Identity theft is the easiest crime to commit and the hardest crime to get caught for. It has been said numerous times that identity theft is the closest we’ve ever come to the perfect crime. This explains why a recent study by ID Analytics found more than 10,000 identity fraud rings in the U.S. An identity fraud ring is a group of people actively collaborating to commit identity fraud. This study is the first to investigate the interconnections of identity manipulators and identity fraudsters to identify rings of criminals working in collaboration.
In a press release, ID Analytics states that many of these fraud rings are made up of two or more career criminals, surprisingly, others are family members or groups of friends. The ring members may be either stealing victims’ identities or improperly sharing and manipulating personal identifying information such as dates-of-birth (DOB) and Social Security numbers (SSNs) on applications for credit and services.
Other findings of the study include:
Hotbeds for Fraud Rings—States with the highest numbers of fraud rings include Alabama, the Carolinas, Delaware, Georgia, Mississippi and Texas. The three-digit ZIP codes with the most fraud rings observed are areas around Washington DC; Tampa, Fla.; Greenville, Miss.; Macon, Ga.; Detroit; and Montgomery, Ala.
Fraud in the Countryside—While many fraud rings occur in cities, a surprisingly high number were also found in rural areas of the country.
Consumers’ best protection against identity theft begins with a credit freeze or identity theft protection. But businesses can do more to protect the public by not allowing stolen credentials to be used for fraud in the first place.
Identity thieves carry out their attacks in very short-time windows to exploit their newly stolen credentials. For businesses, what might typically look like a single transaction can often be calculated attacks across multiple businesses, according Oregon-based iovation Inc. and the businesses that it protects. One computer (or a group of related Internet-enabled devices including smartphones) may open new credit card accounts, make online retail purchases, and schedule shipment of stolen goods — yet iovation’s view of device-related activity can connect these relationships across multiple businesses, geographies and industries — in order to detect and stop cybercrime, and make the Internet a safer place to interact and do business.
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.
- Phony Identities Result in $200 Million Fraud
Recently, the FBI arrested 13 people in four states. Their crime? Allegedly creating thousands of phony identities with which to steal at least $200 million in one of the largest credit card fraud schemes ever charged by the Department of Justice. Bloomberg reports that after using 7,000 false identities to obtain 25,000 credit cards, the conspirators ran the
- 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
- Most Burglarized Cities in the U.S
Surprisingly, burglaries happen more often during the day. Burglars wait for the home owners to leave for work, usually attempting to break in between the hours of 10 in the morning and 3 in the afternoon. The FBI has stated that burglaries were the reason for a loss of $4.8 billion in 2011, meaning that
- One In Seven Social Security Numbers Are Shared
More than 20 million Americans have multiple Social Security numbers (SSNs) associated with their name in commercial records according to a new study announced in December from ID Analytics, Inc. The study found that rather than serving as a unique identifier, more than 40 million SSNs are associated with multiple people. 6.1 percent of Americans have at
- International Credit Card Hackers Hammered
Retailers can temporarily rejoice (for about a minute) now that six cyber villains have been caught in two different international credit card fraud rings. The Register reports, “After investigations that began in 2009, the police executed three search warrants in metropolitan Sydney, retrieving EFTPOS terminals, computers, cash, mobile phones, skimming devices, and several Canadian credit cards.
Leave a Comment
You must be logged in to post a comment.