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40 Million People Hacked - YOU as Identity Theft Victim
By Mike Valentine
Saturday, MasterCard blamed a vendor of ALL credit card providers called CardSystems Solutions, Inc., a third-party processor of payment card data, as the source of loss of 40 million consumers credit card information.
As is pointed out by several newspaper and web articles over the last few weeks, each recapping long lists of financial information data breaches, something's gotta give before we entirely lose trust in financial institutions, data brokers and credit bureaus. How much privacy loss can we take without acting?
These types of data loss were very likely common and have very probably been going on for a very long time. The difference is that now, THEY ARE REQUIRED BY LAW TO DISCLOSE THOSE LOSSES - not just in California, but in many states. National disclosure laws on data security breaches are being considered in Congress.
I suggest that these breaches of data security all came to light due to the California law requiring disclosure from companies suffering hacking loss or leaks or social engineering or crooked employees or organized crime rings posing as "legitimate" customers. All of the above have been given as reasons for security lapses or poor security policies.
About three years ago, a friend told me his paycheck deposit to Bank of America went missing from account records after he took his check to the bank on Friday. By Monday, Bank of America was in the news claiming a computer glitch had disappeared the entire day's deposits. I mumbled to myself, "I'll bet that was a hack and that hacker just made a huge offshore banking deposit with B of A depositors' money."
But we didn't find out why it happened in that particular case because there was no disclosure law in place at the time. Now we have disclosure laws that mandate notice of security breaches. Now suddenly - huge financial services hacks and devious criminal social engineering outfits posing as legitimate customers and apparently "innocent" losses by transport companies of backup tapes begin to come to light.
This spate of data loss incidents is proof of the need for corporate "sunshine laws" that make public notice mandatory of those data losses that threaten customer information.
Who is going to lose here - the public, the corporations, the criminals, or the government? I'd prefer that the bad guys get the shaft and take down crooked company insiders that either facilitate data loss by underfunding security and encryption or participate in data theft or loss in any form - even if that participation is security negligence.
Financial companies and data brokers have been covering up the losses and keeping quiet about hacks so as not to worry or frighten their customers. But that practice is essentially ended now that they must notify the public and disclose those losses instead of hushing them up.
Keeping the breaches hidden from public view is bad practice as it maintains the status quo. Disclosure will facilitate internal corporate lockdowns on the data and all access to it. Disclosure will educate the public to the lack of security and danger to the sensitive information we all provide rather casually and routinely to businesses.
As the following link to a silicon.com story suggests, we cannot take much more of this lack of regard to privacy and must lock down financially sensitive data securely and must begin to hold data brokers, bureaus and handlers VERY accountable.
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Identity Theft Protection Services – A Needless Expense? - Home Buying Institute
 CreditCards.com | Identity Theft Protection Services – A Needless Expense? Home Buying Institute By Brandon Cornett | 5/15/12 Last week I heard Rush Limbaugh on the radio promoting identity-theft protection services. To be clear, I don't normally listen to Rush Limbaugh. I was a captive listener in the back of an airport shuttle. But I digress. The new ID theft target: Children Child identity theft rising quickly, report says |
El Paso Law Enforcement Fight Back Against Identity Theft in Community - MarketWatch (press release)
El Paso Law Enforcement Fight Back Against Identity Theft in Community MarketWatch (press release) For additional recommendations on how to protect your personal information or to learn more about identity theft, visit us LifeLock on Facebook or at LifeLock.com. LifeLock, Inc. is an industry leader in identity theft protection. |
Identity Theft Infographic - As Identity Theft Rebounds, New Infographic ... - San Francisco Chronicle (press release)
Identity Theft Infographic - As Identity Theft Rebounds, New Infographic ... San Francisco Chronicle (press release) Los Angeles, CA (PRWEB) April 30, 2012 With recent surveys showing identity theft on the rebound, CreditDonkey.com, a credit card comparison website, publishes a new educational infographic to help consumers protect their money and good name. |
Protect your identity as you would other valuables - Milwaukee Journal Sentinel
Protect your identity as you would other valuables Milwaukee Journal Sentinel The good news is that there are more ways than ever to monitor your identity and help protect yourself from fraud or theft. TD Insurance offers one such tool, ITAC Sentinel Plus Identity Theft Protection, which features layers of security along with ... |
Child Identity theft protection - WALA-TV FOX10
 KYW Newsradio | Child Identity theft protection WALA-TV FOX10 Derica Williams has told you how important it is to protect your child's identity because they are extremely vulnerable to theft. Crooks target kids because they have no credit history and a clean Social Security number. Protect Your Mobile Devices -- and Your Identity |
Security guard at Newark airport is arrested, accused of identity theft - Boston Herald
 CHANNELS | Security guard at Newark airport is arrested, accused of identity theft Boston Herald The arrest of Thomas, whose real name is Bimbo Olumuyiwa Oyewole, on charges of identity theft raised questions about the thoroughness of the background checks required of airport security personnel, the gatekeepers of the nation's airports. Nigerian pleads not guilty to ID theft charge in US Illegal immigrant a 20-year worker at NJ airport Arrest of Local for ID Theft Baffles US Investigators |