill this week would make it a felony to use spyware or keystroke loggers to damage ten or more computers.

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The U.S. House of Representatives approved H.R. 5938, an amendment that expands the ability of the federal government to prosecute identity theft crimes and allows victims to obtain restitution for the time and money they spend trying to restore their credit. The legislation, which must be signed by President George W. Bush, allows a fine and up to five years imprisonment for spyware.

This closes a gap in existing identity theft laws that only allowed federal prosecution if the perpetrator used interstate or foreign communications to access a computer, except in cases involving federal government computers or financial institutions. If the President signs the bill into law, federal prosecutors would be able to pursue cases in which the computers of the perpetrator and victim are in the same jurisdiction.

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Tags: federal government, H.R. 5938, ID theft, id theft prevention, id theft protection, identity fraud, Identity theft, identity theft complaints, identity theft crimes, identity theft felony, identity theft laws, identity theft prevention, Identity Theft Protection, identity thief, identity thieves, keyloggers, prosecute identity theft crimes, spyware, Spyware and Keylogging Now Felonies, U.S. House of Representatives

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Data Loss Source: Detailed public land records were published on a Web site sponsored by Iowa elected officials.
Date of Breach: Sept. 3, 2008
Size of Loss : Unknown
Affected Individuals: Land owners
Geographic Focus: Des Moines
Data contained: Private information was posted on the site, including Social Security numbers for Gov. Chet Culver and Secretary of State Michael Mauro.
Additional Notes: All the records with personal information that can be used in identity theft be immediately removed.
Additional Information: Des Moines Register

TrustedID’s® mission is to proactively protect consumers against identity theft, especially as identity theft is the fastest growing crime in the United States. Our innovative flagship product – IDFreeze® - stops identity theft before it ever happens. Secured from identity theft by our 15 points of protection which includes protection for children, seniors, and medical records, over 97% of our customers are extremely satisfied, loyal, and, most importantly, protected, Please Click on following banner to find out more!

Tags: Chet Culver, Des Moines data breach, fraud alert, government breach, identity fraud, identity protection, Identity theft, identity theft fraud, identity theft prevention, Identity Theft Protection, identity thief, land records, Michael Mauro.

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According to Computer World, a recent phishing scam targeted Apple Inc.’s .Mac and MobileMe online service users. Hundreds of people fell for the scam, handing over their credit card and other personal information.

The phishing scam took advantage of the recent migration Apple conducted for subscribers of its older .Mac online service to MobileMe, the successor that launched just over a month ago. The scammers sent an email asking people to enter their credit card and other confidential information to migrate to the new MobileMe service.

The MobileMe scam wasn’t the first time that phishers have used the Apple brand to trick consumers. In May, criminals hit iTunes users with sophisticated identity theft attacks, again claiming that credit card problems required them to re-enter information to update their accounts.

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Tags: Apple phished, cybercrime, Data Breach, data loss, fraud, ID theft, id theft prevention, id theft protection, identity fraud, Identity theft, identity theft complaints, Identity Theft Passport, MobileMe phishing scam, MobileMe Users Phished, online identity theft, phishers, Phishing and Identity theft

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According to Computer World, one of the 11 people arrested in connection with the largest case of identity theft in US history pleaded guilty to four felony counts, including wire, aggravated identity theft, and credit card fraud.

Damon Patrick Toey now faces a maximum prison term of five years and a fine of $250,000 on each of the counts. In addition, under the terms of the plea agreement, Toey has to forfeit all of the money he earned for his role in the data theft, which affected TJX Companies Inc., BJ Wholesale Clubs Inc. and several other retailers.

In a court filing yesterday, Assistant U.S. Attorney Stephen Heymann said that there is “forensic and/or testimonial evidence” that Toey and his co-conspirators broke into “numerous” other businesses that have not been publicly identified. Heymann said he would be willing to submit the full list “in camera” to the court if needed.

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Tags: BJ Wholesale Club, data theft, ID theft, id theft prevention, id theft protection, identity fraud, Identity theft, identity theft complaints, identity thief, identity thieves, TJX Companies Inc

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Data Loss Source: East Burke High School’s website exposed 163 staff members’ Social Security numbers and other personal information on the Internet.
Date of Breach: Sept. 6, 2008
Size of Loss : 163
Affected Individuals: Students
Geographic Focus: Morganton
Data contained: Social Security numbers and other personal information.
Additional Notes: The school district and the State Employees Credit Union will have a meeting Wednesday at East Burke to talk about preventing and responding to identity theft and to address people’s questions and concerns.
Additional Information: Morganton.com

TrustedID’s® mission is to proactively protect consumers against identity theft, especially as identity theft is the fastest growing crime in the United States. Our innovative flagship product – IDFreeze® - stops identity theft before it ever happens. Secured from identity theft by our 15 points of protection which includes protection for children, seniors, and medical records, over 97% of our customers are extremely satisfied, loyal, and, most importantly, protected, Please Click on following banner to find out more!

Tags: East Burke High School breach, ID theft, id theft prevention, id theft protection, identity fraud, identity protection, Identity theft

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