Personal finance predictions for 2010: ID theft
ID theft is set to rise on the heels of the recession
By Jay MacDonald | Published: December 31, 2009
|2010 Financial Predictions|
|10. Your spending|
|9. Your credit card|
|8. Your debit card|
|7. Your rewards|
|6. Your phone|
|5. Your paycheck|
|4. Your home|
|3. Your mail|
|1. Your kids|
Like wolves to injured prey, identity thieves are out to turn the recession struggles of average Americans to their own advantage.
"In my adult life, I've never seen more variations of old scams and the degree of sophistication in newer scams," says Robert Siciliano, CEO of IDTheftSecurity.com.
The Identity Theft Resource Center predicts an increase in the number of identity theft crimes and victims during the next two years.
Particularly vulnerable are jobseekers whose desperate search for employment makes them easy targets for fake job listings and work-from-home scams.
"If the job description is not one that you would see printed on a business card, or you are asked to front money, it's a scam," says Siciliano.
Also on the rise are the misuse of social media and phony ads on Craigslist and other websites for the purposes of obtaining credit card numbers or cash.
Most disturbing has been the growing problem of child identity theft, sometimes by the child's own family.
"The ITRC has noted that nearly 10 percent of its case load for the past six months involved child identity theft issues," says founder Linda Foley. "It's as if people have finally realized that a child's Social Security number can be used for more than just opening a line of credit."
Visit the ITRC website to learn how to protect your personal data from thieves and hackers.
Finally, in the countdown, 1: Your kids
- Bluesnarfing is newest card fraud at gas pumps and ATMs – With a skimmer and Bluetooth technology, fraudsters can sit nearby and intercept your payment transaction details ...
- TransUnion to pay $60 million to consumers flagged as criminals – A jury sided with a consumer who claimed TransUnion violated federal law over OFAC alerts ...
- House passes CHOICE Act that would gut consumer protections – The House of Representatives passed a GOP-backed deregulation bill that would undo Dodd-Frank consumer protections, but it faces uncertain future in the Senate ...