Sponsor Robert Siciliano as he runs the Boston Marathon for Miles for Miracles, Children's Hospital Boston
ROBERT SICILIANO is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds.

FREE EBOOK

Check here if you're human

Sponsors

Bought a Car Recently? Watch Your Identity Information

0
Pin It

Over the past 15 years, we have watched hackers’ evolution from “phreaking” phone systems, to hacking government agencies like NASA, and eventually creating viruses that take down networks. In the beginning, their primary motivations were fun, fame, and amusement. Over the past ten years, the game changed dramatically, from fun and fame to financial gain. Hackers targeted government agencies, then colleges, banks, retailers, credit card processors, hotels, and eventually, major multinational corporations.

Who are they hacking now? Well, everyone. And as journalist Brian Krebs has pointed out on his blog, Krebs On Security, they are targeting auto dealerships in a big way. Why? Because auto dealerships’ records include lots of Social Security numbers, which identity thieves can use to apply for credit cards in their victims’ names.

Krebs states, “Recent hacker break-ins at a half-dozen car dealerships nationwide are a reminder of just how easily one’s personal and financial information can be jeopardized by poor security at any of tens of thousands of organizations that have access to that data.”

This results in “new account fraud.” This is a form of financial identity theft in which victims’ personal identifying information and good credit standing are used to create new accounts, which are then used to obtain products and services. Stolen Social Security numbers are frequently used to commit new account fraud.

Get a credit freeze. Go to ConsumersUnion.org and follow the steps for your particular state. This is a necessary tool to secure your credit. In most cases, it prevents new accounts from being opened in your name.  And when you are actively seeking credit, as Experian points out, “You should plan ahead and lift a freeze, either completely if you are shopping around, or specifically for a certain creditor, a few days before actually applying for new credit.”

Device reputation leader, iovation Inc., helps credit issuers spot new account fraud through the device intelligence that it provides back in real time. iovation alerts issuers to the computers or mobile devices that are applying for multiple credit accounts with different identity information, or masking its location while applying for credit, along with other highly-suspicious behavior.  The credit issuer simply sets up their own unique business rules and iovation runs those rules while the applicant is on the site, and returns back and Allow, Deny or Review response for the transaction along with the reasons why.

By identifying new account fraud in real time, credit issuers can save millions of dollars per year from fraud losses.  In one case, a Fortune 100 credit issuer using iovation identified 43,000 fraudulent credit applications saving them $8 million dollars from fraud loss over two years.

Robert Siciliano, personal security and identity theft expert contributor to iovation, discusses identity theft  in front of the National Speakers Association. (Disclosures)

About the Author
ROBERT SICILIANO, CEO of IDTheftSecurity.com is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds. His "tell it like it is" style is sought after by major media outlets, executives in the C-Suite of leading corporations, meeting planners, and community leaders to get the straight talk they need to stay safe in a world in which physical and virtual crime is commonplace. Siciliano is accessible, real, professional, and ready to weigh in and comment at a moment's notice on breaking news.

Similar Posts

  • ID Thief Gets 5 Years for Stealing Identities of More Than 50 People
    In California, an identity thief was recently sentenced to five years in prison for committing what appears to be classic new account fraud. The thief reportedly used a victim’s identity to open a mailbox at a shipping store in Modesto, which he often used to have fraudulently issued credit cards and other financial and identity
  • Florida Retirees Frequent Identity Theft Targets
    A lot of Floridians are retirees who spend their days around the pool or at the beach. The warmer weather attacks both golden agers and unfortunately identity thieves. Criminals know that retirees have money in the bank, retirement accounts and credit cards with high limits. TechNewsDaily reports, “On a per capita basis, 361 Floridians out of
  • What is New Account Fraud?
    As long as identity thieves continue to breach databases and steal Social Security numbers, new account fraud will plague the public. New account fraud refers to financial identity theft in which the victim’s personal identifying information and good credit standing are used to create new accounts, which are then used to obtain products and services. Stolen
  • Big Time Black Market For Your Credit Cards
    WE DO NOT SELL DUMPS. DO NOT EMAIL OR CALL WE DO NOT SELL DUMPS There is an entire underground black-market out there hacking, buying and selling your information to steal your identity. The most sought after data is your credit card numbers. “Carders” are the criminals who buy and sell “dumps,” which are large quantities of credit
  • Identity Theft Rings Focus On Loans and Credit Cards
    Identity theft rings are in every state, victimizing approximately 10 million people a year. In Wycoff NJ, 11 men and women were arrested on charges of stealing identities to open credit cards in an alleged scheme that is believed to have defrauded more than 70 victims. Patch reports: “Credit cards were opened in the victims’ names, and

Leave a Comment

You must be logged in to post a comment.

Xtreme School

Featured in

Anderson Cooper John Stossel Robert Siciliano Featured in
Browse by Month

Browse by Category