Investor Alert: Identity Theft, Data Breaches and Your Investment Accounts

The SEC’s Office of Investor Education and Advocacy is issuing this Investor Alert to provide investors with important steps to take regarding their investment accounts if they become victims of identity theft or a data breach.

Investors should always take steps to safeguard their personal financial information (e.g., social security number, financial account numbers, phone number, e-mail address, or usernames and passwords for online financial accounts). However, if identity theft or a data breach compromises your personal financial information, here are some important steps to take immediately.

READ MORE

Advertisements

Things Seniors Need to Know About Identity Theft (Pass it On)

The University of Tennessee Extension is promoting a new education campaign designed by the Federal Trade Commission to enlist people over 65 in the effort to recognize and report frauds and scams called Pass it On.

Pass It On reinforces what older people already know about some of today’s most common scams, and it gives them a short and straightforward way to share that knowledge with their family members, friends and communities. It focuses on their ability to be part of the solution instead of implying they’re part of the problem when it comes to scams.

Let’s discuss identity theft. Someone gets your personal information and runs up bills in your name. They might use your Social Security or Medicare number, your credit card, or your medical insurance – along with your good name.  How would you know?

READ MORE

What you should know about the new credit cards. Oh, by the way, they won’t stop data thieves

Banks and credit companies have been sending consumers new cards, which look like their old cards but are fitted with a small metallic high-tech chip known as EMV. That stands for Europay, MasterCard, Visa — the three companies that created the standard. The chip’s goal: keeping thieves from easily accessing consumers’ personal information.

The new cards will NOT defeat data thieves.

Credit card fraud is a growing problem in the U.S. About 31.8 million U.S. consumers had their credit card information stolen last year, more than three times the number of consumers affected in 2013, according to a report published by Javelin, a company that studies customer transactions. According to a report from Barclays earlier this year, almost half of the world’s credit card fraud occurs in the U.S.

READ MORE

Revised data show hackers stole fingerprints of 5.6 million federal workers

The hackers who stole security dossiers from the Office of Personal Management also got the fingerprints of 5.6 million US federal employees.

US intelligence agencies have blamed China for the hacking against the office, which is the main custodian of the government’s most important personnel records, but it is unclear what group or organization engineered it. Before Wednesday, the agency had said it lost 1.1 million sets of fingerprints among the roughly 22 million individuals whose records were compromised.

READ MORE

The price of your identity in the Dark Web? No more than a dollar

Stolen data is a hot commodity in the Internet underground — but how much it goes for might be a surprise.

Data breaches are becoming a weekly part of the news cycle, and so common the idea of our data being lost by companies which collect it, while still distressing, not as much of a surprise as it used to be.

The recent Ashley Madison and Hacking Team data breaches reveal just how damaging these kinds of cyberattacks…

READ MORE

How to limit cyber risk with adaptive authentication

Risk-based, or adaptive authentication grew out of the recognition that single- and multiple-factor authentication methods were based on an erroneous assumption: that identity could be absolutely confirmed and, once confirmed, used as a basis of trust for all subsequent access decisions for the authenticated identity. It is clear that even the most robust multifactor authentication mechanisms do not give this level of assurance, though certainly one-time password methods are still most effective in approaching that goal.

In order to address this inherent limitation, adaptive approaches were developed that…

READ MORE

Medical identity theft hits all-time high

The lion’s share of medical identity theft victims can expect to pay upwards of $13,500 to resolve the crime. What’s more, about 50 percent of consumers say they would find another healthcare provider if they were concerned about the security of their medical records. How’s that for a business case to take security a little more seriously?

READ MORE

The Most Dangerous Identity Theft Threat

Last weekend, TheUpshot published the most dangerous identity theft threat: the non-expert’s tendency to underestimate the magnitude of problem. The piece in question argued that the consequences of most identity theft have been exaggerated (by identity theft experts like me), and that, “only a tiny number of people exposed by leaks end up paying any costs.”

READ MORE

Class Action Suit Claims Experian Sold Private Data to Identity Thief

Experian Data Corp. was hit with a class action lawsuit in a California federal court, alleging that the credit reporting agency sold highly sensitive consumer information to an identity thief.

Plaintiffs Maudie Patton, Jacqueline Goodridge, and Virginia Kaldmo, who are all from different states, claim in their class action lawsuit that Experian sold their information to Vietnamese hacker Hieu Minh Ngo, who they say is a “known and now convicted identify thief, black market PII [personal identifiable information] trafficker, and computer hacker.”

READ MORE

Worst possible outcome for consumers: Over 140,000,000 Americans’ health information disclosed in data breaches

Almost half of Americans’ sensitive health information have been disclosed in data breaches increasing their risk of medical identity theft and medical fraud.

Medical identity theft is the worst possible outcome for consumers affected by a breach….

READ MORE