Identity Protection
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A myriad of identity protection firms have spawned from an increase in credit card fraud and impersonation of private citizens. Identity theft costs taxpayers approximately $52 billion dollars a year. The most infamous white collar crime promises to increase significantly as thieves utilize sophisticated schemes and high-tech hacking devices to infiltrate personal and corporate computers and steal confidential information worth hundreds of thousands of dollars. Even federal mandates and the threat of imprisonment cannot deter crooks from stealing, killing and destroying an innocent individual's identity, reputation and credit worthiness. Companies that offer identity protection may provide insurance against theft of assets and unauthorized use of credit; restoration of authentic documentation; contact and advocacy with banks and lenders to resolve delinquent accounts; legal representation in the case of litigation stemming from fraudulent business practices or contractual obligations; and help in prosecuting criminals. There is one advocate who has never lost a case. "My little children, these things write I unto you, that ye sin not. And if any man sin, we have an advocate with the Father, Jesus Christ the righteous: And he is the propitiation for our sins: and not for ours only, but also for the sins of the whole world" (1 John 2:1-2).
Some firms offer policies which offer identity protection on an annual basis for a premium, much like life insurance. Policyholders pay a monthly fee in exchange for having their consumer credit reports monitored. Monitoring agents peruse reports to detect unusual activity or a sudden change in spending habits which differ from the account holder's. If new revolving charges are opened or exorbitant purchases are made with a client's credit card, it sends a red flag to surveillance agencies that there is probably unauthorized usage. Identity protection insurance policies may settle with creditors for fraudulent loan payments and unauthorized purchases and offer legal representation to help victims of identity theft restore their credit and reputation. When individuals and businesses become victims, stolen documentation, such as drivers' licenses, Social Security cards, business licenses, and personal and corporate credit cards must be replaced and accounts closed immediately to avoid incurring excessive debt. Firms that specialize in notifying creditors and helping individuals open new accounts while tracking down ID bandits are an invaluable aid to victims.
In the event that confidential information for an individual or business is compromised, the stakes can be high. Corporations stand to lose millions of dollars and a breach in the security of servers carrying sensitive data can cost the company and its employees in lost revenue and credit. Hackers can sell bank account and Social Security numbers, charge card digits, and home and auto loan documentation on the black market and make millions. Unscrupulous criminals post stolen charge cards on bidding websites open for the highest bidder. Illegal immigrants pay dearly to purchase Social Security numbers belonging to the deceased or unwary victims just to avoid deportation and to secure jobs and housing in the United States. Sometimes immigrants are victimized just as much as those who are impersonated when criminals extort money from illegals who are only seeking independence and a fresh start in what they deem to be the land of opportunity. Identity protection can help stop immigrants and U.S. citizens from being exploited.
Attorneys and other legal professionals recognize the devastation that fraudulence can wreak on unsuspecting and innocent victims. Some are willing to defend clients pro bono and to present a formidable case on behalf of those who unwittingly find themselves knee deep in debt because of theft or fraud. If identity protection attorneys succeed in convincing creditors that loan defaults and delinquent accounts are a result of theft, most creditors will settle for partial repayment or write off debts. Consumer credit counseling agencies may also be instrumental in helping to restore creditworthiness after fraudulent charge card usage. An individual who has worked hard to maintain a good to excellent rating only to be duped by ID bandits and charge card thieves may be able to avoid prosecution if counseling agents can show documentation of previous good payment histories.
The best identity protection practices include safeguarding personal and confidential information and keeping banking records, home mortgage, car loan, and other financial documentation under lock and key. Paperless Internet banking is safer than running the risk of ID bandits stealing cancelled checks, statements, and receipts from the trash can or curbside dumpster; and digital data is more difficult to obtain. But when it comes to managing finances and keeping account numbers secure, PC users should be careful to install firewalls, virus protection, and spyware on home or office computers. A little known fact is that hackers can infiltrate personal computers when users allow other individuals remote assistance or access to their systems. Enabling remote assistance on a home PC opens a gateway for hackers to slip into a personal computer system and take a look around at any confidential data that is on the hard drive. To avoid hackers and criminals from infiltrating cyberspace, PC users should change passwords often and make sure that when online technicians provide remote assistance that the remote is disabled after repairs or installations are completed.
Finding an identity protection agency is as simple as typing keywords into a search engine. But a word to the wise: before committing confidential information online or over the phone, make sure that the individual on the other end of the line is legitimate. Never give Social Security numbers or personal identification numbers (PINs) over the phone or within earshot of others. You never know who is standing by with pen and paper ready to steal digits or commit them to memory. If impersonation, unauthorized credit card usage, or fraudulent account activity is suspected, do not pass "go!" Run to the nearest phone and contact creditors and law enforcement as soon as possible. The sooner suspected criminal activity is reported, the less liable victims will be for unauthorized usage.
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