Big ID Thefts Not To Be Feared 161
goldseries writes "A
new study released by ID Analytics says that only about 1 out of every 1000 stolen identities are actually used, due to the amount of time it takes to use the identity, limiting a single thief to 250 identities a year. The likelihood that your information will be used increases drastically when the size a the theft is small. So size does not matter, in identity thefts at least; the identity thefts you need to worry about aren't the big ones heard on the news but the small unreported ones." From the article: "While the findings will provide some comfort to consumers whose credit cards are lost or lifted, or whose sensitive information is compromised when, for instance, a laptop is stolen, as recently happened at Chicago-based Boeing, some of ID Analytics' suggestions could be controversial. The company suggests, for instance, that companies shouldn't always notify consumers of data breaches because they may be unnecessarily alarming people who stand little chance of being victimized."
Nice whitewash... (Score:5, Insightful)
Nonsense Quote (Score:3, Insightful)
When would there ever be an instant that a business would want to disclose a leak? There are instances were businesses should be required to inform customers.
Every 35 hours (Score:2, Insightful)
Still, to the web economy, that's *almost* like them becoming a completely different person, every 35 hrs. Per thief. Pretty amazing/scary when you stop to think about it.
Not a big deal??? (Score:5, Insightful)
Tell that to the thousands of people who had their lives turned upside down. The effects of identity theft can be devastating and long lasting. If your data is stolen, you have every right to know about it. This is just an attempt for companies to downplay their incompetence and lack of security. I'd like to see how they would react if their information was stolen.
gasmonso http://religiousfreaks.com/ [religiousfreaks.com]overblown my ass! (ewww, nasty image) (Score:4, Insightful)
Credit reporting companies fault (Score:3, Insightful)
If they would stop being Asshats and allow you to "LOCK" your credit reports then this would be a non issue.
If I could call and place my credit reports in a locked status so no credit reports can be pulled then this would be a much smaller issue. But they refuse to because it would significantly impact the revinue stream they get from the tens ofthousands of illigimate requests they get an hour for people's credit. I wont even go into the issue that their data is horribly inaccureate anyways but they should allow me to lock it down until I release that lock.
Re:Of Course You Should Inform Them! (Score:5, Insightful)
I just got a 20 page background check fax in error (Score:5, Insightful)
Name
SSN
Address
Bank account numbers
Credit score
Arrest/conviction records: Federal State Local
Urinanalysis results
There was never a I never received a followup fax to check up on it - clearly they didn't have my phone number so they couldn't speak to me, but they already had a record of the fax number.
And if that wasn't dumb consider this.
My home phone number is one digit off from the States depart of Revenue unclaimed funds division. I routinely get calls from people asking "Is this the money line???" I get people leaving their name, address, SSN and phone number on my voice mail, unasked and please remember that the outbound message states the phone number and nothing else to indicate what the number is for. I get calls from people in state, out of state, out of the country, from prisons from other branches of the government.
Security is bullshit as long as people act retarded.
"Identity Theft Over-Reported" (Score:3, Insightful)
And when the thief resells the info? (Score:2, Insightful)
250 per year per thief. What about when one company is breached, 1 million IDs are stolen, and the one thief (who specializes in security penetration) then resells these to hundreds of other thieves (who specialize in id theft) online? 'Cyber criminals' are more organized and more specialized these days. We're not dealing with script kiddies any more.
The company suggests, for instance, that companies shouldn't always notify consumers of data breaches because they may be unnecessarily alarming people who stand little chance of being victimized.
Of course they do. This is spin to attack California law. Choicepoint and friends don't like the law and want it repealed.
What about the people in the call centers? (Score:4, Insightful)
Re:I'm not sure I get it (Score:5, Insightful)
Flaw in this (Score:3, Insightful)
Major flaw in thinking here...
If this is true, then said computer criminal could just sell his/her stolen
info in batches of 250 to multiple criminals. I can see all kinds of possible
"value" add ins for the data thief as well. Items such as:
Data mining for likely high income identities.
Data mining for identies which match the buyers profile (e.g. white male mid 30's)
Re:Flaw in this (Score:3, Insightful)
ID Sweatshops (Score:3, Insightful)
1) Steal a hundred thousand IDs.
2) Hire a pile of cheap workers somewhere
3) Get them to mine the money for a 10-20% commission.
4) Move to Vegas and/or the Bahamas and, um, get to know the locals...
I mean, seriously, when you're dealing with a lot of money, when has manpower ever been an issue?
Re:I'm not sure I get it (Score:3, Insightful)
If with every credit card you got an RSA SecurID fob, or something similar, credit theft would be all but impossible. Sure if someone physically steals your card and fob, there's a small window before you call the company, but that's minimal and easily controlled.
The problem though is others applying for other lines of credit in your name. Theyd have their own fob and their own card, but under your name and with you on the hook.
Ultimately, there will have to be developed or utilized some form of technology to uniquely identify an individual signing up for a credit line. Biometrics perhaps? And then take that technology and make it such that it can be used over the internet or some other means that makes signing up for credit less of a headache than having to drive somewhere. Honestly, I'd be willing to drive somewhere local to apply for any form of credit, if it meant that I'd be guaranteed no one could sign up in my name without my eyes/hand/whatever.