Taking Steps to Protect Company Against Identity Theft
The alarming increase in the number of incidents involving identity
theft has spurred individuals and businesses to take necessary
measures to protect themselves against it. One of the most common
actions undertaken is to learn more about how it is perpetrated
through ID theft training.
The Federal Trade Commission (FTC)
of the United States had reported alarming numbers of ID theft
incidents in the last five years. As of 2006, ID theft cost
consumers and businesses in the United States $56.6 billion.
The increasing incidents of stealing
identification of individuals in different parts of the world,
especially in United States and Canada, have made it imperative for
managers to protect company against identity theft.
Identity theft is commonly defined as
the illegal use of another personís identity for the purpose of
committing theft or fraud. Some of the data that are used to commit
this are name, birth date, and other vital information such as
social security numbers, driverís license, credit card numbers and
passports. Once these data are obtained, these personal information
are used to control or create financial accounts, loan application,
purchase of goods and services or the transfer of bank balances.
Some engage in this anomalous activity to aid terrorism and human
trafficking. According to the Identity Theft Resource Center, this
crime can be classified into four categories. It is considered a
financial identity theft when another personís identity is used to
obtain certain goods and services. It is a criminal identity theft
when a culprit uses another personís identity when apprehended for a
certain crime. It is a commercial or business identity theft if
another identity is used to obtain credit. Lastly, this crime can be
categorized as identity cloning when another personís identity is
assumed in daily life. Among the most common forms of this crime are
credit card fraud, loan fraud and utility fraud.
The Federal Trade Commission (FTC) of the United States had reported
alarming numbers of ID theft incidents in the last five years. As of
2006, ID theft cost consumers and businesses in the United States
$56.6 billion. In the occurrence of this crime, it is the individual
that suffers most since they would need to exert considerable effort
into regaining their privacy and their lives. In fact, the average
consumer victimized by this crime spends about $808 for expenses and
about 175 hours in an effort to remedy it. ID theft victims may come
from different segments of the society and in every age group.
Identity thieves usually target those consumers who have good credit
ratings. Aside from individuals, small businesses, corporations and
financial institutions may also fall prey to ID thieves. They not
only incur financial losses, they also suffer from damage to their
credibility and reputation.
Given the alarming scope and impact of this crime, measures should
be taken to protect company against identity theft. One of the ways
to do this is to make employees and more aware about how this is
perpetrated so that they can do something to prevent it. Identity
theft training may center on the physical and electronic methods of
committing ID theft. Among the most common of these methods is theft
from government or company databases. To prevent this, many
companies have implemented tighter control on the release of
sensitive data about their customers and employees to protect
personally identifiable information. There is no comprehensive ID
theft protection solution available in the market today. Rather, ID
theft can only be avoided through a combination of best practices,
training and new technologies.
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