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Guard against Identity Theft

Guard against Identity Theft

Every year, around 10 million Americans fall prey to the crime of identity theft. So many thieves deplete the account of their victims through the purchase of many different things using their victims’ credit card/s. The end result is always an individual with a damaged credit and huge amount of debts.

Though the Internet helps individuals and businesses by making communication and the exchange of information so much faster, it also is instrumental in crimes as scam artists are now able to use it to commit their con crimes faster and much easier too.

Identity theft is a major threat to many. It involves the illegal acquisition and use of someone else’s personal information for economic gain. More than $50 billion in losses from as many as 10 million working Americans are recorded every year; almost the same amount of money spent by U.S. firms in thwarting attempts of identity thieves from gaining (unauthorized) access to their files and data banks.

Battling identity theft requires companies, especially those possessing information about personal and business accounts, to come up with a serious and solid program that will enable them to easily and immediately detect, and stop this type of crime. To step up the fight against identity theft, the Fair and Accurate Credit Transactions Act (FACTA) was enacted by the New Federal Trade Commission (FTC) to enforce the conduction of an Identity Theft Prevention Course (ITPC) on business firms. The ITPC is designed to train employees assigned in handling consumer information in red flag rules.

The Red Flags Rule is a warning sign intended to help businesses recognize, minimize and prevent damages caused by identity theft. It forms part of the FTC-required Identity Theft Prevention program, which is a set of printed guidelines which financial institutions and creditors (with covered accounts) ought to execute. Covered accounts, on the other hand, refer to consumer accounts that allow payments or transactions; examples of these accounts are checking accounts, savings accounts, credit card account, mortgage loan and automobile loan. Through this red flags rule, companies are expected to see through the patterns and tactics employed by identity thieves in the performance of their crime.

Being charged with identity theft, which is one type of white collar crime, is a serious offense. While many of those who are truly guilty have been caught and charged, along with those caught are individuals who have been mistakenly identified or falsely accused. This false accusation will result to damaging effects to their reputation and future, without doubt.

The law firm Truslow & Truslow firmly advises anyone charged of the crime of identity theft to consult with an identity theft defense attorney immediately to save himself/herself from the damaging results of this charge or, worse, from a conviction that can ruin his/her future life.

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