Tag Archives: Identity theft

Combating Identity Theft

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Identity theft is a particular concern for seniors. The invasion of privacy can be devastating and the steps needed to eliminate the problems caused by the identity theft can be long and onerous.

It is not just a problem for seniors. That is why the Wall Street Journal reports that Security Experts React to Obama’s Cybersecurity Report with enthusiasm. These cybersecurity concerns apply both at the national level and also for all individuals.

Several executives were encouraged by Mr. Obama’s personal remarks on what is often seen as an obscure issue. “I know how it feels to have privacy violated because it has happened to me,” he said, noting that his campaign’s emails and files were hacked last year.

“Identity theft is something that lives off in virtual land, and I think has people appropriately nervous, so I thought the president did an excellent job touching on issues people identify with,” said Ed Amoroso, AT&T’s chief security officer.

The appointment by President Obama of a cybersecurity czar will bring heightened emphasis on these issues. Nevertheless whatever improvements are made at the national and corporate level against such activities as phishing to steal personal data, the ultimate responsibility is always with the individual. Precautions must always be taken to guard against any security breaches.

If the unfortunate happens and an individual is the victim of identity theft, then it is worth ensuring that you already have in place an Identity Theft Recovery Kit. This should set out a detailed plan of what needs to be done including important phone numbers, websites, and addresses. You should also keep a good recovery log of what is done on every account in case problems arise. Such precautions when dealing with identity theft are never a waste of effort.

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Data Privacy To Protect Against Bank Fraud

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Today is Data Privacy Day 2009.  On January 28, the United States, Canada, and 27 European countries celebrate Data Privacy Day together for only the second time. The Office of the Privacy Commissioner to show its support for Data Privacy Day offers The Top 10 Ways Your Privacy is Threatened.

The Fraud Prevention Tips e-mail newsletter for January from the Canadian Bankers Association came out this week.  Data Privacy is a big part of that message too. The Newsletter provides a useful reminder of the constant vigilance we all need to exercise in our financial affairs.  If you do not receive the Newsletter, you might wish to sign on.

It’s not difficult to find information on what you need to do to avoid such bank fraud attempts.   For example, the State of Illinois has a short and useful checklist on how to Protect yourself against bank fraud.

The website for the Canadian Bankers Association is another useful resource with a wealth of information on how you can protect yourself against bank fraud.  The website covers many of the issues you need to be concerned about:

  • Credit Card Fraud
  • Debit Card Fraud
  • Identity Theft
  • E-mail Fraud/Phishing
  • Vishing
  • Staying Safe at the ABM
  • Real Estate Fraud
  • Avoiding Counterfeit Bills
  • Protecting Your Personal Information
  • Stay Safe Online

Did you recognize all of those?  What about vishing?  Apparently it is a word that has been around some time since an FBI webpage on vishing dates back to the early 2007. 

Here is a short description of Vishing.

Vishing stands for “voice phishing” and is a new twist on the phishing e-mails that you may have received, but now the criminals are using the phone as well to trick consumers into revealing personal information.

Vishers will send out an e-mail to thousands of people which looks like it is from a reputable organization, such as a credit card company, online retailer, bank or government agency. The e-mail may warn of a security alert and ask you to call a local or toll-free number where an automated attendant will ask you to punch in personal information, such as your credit card number, social insurance number or online banking password. After you do that you may be disconnected without speaking to anyone, but the criminals will have your information.

Perhaps you would not fall for a vishing telephone call, but you should make sure that you have checked out all the other ways someone might be trying to catch you out with some type of bank fraud.  Given the current state of the economy, such schemes are even more prevalent.  So watch your Data Privacy not only today but throughout the year.

Footnote: If you are interested in books on Banking, then why not visit the Banks section of the Money Bookstore.

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BC Pensioner gets house title restored

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The Vancouver Sun proclaims that a pensioner gets stolen house back but that is perhaps misleading.  To be precise it is only the house title that has been restored.  To get to this point has cost Norman Gettel $10,000-and-counting in legal fees.

The Land Title and Survey Authority of British Columbia wrote: “Further to your story this summer about Norman Gettel, we are pleased to advise you that Mr. Gettel’s land title has been restored in his name.”  So it has taken over six months to correct this since the Vancouver Sun headlined the story and almost a year since the LTSA was advised there was a problem.

According to the property records, Gettel sold his property, assessed at $600,000-plus in the summer of 2007, and the buyer had also immediately put a $400,000 mortgage from CIBC on it.  The buyer never showed up to claim the property.   The identity cards used to get the property transferred included a B.C. driver’s licence and a B.C. CareCard.

Gettel had no idea that his property had been transferred to someone else until his annual property assessment didn’t arrive in the mail.  When he went to the land titles office, he was told he didn’t own the property any more.

The nightmare isn’t over for Gettel with a $400,000 mortgage against the house and his legal fees so far of $10,000.  He expects the provincial Land Title Office will be dealing with the CIBC which holds the mortgage. I hope he will not have to get involved in the mortgage case as Stan Rule describes in another case of Land Title Fraud.

Dave Watt, president of the Real Estate Board of Greater Vancouver wrote to the Vancouver Sun back in the summer of 2008 pointing out re Title Fraud in B.C. that title insurance protects the lending institution, not the homeowner.  He said that  REALTORS® have a high level of confidence in the land title system.

That may be so, but it has still cost Mr. Gettel a great deal of time, money and heartache to get this title fraud corrected. It should be easier than this.  It is perhaps the most grievous example of what can happen in an identity theft situation.

Footnote: If you are interested in books on Real Estate, then why not visit the Real Estate section of the Money Bookstore.

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Seniors And Identity Theft

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In these tough economic times, there are even more wrongdoers who will try to take your money.  If someone can steal your identity, then they have open access to all your resources.

The Vancouver Sun describes an online scheme that offers refunds to taxpayers.  The website looks extremely authentic but it does not belong to the Canada Revenue Agency.

The Canada Revenue Agency and security experts are warning consumers not to fall for an online scheme that is tricking taxpayers into divulging critical financial information.  The phishing scheme, using the promise of a tax refund as a lure, is gaining momentum as Canada’s tax season approaches.

It’s even scamming in Canada’s two official languages.  Prompted by the refund promise in an e-mail, people are directed to a website where they are supposed to fill in their social insurance number, date of birth, their full name and a line from their tax refund.

Armed with that information, someone could contact the CRA and authorize such measures as the redirecting of refunds to another bank account or the redirecting of all tax-related documents.

Avoiding such phishing schemes is essential but not always easy.  In the US they are now moving to the issuance of a secure Social Security card.  This would be part of H.R. 50, The Social Security Identity Theft Prevention Act.  H.R. 50 is intended to protect seniors from identity theft and strengthen national security by providing for the issuance of a secure Social Security card.

Social Security Identity Theft Prevention Act – Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to require Social Security cards to be made of tamperproof and wear-resistant material (currently, of banknote paper), and include a digital image of the cardholder as well as an encrypted, machine-readable electronic record containing biometric identifiers

It is now being studied by the House Committee on Ways and Means.

In Canada there are a variety of online resources to guide you on how best to avoid your identity being stolen.  SafeCanada in its information for seniors has a section on Seniors Safety and Security. 

Other useful resources are:

The last of these covers the following elements:

  • Protect your computer by using a firewall, anti-virus software and other security measures.
  • Always be suspicious of e-mails from financial institutions, Internet service providers and other organizations asking you to provide personal information online.
  • Protect your mail – place outgoing mail in post office collection boxes or at your local post office. Promptly remove incoming mail from your mail box. Get into the habit of shredding or destroying pre-approved credit card, insurance or loan applications, bills, credit card receipts and anything that contains your personal information
  • Get into the habit of checking your credit report on an annual basis — the major credit reporting bureaus will provide one free report each year.
  • Do not give out personal information over the phone, unless you know the person to whom you are speaking, or you initiated the call yourself.
  • If you believe or suspect that your personal information may have been compromised, contact the proper authorities (i.e., your bank, credit card issuer, credit reporting bureaus, utility provider, and so on) as soon as possible.

Be extremely cautious and make sure you are not the victim of some phishing scheme.  Identity theft is one of the fastest growing crimes and it can affect everyone, including you. Protect your personal information from being at risk. It is better to be safe than sorry.

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