Moving From Static Identity To Digital Identity
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A Fortune 500 executive, blending early-stage action with public company knowledge and a key pioneer in the building of digital identities.
The most recent Equifax data breach exposed the confidential and private information of some 143 million U.S. consumers to hackers and other nefarious users. This information includes consumer’s names, Social Security numbers, birth dates, addresses and, in some cases, driver’s license and credit card numbers.
Essentially, this means that practically every adult consumer in the United States had their information stolen. While identity theft monitoring and insurance services can help to identify when your identity is being abused, this doesn’t solve the actual problem. The information taken was more than enough for identity theft (someone to impersonate you), to create synthetic identities (fake identities made using pieces of your real information) and to enable account takeovers (where fraudsters have your credentials and take over your online accounts). Given the breadth of the breach and the attack vectors, a credit freeze offered by credit bureaus will not fully protect anyone whose (more…)
Identity theft protection increasingly important to employees
SEP 28, 2017 | BY KATIE KUEHNER-HEBERT
As the War for Talent keeps escalating, more employers are offering additional benefits and perks to attract, retain and motivate talented employees — including identity theft protection, according to IdentityForce’s 2017 Progressive Benefits Survey.
The survey polled 105 human resource professionals and found that two-thirds (68 percent) consider identity theft protection an increasingly important employee benefit, while only half currently offer identity theft protection to their employees.
“In light of the Equifax data breach, we’re certainly seeing more HR, broker, and agent inquiries seeking information on our implementation and enrollment process in order to make the benefit available before 2018,” IdentityForce’s chief executive Steven Bearak said in an interview.
Within organizations, HR departments are coordinating with their information technology teams, who are increasingly looking at identity protection as an important line of defense against potential security data breaches, according to the report.
Identity theft is on the rise: In 2016, it affected more than 6% of all consumers in the U.S. Given the risks (and the consequences if you’re targeted by a fraudster), identity theft insurance may seem like a great idea. But before you sign on the dotted line, make sure that you understand what you’re getting yourself into.
What is identity theft insurance?
Identity theft insurance doesn’t work quite the same way as your standard auto or homeowner’s policy. Despite the name, identity theft policies don’t reimburse you for the money that fraudsters stole from you. Instead, your identity theft insurance will reimburse you for the cost of getting things straightened out again.
Identity theft insurance also won’t alert you if your identity is stolen or help to prevent identity theft. For that, you’ll need an identity theft protection plan. Several different companies offer such services for a modest monthly or annual fee. Because of its recent data breach, Equifax is offering free credit monitoring and identity theft protection from TrustedID for one year. If you (more…)
Sonic shares dip after fast-food chain confirms payment breach, offers identity theft protection
- Sonic confirmed Wednesday that it had been the victim of a data breach.
- The company said that credit and debit card numbers may have been acquired as part of a malware attack at some Sonic locations.
- Sonic said it will offer customers who used their cards at its locations this year 24 months of free fraud detection and identity theft protection through Experian’s IdentityWorks program.
Shares of burger chain Sonic fell nearly 2 percent on Wednesday, after the company confirmed that it had been the victim of a data breach and offered customers identity theft protection.
The company said that credit and debit card numbers may have been acquired as part of a malware attack at some Sonic locations. The company did not disclose which locations or the specific time frame of the incident.
The data breach was first reported by Krebs on Security and The Wall Street Journal last week. At that time, the Associated Press reported that the company has seen some “unusual activity” on credit cards at some (more…)
For many years, Pam Giltner and her husband refused to use credit.
As a victim of identity theft more than 20 years ago, when several retail cards were opened in her name and checks written from her account, Giltner, 69, spent years rebuilding her financial life.
When she learned that she was one of the 145 million Americans affected by the recent Equifax data breach, in which personal and financial data were accessed including Social Security numbers, dates of birth and addresses, she was cast back to the fear, frustration and anger she felt as a victim of identity fraud.
Now, she has trouble sleeping at night.
“It’s the fear of losing money,” says Giltner, a retired registered nurse in Albia, Iowa. “And the fear I might have to go through this all over again.”
That’s why she was crying in her banker’s office. She hadn’t lost any money yet, but she was afraid she might.
“We don’t have a lot of money,” she said, which is why she went in to ask about protecting her savings account. Her 50th wedding anniversary is coming up and (more…)
We’re All At Risk
In today’s interconnected and automated world, Americans are at an increased risk for identity theft simply from the number of transactions that take place – many of which you never see and only briefly review, if you ever review them at all.
Thanks to the recent massive data breach at Equifax, Americans are at greater risk than ever before. The volume of exposed information makes it more likely that crooks will be able to open fraudulent new accounts in your name and drain your existing ones. Outside protection services can help, but nothing is 100% guaranteed – therefore it’s important that you keep a close eye on all of your accounts and look for anything unusual.
Credit, Financial, and Medical
Common red flags indicating fraud include:
- Statement for credit accounts you didn’t open
- Credit report errors
- Collection notices for unfamiliar credit accounts or medical bills
- Increase in your credit card APR
- Denials of loans or other lines of credit
- Bills for items or services that you didn’t purchase or insurance
- Explanations of Benefits (EOB) for medical procedures that you didn’t receive
- Unusual health-related communications (notices from doctors or treatment centers that you don’t recognize (more…)
Credit firms skip hearing on identity theft, data breach
SEPTEMBER 28, 2017 3:18 PM
Vowing aggressive action in response to the massive Equifax data breach, a panel of New York lawmakers gathered Thursday to hear from consumer advocates and financial services firms alike about the best ways to safeguard sensitive information and prevent cyberattacks.
Equifax and the two other major credit monitoring firms didn’t show up.
The companies’ decision not to attend irked lawmakers, who said they’ll push ahead with plans for tougher regulations on credit monitoring firms following a cyberattack on Equifax that exposed sensitive information belonging to 143 million Americans, including 8 million New Yorkers.
“I see that as a real slap in the face to the 20 million residents who call New York home,” Sen. David Carlucci, a Rockland County Democrat, said of the companies’ decision to decline the invitation to appear. “We want answers. We want to find out what happened.”
In response, Equifax spokeswoman Marisa Salcines said that while her company “respectfully declined” to attend the hearing, “we are actively engaging with and being responsive to state and federal regulators, agencies and legislators and will continue to do so going forward.”
Messages left with the other two companies were (more…)