Identity TheftIdentity TheftIdentity TheftWith the public emergence and worldwide explosion of the internet, Identity theft has become one of the most rapidly increasing crimes. What was once a personal crime requiring criminals to have some form of contact with the victim, if nothing more than rummaging through the trash, can now be done from as close as next door or as far away as across the world. No one is exempt from the possibility that they could be a victim. Identity theft has advanced so rapidly that government and law enforcement agencies have not been able to keep up with new legislature. Many states still do not view Identity theft as a crime. It is the victim who has to prove fraud exists. The judicial system that currently exists in this country states that any one accused of a crime is innocent until proven guilty. This is not the case with Identity theft. These people are considered guilty until such time as they can prove their innocence.
One of the problems encountered in the ongoing battle against Identity theft is that at this time no standard definition currently exists. Identity is defined by Merriam Webster on-line as the distinguishing character or personality of an individual identification; the condition of being the same with something described or asserted. ie establish the identity of stolen goods. Meriam Webster on-line also defines Theft as: the act of stealing; specifically : the felonious taking and removing of personal property with intent to deprive the rightful owner of it. The best explanation of Identity theft was by one web site which defines it as:
Identity theft involves acquiring key pieces of someones identifying information in order to impersonate them and commit various crimes in that persons name. Besides basic information like name, address and telephone number, identity thieves look for social insurance numbers, drivers license numbers, credit card and/or bank account numbers, as well as bank cards, telephone calling cards, birth certificates or passports. This information enables the identity thief to commit numerous forms of fraud: to go on spending sprees under the victims name, to take over the victims financial accounts, open new accounts, divert the victims financial mail to the thiefs address, apply for loans, credit cards, social benefits, rent apartments, establish services with utility companies, and more.
An examples of Identity Fraud could consist of the selling of your name, address, Social Security number and other identifying information, including drivers license number, ATM number and other key pieces of an individuals identity. Then, the information could be sold by dishonest employees of retail stores, hotels, restaurants, credit bureau, mail order houses and even financial institutions and government agencies. The result could be a flood of solicitation mail from catalog retailers, insurance marketers and credit card companies. Also, crooks will watch for junk mail offering low rate credit cards. They will lift the solicitations from your mailbox, business, or trashcan and apply in your name, but write in a different address. The credit card and all subsequent statements would go to the other address. You would never know what hit you until you get the first intruding phone call. Another example of Identity Fraud is Somebody obtaining your credit information and then using it to get a host of high limited credit cards. The identity thief will masquerade as you and open fraudulent accounts in your name, change the address on your credit card and take over accounts you already have. He/she will run up huge bills and leave you with the mess. The thief will spend as much money as possible in as short a time as possible before moving on to someone elses name and account information. Victims will have been left with a damaged reputation, bad credit reports and could spend months or even years trying to regain their financial health.
Stealing wallets used to be the best way identity thieves obtained credit card numbers and other pieces of identification. Now more sophisticated means are commonly used: accessing your credit report fraudulently, for example, by posing as an employer, loan officer or landlord and ordering a copy; “shoulder surfing” at ATM machines and phone booths in order to capture PIN numbers; stealing mail from mailboxes to obtain newly issued credit cards, bank and credit card statements, pre-approved credit offers, or tax information; “dumpster diving” in trash bins for unshredded credit card and loan applications. In todays networked, computer-driven society, criminals can learn the intimate details of almost anyones financial records with nothing more than a few keystrokes and mouse clicks. Accessing a computer terminal that is connected to one of the credit reporting bureaus,
, to view credit report information through the internet, or to even see a specific individual’s or group’s personal details, are no longer feasible. The Internet has become almost a commodity, a digital tool that is gaining increasingly interest as an opportunity to uncover and steal financial information and to get money. But the lack of privacy, availability of accurate financial information and the lack of privacy rights that protect customers and creditors is making criminals in financial fraud a more valuable threat than ever. The ability to read the account information of millions of users’ online purchases can be compromised, when a bank or credit union fails to ensure the security of consumer records, or when a credit firm is unable to process or process the customer’s bank account information, or when the U.S. Secret Service takes action that could jeopardize an individual’s credit report, such as a ban on online payments or credit card transactions. For example, in 2010, a United States Department of Justice investigative report alleged that the U.S. Secret Service may be using automated agents to collect and retain information about foreign-born citizens, while an independent analysis of Federal Records of Foreign Bank Agents found that this practice may compromise civil rights, criminal records, credit check fraud, and the ability of U.S. law enforcement to detect fraud perpetrated in the U.S., despite the fact that they have been successfully prosecuted in several states for such offenses. (See the DOJ’s Criminal and Anti-Terrorist Information Response Brief, which lays out various tools that could be used by U.S. law enforcement to detect fraud perpetrated in the U.S., including those designed to thwart fraud in major industries and organizations, and including those that assist states in criminal sanctions and civil rights actions.) In fact, the government has already begun implementing new methods of analyzing the identity of Americans, where in 2014 the DOJ found that the U.S. government had “not yet used them effectively in terms of their long-range impact.”
A more powerful attack on criminal activity by hackers, particularly those with access to financial records
But the cyber attack did more than just impact U.S. banks and credit unions. It also affected the global financial system, and could significantly change the way credit union and bank information is used and communicated in the United States.
The most disturbing aspect of the cyberattack is that it could profoundly alter the way financial services are used in American society. A large number of banks are already subject to cyber cyber attacks. Most significant, the National Counterintelligence Agency is working closely with the FBI and the Treasury Dept. on national cyber security initiatives. The NSA is also working with the FBI to develop and enforce a cyber policy. The National Security Agency’s Strategic Communications Strategy, published in early December, describes national national security as a critical public national defense to enhance privacy, security, and civil liberties.
But, according to this report, several key players also are working to strengthen public cybersecurity. The Department of Energy is working with other national government agencies and the Office of the Director of National Intelligence (ODNI) on various national security technologies that can help protect customers from cyber attacks. Although the Department of Homeland Security has taken a lead in cybersecurity efforts, such as improving how data is exchanged between federal agencies, the agency also focuses specifically on information sharing with international data centers.
Another major problem that needs to be addressed is the increasing threat posed by financial institutions. Financial institutions rely on their customers to fund their operations, and the U.S. government and its governments lack the ability to regulate
, to view credit report information through the internet, or to even see a specific individual’s or group’s personal details, are no longer feasible. The Internet has become almost a commodity, a digital tool that is gaining increasingly interest as an opportunity to uncover and steal financial information and to get money. But the lack of privacy, availability of accurate financial information and the lack of privacy rights that protect customers and creditors is making criminals in financial fraud a more valuable threat than ever. The ability to read the account information of millions of users’ online purchases can be compromised, when a bank or credit union fails to ensure the security of consumer records, or when a credit firm is unable to process or process the customer’s bank account information, or when the U.S. Secret Service takes action that could jeopardize an individual’s credit report, such as a ban on online payments or credit card transactions. For example, in 2010, a United States Department of Justice investigative report alleged that the U.S. Secret Service may be using automated agents to collect and retain information about foreign-born citizens, while an independent analysis of Federal Records of Foreign Bank Agents found that this practice may compromise civil rights, criminal records, credit check fraud, and the ability of U.S. law enforcement to detect fraud perpetrated in the U.S., despite the fact that they have been successfully prosecuted in several states for such offenses. (See the DOJ’s Criminal and Anti-Terrorist Information Response Brief, which lays out various tools that could be used by U.S. law enforcement to detect fraud perpetrated in the U.S., including those designed to thwart fraud in major industries and organizations, and including those that assist states in criminal sanctions and civil rights actions.) In fact, the government has already begun implementing new methods of analyzing the identity of Americans, where in 2014 the DOJ found that the U.S. government had “not yet used them effectively in terms of their long-range impact.”
A more powerful attack on criminal activity by hackers, particularly those with access to financial records
But the cyber attack did more than just impact U.S. banks and credit unions. It also affected the global financial system, and could significantly change the way credit union and bank information is used and communicated in the United States.
The most disturbing aspect of the cyberattack is that it could profoundly alter the way financial services are used in American society. A large number of banks are already subject to cyber cyber attacks. Most significant, the National Counterintelligence Agency is working closely with the FBI and the Treasury Dept. on national cyber security initiatives. The NSA is also working with the FBI to develop and enforce a cyber policy. The National Security Agency’s Strategic Communications Strategy, published in early December, describes national national security as a critical public national defense to enhance privacy, security, and civil liberties.
But, according to this report, several key players also are working to strengthen public cybersecurity. The Department of Energy is working with other national government agencies and the Office of the Director of National Intelligence (ODNI) on various national security technologies that can help protect customers from cyber attacks. Although the Department of Homeland Security has taken a lead in cybersecurity efforts, such as improving how data is exchanged between federal agencies, the agency also focuses specifically on information sharing with international data centers.
Another major problem that needs to be addressed is the increasing threat posed by financial institutions. Financial institutions rely on their customers to fund their operations, and the U.S. government and its governments lack the ability to regulate