| Leukemia Survivor Takes on Bank of America, Citibank, Chase, and CRAs ...
SAN FRANCISCO, Oct. 25 /PRNewswire/ -- Five years ago, Eric Drew was on his death bed with leukemia when his identity was stolen by a worker at the hospital where he was being treated. Drew survived cancer, but has taken on another battle; he has filed suit against some of America's largest banks and credit reporting agencies in a case of identity theft. The defendants in the lawsuit include Citibank, Bank of America, Chase, Transunion, Equifax, and Experian. His federal suit was filed in San Francisco, December, 2006 and is now moving forward after the defendants' unsuccessful motions to dismiss. In Drew's case, the defendants issued credit in his name to a fraudulent address in the state of Washington, where he was hospitalized and undergoing treatment, but wasn't a resident.
Government bill attacks identity theft
OTTAWA - The federal government took a landmark step Wednesday toward battling the explosion of identity theft by introducing legislation making it illegal to collect personal documents belonging to others in order to commit fraud. "Every day the issue of identity theft affects or threatens more Canadian families and businesses," Justice Minister Rob Nicholson told a news conference Wednesday. "Identity theft is costly to banks, to retailers and consumers alike." Under the new bill, part of the government's toughened fall law-and-order agenda, it will become a crime in Canada to obtain, possess or traffic another person's passport, credit cards, drivers licences or other identity documents for the purpose of committing fraud. The legislation is meant to close a gap in the Criminal Code.
Scam alert: That's not the IRS
If you've been getting unsolicited e-mail from the Internal Revenue Service, ignore it: You've been the target of another Internet scam.The bogus e-mail claims that you are owed a refund and sends you to a Web site at which you are asked to provide your Social Security number and credit card information.Just remember this: The IRS doesn't send out unsolicited e-mail messages.Mark Hanson, IRS spokesman for the Carolinas, said the scam has the potential to confuse people, because it's modeled on a refund program that the agency conducts each year, the undeliverable refund list.The best way to avoid becoming an identity-theft victim is to press "delete," Hanson said."Don't let the idea of free money bait you into the scam," he said.Hanson said the legitimate IRS undeliverable refund list will be posted on the agency's Web page this month.
Buyer, Beware - Especially Online
As you make a list and check it twice, check yourself for safety against identity theft. It's a big problem this time of year, with more people shopping with their credit cards, and shopping online. Stealing your ID is not that difficult anymore. Consumer advocates say you protect yourself by being aware of your surroundings while using your card. Also, keep an eye on the clerk while the transaction is being processed. "There are different devices called skimmers," said Chad Reiflin of the Credit Education Bureau. "Folks can use to skim our cards and steal and store information. So just as being street smart, you need to be credit smart - and smart about what's going with your information and what is happening with your card." While shopping online, make sure the site is secure.
Protecting your identity is a smart thing to do
D ecember is Identity Theft Prevention and Awareness Month. According to the February 2007 Identity Fraud Survey Report issued by Javelin Strategy & Research, identity theft affected approximately 8.4 million people. The estimated loss to business and individual victims was $43.9 billion. Often, ID theft victims don't even realize their identity was stolen. They may find out when a creditor or collection agency calls or a credit card is declined. To help consumers protect their identity, a number of credit monitoring and insurance protection programs are available. But, are these products right for you? Most experts recommend that you obtain a copy of your credit report at least once a year from each of the three major credit bureaus (Equifax, Experian and TransUnion) to ensure accuracy and to look for signs of ID theft.
Credit Card Dangers
In consumer news today, tis the season, as the saying goes, to hit the mall or the online shopping outlets, now that the Christmas shopping season is underway. If you're planning to pull out that trusty credit card to pay for your purchases, beware. These days, thieves are more willing, and more able, than ever to separate you from your hard earned money, and in many cases, your identity. It can happen to anyone. It's the Christmas season, but Christmas is also the season for thieves, who will use any means possible, either in person, or online, to steal your money, and when it comes to identity theft, your good name, as well. Credit card thieves target busy shoppers is by taking advantage of the holiday crowds, and engaging in what's called shoulder surfing, to size up your credit card info while you're distracted by your transaction.
The 41st Parameter Certifies Product Compliance to Address New ID Theft Regulatory Guidance for U.S. and Global Banks
The 41st Parameter today confirmed its industry leading fraud prevention solution, FraudNet, has proven effective in addressing recent ID Theft regulatory guidance (http://www.occ.gov/ftp/release/2007-122.htm). This guidance directs financial service providers to develop a program for detecting, preventing, and mitigating identity theft. In summary, a Financial Services organization must: The 41st Parameter's FraudNet solution is an established platform, which directly addresses these requirements. FraudNet is currently implemented at several of the world's top tier banks and credit card companies, effectively identifying and combating online ID theft for both new and existing accounts. One critical area where the new ID Theft compliance may be challenging is online instant account opening, where fraudsters can leverage compromised identities and avoid setting off traditional red-flags.
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