|
|
|
 |
 |
 |
| |
ID THEFT REFORMS DON’T GO FAR ENOUGH
|
Return to Paper, CD, DVD Security Shredders
ID THEFT REFORMS DON’T GO FAR ENOUGH
By Kathy Kristof
Denver Post
September 19th, 2003
In its first comprehensive look at identity theft, the federal government found that the crime has reached epidemic proportions, touching nearly 5 percent of adult Americans each year and costing banks, businesses and consumers upward of $50 billion annually.
About 9.9 million people were victimized in 2002, and more than 27 million have been hit by identity theft in the last five years, according to a Federal Trade Commission study released last week. The findings are based on a telephone survey of more than 4,000 people. "For several years, we have been seeing anecdotal evidence that identity theft is a significant problem that is on the rise. Now we know," said Howard Beales, director of the FTC’s bureau of consumer protection. "This information can serve to galvanize federal, state and local law enforcers; the business community; and consumers to combat this menace."
The most common type of identity theft involves a thief impersonating someone to use an existing credit card or checking account. But the more troubling variety of identity fraud, in which new credit is issued to the criminal in the victim’s name, ensnared 3.3 million individuals last year, according to the survey. This latter type of theft is more costly for both businesses and consumers to fix, Beales said, because it often goes undetected for a long time.
The FTC has recommended steps to combat identity theft, including creating a standardized fraud alert, barring credit reporting companies from releasing information that the consumer had previously identified as fraudulent, boosting penalties for thieves, and forcing debt collectors and lenders to share information with the victim. Many of these recommendations are included in pending legislation that would revamp the federal Fair Credit Reporting Act.
However, consumer advocates said the recommended steps do not go far enough.
In its present form, the bill does nothing to stop identity theft from happening, critics said. It only helps victims after the fact, they complained, and it would pre-empt many stronger state laws, including those in California that allow consumers to opt out of information sharing between corporate affiliates.
"Now, even the Federal Trade Commission has documented that identity theft is an epidemic, but their solutions haven’t changed from what they were two months ago," said Ed Mierzwinski, consumer program director with the U.S. Public Interest Research Group in Washington. "None of the experts believe the reforms they are calling for are adequate."
Our inexpensive paper, CD, DVD security shredders can help you comply with HIPAA, learn more about our paper, CD, DVD security shredders here.
Related Resources - Identity Theft
What is the Sarbox Act or Sarbanes Oxley Act?
Identity Theft Awareness
Economic Espionage Act of 1996 (EEA)
Gramm-Leach-Bliley Act of 1996 (GLBA)
Health Insurance Portability Accountability Act of 1996 (HIPAA)
Georgia State Bill 475
Federal Survey: "Identity Theft Hits 1 in 4 U.S. Households"
"House Votes to Fight Identity Theft"
"ID Theft Reforms Don't Go Far Enough"
"Hot Topic: Fraud"
"License to Steal"
Back to Top
|
|
|
|
 |
 |
 |
|
 |
Copyright © 2007 server-room-furniture.com
Your best source for HIPAA compliant shredders. Our commercial / industrial grade shredders can shred paper, credit cards, smart cards, CD and DVD discs. Protect your privacy and prevent identity or data theft. Free shipping on all our shredders.
|
 |
|
| |