econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



posted on 16 September 2017

Identity Theft: A Growing Epidemic

from the Atlanta Fed

-- this post authored by David Lott

I recently attended a conference that explored improvements in identifying and authenticating individuals. Many of the sessions focused on identity theft. While the conference primarily targeted law enforcement, immigration control, and the military, many of the lessons can easily apply to the public sector. A recent industry reportvalidated the conference's focus, noting that in 2016, 15.4 million Americans were victims of identity theft, an increase of 18 percent from the previous year.

Identity theft (also called identity fraud) covers a wide range of crimes in which the criminal obtains and illegally uses another person's personal information in a fraudulent or deceptive manner, typically for economic benefit. In most cases, the criminals get personal information through a data breach, but malware on a computer or mobile phone or email phishing are other sources. Sometimes criminals can get enough personal information from public data - such as property and voter records, as well as social media accounts - to create a false identity and commit a crime.

Social Security numbers appear to be the most valuable information element in creating false identities. For this reason, legislation was passed in 2015 mandating that the Centers for Medicare and Medicaid Services (CMS) remove Social Security numbers from Medicaid cards. CMS recently announced that it will reissue Medicaid cards in April 2018 with a new beneficiary identification scheme.

The criminal actions of identity theft include using account numbers to obtain merchandise that can be monetized, filing fraudulent tax refund returns, and applying for credit to buy cars, lease homes, or even get home equity lines of credit. Outside the financial services arena, identity theft crimes include obtaining medical services, social program benefits, and false identification documents.

The Identity Theft Resource Center is a nonprofit organization established in 1999 to help identity theft victims resolve their cases and to broaden public education and awareness of identity theft, data breaches, cybersecurity, scams and fraud, and privacy issues. The center also tracks the number of data breaches across five industry sectors. As this chart shows, businesses remain the number one target for data breaches, and the number of attacks targeting businesses increased 4.4 percent during the first half of 2017 compared to that same period in 2016.

Us-breaches-by-industry-sector-chart

The increased use of chip cards at merchant terminals has made it more difficult for the criminal element to commit point-of-sale card fraud. Meanwhile, however, overall identity theft fraud is on the rise. So how do we combat this growing threat? We will look at some threat mitigation tactics and tools in a future post.

Source

http://takeonpayments.frbatlanta.org/2017/08/identity-theft-a-growing-epidemic.html

About the Author

Photo of David LottBy David Lott, a payments risk expert in the Retail Payments Risk Forum at the Atlanta Fed

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical News Post Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.




Econintersect Contributors








search_box
Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.







Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government





























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved