We will now address the major issues of "Identity Theft". These changes will need the cooperation of Congress (i.e., Stronger penalties for ID Theft from the federal level-Five Years Is Not Enough For Terrorist) and the "Office's of Homeland Security".
Didn't 9/11 teach us anything about credit card, ID and check fraud? Each terrorist came into the U.S. with at least 5 different fake personas (2004, Congressional 9-11 Report).
Credit Bureaus need to do a better job with their system security in combating "Identity Theft". See what I am talking about from this recent news story from Ft. Worth, Texas (Channel 5 KXAS-TV News Release-See Link). For too long they have catered to the Credit Card Industry in allowing access to personal credit files for a price. Credit Card companies sent out over 5 Billion solicitations through their marketing groups or others to the American consumers in 2003 (I personnally received over twenty-five (25) solicitations within a three week time frame after launching my web site and E-Mail addresses).
Response rate was less than .006% (300 Million responses). What happen to the other 4.7 Billion solicitations???? Trash cans! Dumpsters'! Now you know how the term, "Dumpster Diving" has become popular with "Identity Thieves".
Banks and Credit Card issuing company's needs to do a better job of informing the public about the various security systems that is in place. But merchants, retailers and consumers must use them to be effective (70 % of all businesses do not have pin pads for keying in security codes). Most, if not all, credit and debit cards have a four digit code available for Credit Card Withdrawals and ATM Withdrawals. At least these codes can be used on purchases over $100.00 to stem the large losses from charge-backs that is currently being borne by business owners (Even 17 year olds can produce fake drivers licenses). Only one consumer out of ten knows what "Verified By Visa" is!
We will provide education and the latest updates for protecting yourself from, "IDENTITY THEFT, AMERICA'S NEW BUSINESS DILEMMA". We will bring problem solving solutions for both consumers and businesses and how to combat the nations No. 1 White-Collar Crime wave. As of December 31, 2008, the impact of Identity Theft has affected approximately 70-80 Million American's and has cost businesses and financial institutions over $53 Billion Dollars a year in losses. Consumer losses are a guess-to-mated $1 Billion or more. It is time for everyone from the Government down to the consumer, to get serious about ID Theft.
How much have these losses affected the country's economic recovery?
How many businesses have closed due to ID Theft? Just ask gas station owners. If these business owners receive one stolen Debit or Credit Card a-day for a-month, their losses of cash and inventory is over $1200.00 (Avg. Sale is $20) a month. They have to sell 40,000 gallons (Over 2,000 cars) just to break even for the loss (Avg. Profit per gallon - $.03). They have two choices to make; Raise Gas Prices or close their business. If, as a consumer, you had to pay two or three times for the same item, how long would you be able to survive. Everyone pays for "ID Theft", not just businesses.
If you have a story to tell America about "Identity Theft", please fill out the form below. Please see guidelines (Privacy) for requirements.
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