Identity Theft Soon to Surpass Traditional Theft

  • Identity Theft

Identity theft is growing, and its growing fast. With the amount of business that is conducted online, there is no wonder why identity theft has become such a big business yes, a business. Identity theft has become so easy to conduct that it has become a business all on its own. Monica Hamilton of McAfee, stated that millions of credit card numbers are being put up for sale, anywhere from $10-$50. Hamilton estimated that the number of programs written to steal personal information is around 130 million. Thats 130 million plus ways a hacker can take personal information and use it for fraudulent reasons. And consumers are not the only ones to lose here; businesses can lose big as well. Even if the business itself does not incur any losses, there can be lose in lawsuits and resources used to reconcile the issue. One of reasons why finding resources to help prevent online fraud is so difficult is because online fraud is still a fairly new practice and traditional security is/was not trained to protect against it. Online fraud and identity theft are prevented very differently than traditional security and deserve separate precautions.

Online identity theft, and all online fraud for that matter, is often more difficult to detect than other forms of fraud. And when companies do experience online fraud, they sometimes find it pricey and time consuming to investigate and sweep the issue under the rug. Companies will compensate appropriately and go about business per usual, and this then leaves the window open for the fraud to occur again. This is not completely an act of negligence; its more often an act of being under educated. Online fraud can range from a simple social media hacking to total identity theft that is used to get a new job and file for a mortgage. Because this range it so great, its hard to be fully educated on the risks and preventative measures. Companies need to take the time and use the resources needed to learn about online fraud prevention, a solution may be more affordable and feasible than a business may think. Taking the first step to learn more about online fraud prevention can save a company a lot of money and their reputation.

[Contributed by EVS marketing]