Monday, November 21, 2005
ID Theft Threat, Paper or Plastic
Many people fear airline travel, but statistically it is safer than travel by car. When there is an accident though, it is usually big news because of the scale. ID theft is similar in that many people fear it, and the individual cases are much more common than the large scale thefts.
There is more crime involved in the low tech side of this equation than the high tech side. Check alteration/forgery, debit and credit card abuse and dumpster diving for confidential, usable personal information are key areas for loss. And you might be surprised at who the thief is. Javelin Strategy & Research, from Pleasanton, CA indicate that 26% of these cases are perpetrated by someone known to the victim. This may be a family member, a friend or co-worker who had intimate knowledge of the victim and abused it. And the TowerGroup, a unit of MasterCard International Inc. estimates that 50% of debit card fraud is by a family member or friend who was given the card and PIN at one time.
"Most criminals obtain personal information through traditional rather than electronic channels," according to the Javelin study. 29% of the victims lost their confidential personal information due to a stolen wallet, checkbook or credit card. And most of the remaining cases were attributed to the friends, family and co-workers and methods mentioned above. Computer viruses or hackers accounted for only 2.2% of incidents. In many cases the theft of a laptop with hundreds or thousands of records of personal information places this information at risk, but the data isn't what was sought. The thief wanted the laptop and my be oblivious to what was on the laptop or how to access it. So it may make the news, but credit card statements recovered from yesterday's trash is more likely to be used illegally.
Personal information security should always be important. This is a good time to remind your customers to be aware of where their information is at home and at work, and to keep it secure. Watch their credit reports, use shredders at home, retrieve their mail quickly and don't leave it in an open mailbox accessible to anyone. And don't leave these confidential items laying around the home or office where they are ready for the identity thief to start their holiday shopping either.
Many people fear airline travel, but statistically it is safer than travel by car. When there is an accident though, it is usually big news because of the scale. ID theft is similar in that many people fear it, and the individual cases are much more common than the large scale thefts.
There is more crime involved in the low tech side of this equation than the high tech side. Check alteration/forgery, debit and credit card abuse and dumpster diving for confidential, usable personal information are key areas for loss. And you might be surprised at who the thief is. Javelin Strategy & Research, from Pleasanton, CA indicate that 26% of these cases are perpetrated by someone known to the victim. This may be a family member, a friend or co-worker who had intimate knowledge of the victim and abused it. And the TowerGroup, a unit of MasterCard International Inc. estimates that 50% of debit card fraud is by a family member or friend who was given the card and PIN at one time.
"Most criminals obtain personal information through traditional rather than electronic channels," according to the Javelin study. 29% of the victims lost their confidential personal information due to a stolen wallet, checkbook or credit card. And most of the remaining cases were attributed to the friends, family and co-workers and methods mentioned above. Computer viruses or hackers accounted for only 2.2% of incidents. In many cases the theft of a laptop with hundreds or thousands of records of personal information places this information at risk, but the data isn't what was sought. The thief wanted the laptop and my be oblivious to what was on the laptop or how to access it. So it may make the news, but credit card statements recovered from yesterday's trash is more likely to be used illegally.
Personal information security should always be important. This is a good time to remind your customers to be aware of where their information is at home and at work, and to keep it secure. Watch their credit reports, use shredders at home, retrieve their mail quickly and don't leave it in an open mailbox accessible to anyone. And don't leave these confidential items laying around the home or office where they are ready for the identity thief to start their holiday shopping either.
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