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| Subject: increasing need for SCARDS in identity protection | |
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Author: consumers lost up to $343 million last year. |
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Date Posted: 00:05:41 01/23/03 Thu Symbol Last Change $ % Open High Low Volume More Information Broker Edit ERG 0.145 +0.005 +3.571 0.150 0.150 0.140 10,113,817 Profile Chart Customise Broker Quotes delayed 20 minutes, Australian Market is currently closed (7:02:19 PM:AEDT) Posted by: michaelirish1 Jan 23 2003 3:56:46:467PM Reply to post # by Go to Post # Previous Respond Message List Next Off the point a little....the increasing need for SCARDS in identity protection... WASHINGTON (CBS.MW) -- Identity theft topped the list of consumer complaints and accounted for 43 percent of all complaints lodged last year, the Federal Trade Commission reported Wednesday. CBS MARKETWATCH PERSONAL FINANCE IN INVESTING Contrary to popular belief? IN MUTUAL FUNDS Bond funds added to 'Lemon List' for first time IN LIFE & MONEY Identity theft top consumer gripe IN RETIREMENT Finding missing pension benefits IN REAL ESTATE Strong housing starts show economy's strength, experts IN TAXES Tips on filing business income taxes Free! Sign up here to receive our Personal Finance Daily e-Newsletter! ID theft has been increasing in the past three years and has almost doubled to nearly 162,000 complaints in 2001. "If someone has your checking account number, that's all they need," said J. Howard Beales III, director of the commission's Bureau of Consumer Protection. The figures were compiled from a government database of complaints collected by the FTC, the FBI and law enforcement, and consumer groups. The commission estimated that consumers lost up to $343 million last year. "Fraud is relatively easy to commit and doesn't involve personal safety," said Gail Hillebrand of Consumers Union. "It's easier than mugging, you can't see or touch that person." The non-profit organization, said that the FBI estimated there would be as many as 700,000 frauds in 2003. Identity fraud topped the list, with Internet auction fraud, Internet services and computer complaints right behind on the FTC's top 10 list. Beales said people now know where to complain and that law enforcement organizations are now working together by sharing information to combat these crimes. "There's more awareness in the public, due to large identity theft incidents reported in the media," he said. "It's not clear how it has to do with Internet; rather it's a database issue," said Hillebrand. And while the FTC contends that it is easy to extract an e-mail address from a Web page, there is no proven connection between stealing e-mail addresses and fraud. The Consumers Union recommends that consumers take steps to reduce risk by guarding personal information. "Don't put your driver's license number on checks," said Hillebrand. "Don't carry your Social Security card in a wallet to get stolen." The problem is that these precautions won't prevent fraud, Hillebrand said. Other steps recommended include: Not recycling mail that has account numbers, such as credit card offers received in the mail. Shredding mail with account numbers. Ordering a credit report once a year. Being careful about people who contact you to ask for information. Getting off of junk-mail lists and pre-screened credit card lists by calling 1-888-5OPT-OUT. "If people steal that mail, they can put your name with a different address, and you'll find out about it when you apply for mortgage or loan or when you get debt collectors calling," said Hillebrand. The Consumers Union has recommended several initiatives to lawmakers and some states like California have adapted them already. "Consumers should be able to place a freeze on their credit reports," said Hillebrand. "Information should be allowed in but not allowed out unless specifically requested by the consumer." Another way that legislation can be effective, Hillebrand said, is for credit reporting agencies to notify consumers when there is an address change or an unusual number of inquires. Free credit reports should be available for consumers annually. The group also supports legislation to use a number other than a Social Security number as an identifier for commercial use. The District of Columbia had the highest rate of identity theft in 2002 with 123 victims per 100,000 people. California and Arizona followed with 91 and 88 victims per 100,000 people, respectively (Voluntary Disclosure:Position Short Term rating:Buy Long Term Rating:Buy) OZeStock Advertisment:"Get yourself an institutional advantage!" [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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| Sargent Carter | Gomer Pyle | 01:24:00 01/23/03 Thu |