Identify Theft Essay

9034 WordsNov 5, 201137 Pages
Identity Theft Spy Identity theft prevention news, views and tips by data security expert Pushpa Sathish. [pic][pic]Recent Comments April 19, 2006 Identities For Sale Identity thieves are breaking into the networks of organizations to steal information relating to their clients. That's not the end of the bad news, there's worse to come. They are then trading this information on the Internet through IRCs or chatrooms. The price of your identity? • Regular credit card number: $1 • Credit card with 3-digit security code: $3-$5 • Credit card with code and PIN: $10-$100 • Social security number (US): $5-$10 • Mother's maiden name: $5-$10 Though companies are not bound by the law to inform customers if security has been breached, they are obliged under the Data Protection Act to adequately protect their personal information. While a few victims of financial fraud that happened as a result of their bank's system being hacked say they have received compensation from the concerned organization, others stress that companies should be legally bound to offer their customers more protection. April 19, 2006 in Statistics | Permalink | Comments (0) April 10, 2006 Study on Identity Theft According to a recent report by US Justice Department’s Bureau of Justice Statistics, approximately 3 per cent of the households in the nation, which implies approximately 3.6 million households, have been made victims of identity theft. The study period spans approximately 6 months in the year 2004. According to the study, 48 per cent of the households had experienced an unauthorized use of credit cards, the banking accounts of 25 per cent had been misused without their knowledge and personal information of 15 per cent had been misused. And the remaining 12 per cent bore the brunt of multiple identity thefts. The report also indicates that

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