Money

Identity theft hit an all-time high in 2016

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Despite years of battling by the financial industry and a massive change in the way Americans use debit and credit cards, the rate of identity theft soared during 2016, a new report has found. In fact, it hit an all-time high.

 

An estimated 15.4 million consumers were hit with some kind of ID theft last year, according to Javelin Strategy & Research, up from 13.1 million the year before.

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  • DJohn1

    The problem I see is we are still using antique methods of ID. The average person is vulnerable to these thieves.
    The current theft is using a telephone to get you to say “yes”.
    Using not so sophisticated equipment they then access all of your accounts and steal you blind leaving you with no credit at all.
    So where is the FBI responsible for stopping all this. Are they asleep at the switch. I think so. IF you do not have an engineering and computer science degree you are ill equipped to catch these people.
    One of the latest mentions medicare and medicaid benefits. “Can you hear me?” They question. If you say yes they have you. They then go into a mechanical voice recorded and attempt to catch you that way. As near as I can tell they are using telephone lists sold to them by major telephone companies. Must be pretty easy to get sold down the river by your telephone corporation.
    By mentioning a federal program it becomes the jurisdiction of the FBI to track them down and stop it.
    By going over state lines it is the jurisdiction of the FBI.
    What I am saying is they are ill-equipped to stop it.
    The feds recently mandated chips on all credit cards through all banking institutions including credit unions at a fairly high cost to everyone. Problem is the thieves are way ahead of them and now have devices to pick up your credit account from across the room. If the card is not shielded.
    Most are not.
    The only valid ID at a bank is going to be an optical reader of a fingerprint or one that flashes your id from your eyes.
    Both kinds of ID are hard to duplicate. But that will change in a heart beat by simply putting a rubber fingerprint glove over someone’s fingers or thumb. Or use an artificial eyeball system. Both may be too expensive for the average ID thief.
    Even this article starts by going to USA Today and asking you to subscribe before you can read the whole thing.
    I suggest we need a complete overhaul of the way we deal with credit and credit cards so people are not victimized to the tune of many thousands of dollars by these nasty thieves.
    Somebody at these banks and credit unions and credit card companies is denying responsibility for this mess and throwing it all on the customer. That too needs to change immediately.