by Brian Thompson | May 17, 2021 | General, Identity Theft, Uncategorized
Most of you have heard of it, but what is a credit score?
The most widely used scoring model in the United States and Canada is the FICO credit score. Developed in 1956 by a company called Fair, Isaac & Company (FICO), this model is designed to determine how likely you are to become 90 days late on any payment within the next twenty-four months. The model calculates the probability of loan delinquency. It does so by comparing patterns in your credit history against the patterns of millions of other consumers.
FICO makes all these comparisons with software that uses complex equations and advanced analytics. The comparison evaluates all the data in your credit report and distills it into a standardized, three-digit score.
But, let’s back up a minute. Where does all the credit report data come from?
Each financial choice you make – how much you spend on credit, how responsibly you pay down your debts, how many credit-related accounts you have, etc. – gets reported to three credit reporting agencies: Equifax, Experian, and TransUnion. When a lender orders a copy of your credit report, they also usually request the accompanying FICO credit score. The report boils everything down into a single score based on that agency’s proprietary version of the FICO scoring model.
It’s important to note that while FICO works with the credit agencies, they do not control the information in your credit reports. Fico translates the data provided and returns a standardized score. So, to summarize:
- You make financial choices.
- The lending entities you interact with (banks, retailers, etc.) report your choices to the three credit reporting agencies.
- The agencies use the FICO software to turn your data into a single credit score, which is then delivered to the lender reviewing your application for credit.
It may seem like there are a lot of moving parts, but because the choices you make drive the entire process, ultimately you’re the one in control. In fact, statistics show that, given thirty days, over 80% of loan applicants have the potential to improve credit scores.
by Brian Thompson | Feb 9, 2021 | General, Identity Theft
Identity Theft Protection Services refers to varying services giving people protection and peace of mind against identity theft and fraud. Services can include credit monitoring, ID theft monitoring, and other services that help you if you been targeted.
Factors of growth.
Factors such as the increasing occurrences of cybercrime and identity thefts around the globe, backed by the growing utilization of electronic identity and other advanced technologies are anticipated to promote the growth of the identity theft protection services market.
Additionally, increasing concerns for cyber crimes and identity thefts that has increased significantly in recent years. These, along with the fear of mishandling important data, is raising the need to increasingly adopt identity theft protection services. All are anticipated to drive the growth of the global identity theft protection services market.
The global identity theft protection services market consists of various segments. These segments include type, services, end-user, and region. The theft type segment is further divided into monitoring services and identity recovery & identity theft insurance services. Among these segments, the monitoring services registered the largest share along with a value of around USD 3000 million in the year 2019.
Additionally, the segment is anticipated to cross a value of around USD 8600 million by growing at a CAGR of around 13% during the forecast period. The monitoring services segment is further divided into credit monitoring and identity monitoring. Out of these, the identity monitoring segment registered the largest market share and is further anticipated to grow at a CAGR of around 12% during the forecast period.
Get involved
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Agency Sign up Process: https://youtu.be/bOQ2VU1meW0
Relevant Articles: Breached Records Skyrocketed in 2020
by Brian Thompson | Jan 28, 2021 | Breach, General, Identity Theft, Uncategorized
Data Privacy Day, January 28th is a day that highlights what we can do in our personal and professional lives to ensure we are aware of the risks and doing our best to keep our data safe.
We all feel an increased exposure of our personal data. In fact, 79% of adults have concerns about how companies are using their information, according to a Pew Research Center study. But if we are serious about safeguarding ourselves and our customers there are some things we can learn about the data we create, how it is collected and ultimately used.
Here are a few simple but critical tips to consider when managing your personal data.
- Our personal information is a currency. We need to value and protect our personal information like money because it has a true value in the market. This data is valuable to companies as well as bad actors who are buying and selling our information on the dark web for profit. Our advice is to consider the benefits vs consequences of all the information you are providing online.
- Passwords, Passwords, Passwords… have you ever seen one of these lists without the reference to passwords? NO, and that is because we still have poor password habits. Make your passwords long and complex. Do not use the same password for multiple accounts and PLEASE do not use a post-it note with passwords stuck to your computer! Consider using a password vault app.
- 2-Factor Authentication. Great passwords are a start but 2-factor authentication for key accounts should also be used. Turn on these features for all of your financial accounts and any other account where it is available.
- Apps and Privacy Settings! Apps are more intrusive than you think! Many ask for your location, contact information, and access many other things before you can even use them. We suggest you manage your privacy settings to adjust them to your comfort level, NOT what they suggest or want. Every app you use has different privacy settings and features but the NCSA’ Manag Your Privacy Settings Page is very helpful in getting you started: https://staysafeonline.org/stay-safe-online/managing-your-privacy/manage-privacy-settings/
- Think before you CLICK! One-click can do so much damage to your privacy, customer data or create opportunities for Breach. If you are at home or at work, make sure you only click on links you are familiar with. If you are unsure, ask your IT team or leave it alone.
BONUS: What you share on social media may last forever. Think about what you are posting, who will see it, and how it could be used.
Data Privacy Day, January 28th gives us an opportunity to consider how to view our data and how we use it. More importantly, it gives us a chance to look at how we let others use it.
More Tips HERE:
by Brian Thompson | Oct 9, 2020 | Breach, General, Identity Theft
The Internet of Things (IoT) is exposing you more than you may think! The IoT allows smart technology products such as gaming devices, home appliances, medical wearables, sports equipment, cars, and toys to send and receive data over the internet and to be controlled remotely
After hearing the phrase “uncertain times” for the last six months, I believe that it may be overused. Most consumers tune out the meaning of overused words and phrases relating to risk and danger.
Unfortunately, words such as cybersecurity, data breach, identity theft, personal privacy, and stolen credentials are still not understood by consumers.
Consumers continue to read that weak passwords and phishing emails as common access points for hackers and they are!. But, the new access point is the IoT as hackers are taking advantage of unsecured access to smart technology.
Two IoT exposure examples:
- Two recent examples include Why the Garmin Data Breach Should Be a Wakeup Call for Every CEO (please see here)
- Amazon Ring Leaks Thousands of Customer Data (please see here).
According to Chief Executive Magazine, “Garmin confirmed it had been the victim of a cyberattack that caused a days-long outage in late July, during which users worldwide were unable to upload their fitness data from the company’s sports devices. Garmin reportedly paid a sizable ransom to get its data back.”
And according to Threatpost – which is a leading source for IT and business security – “2019 saw an explosion of privacy issues and scandals for Amazon-owned Ring. Researchers found several flaws in the IoT device, including one that allowed attackers to spy on families, or one that exposed Wi-Fi network passwords.”
The good news is that smart technology has the potential to improve our lives from home security, energy conservation, to physical fitness. The bad news is that it increases exposure with poor security features and places the responsibility of security on the consumer.
The fact is smart technology devices collect, store, process, and use personal information. For example, information such as names, addresses, phone numbers, email addresses, payment account information, GPS-based location, and activity patterns.
A new security report from Palo Alto Networks states that “57% of IoT devices are vulnerable to cyberattacks of medium to high severity.”
The Palo Alto report offered best practices to protect IoT devices from cyberattacks including:
So, yes, the Internet of Things is exposing you but as described above, there are ways to mitigate that risk. Enjoy your smart technology devices, stay safe, change your default passwords, and stay up to date on the latest IoT updates.
By Mark Pribish
Vice President and ID Theft Practice Leader
An additional article about the Internet of things: PERSONAL PRIVACY AND THE INTERNET OF THINGS (IOT)
or… How public Wifi is putting you at risk: Public WiFi is Putting You at Risk
by Brian Thompson | Sep 1, 2020 | General, Identity Theft
With colleges and universities beginning the new school year, online students are targeted in ID Theft and Fraud schemes! Online Fraud Schemes that we did not have to worry about when I was in school. I had the time of my life and made many lifetime friends when I attended the University of Dayton! Student life was simple, no laptops, no smartphones, no social media, socializing at the library, and the music was fantastic.
But what is happening now?
Now more than ever, Laptops, Smartphones, Social Media, and advanced schemes have increased the risk for students. Risks that now are more prevalent due to the majority of students studying online remotely, due to the COVID-19 pandemic, creating higher risk. And this May 27, 2020, Federal Trade Commission (FTC) article titled COVID-19 scams targeting college students confirms it.
With a significant increase in phony LinkedIn, Facebook, and other social media friend requests placing many students at risk – as this August 12, 2020 article titled COVID-19 is shattering cyberattack records highlights – the daily inundation of misinformation has given cybercriminals an endless resource of information to implement their attacks.
But college students are not the only targets
California had the most educational data breaches accounting for 157 of the 1,328 breaches (11.8 percent).
The worst-hit states include:
- New York with 89
- Texas with 79
- Illinois and Ohio each with 60
- Florida with 58
Overall, Colleges account for 74% of education data breaches.
Please see this July 14, 2020 article titled FBI warning-cybercrimes are up and school districts could be the target, for more information.
What students and parents to do mitigate risk?
Students and Parents can mitigate exposure to cyber scams and identity theft in the following ways.
- The COVID-19 pandemic has new email phishing attacks that try to trick parents working and students studying remotely into giving away credentials for access to their employers’ and college/university networks. You need to stay vigilant and be careful with every email.
- A new voice phishing scam uses a combination of one-on-one phone calls and custom phishing sites to steal VPN credentials from again – both parents and students.
- Limit what you share online, use, and regularly change strong passwords on devices.
- Know your rights. “Student rights” under the Federal Educational Rights and Privacy Act (FERPA) protects the privacy of student records.
Online students are being targeted by ID theft criminals now more than ever. As these criminals continue to use student information to obtain employment, rent an apartment, open a utility, cell phone, bank account, or to access government benefits be ever aware of new and emerging scams.
by Mark Pribish
VP and ID Theft Practice Leader
Related COVID-19 Fraud articles:
Fraud in the Midst of COVID-19
Telehealth Creates Cyber Risks
Coronavirus Fear and Anxiety Drives Phishing Scams
by Brian Thompson | Aug 6, 2020 | General, Identity Theft
Telehealth creates new cyber and medical id theft risks.
In follow up to the July 2, 2020 article titled “MEDICAL-ID THEFT RISKS INCREASE”. That article we said” we need to be more vigilant about cyber scams, phishing scams, hackers, and insider threats. The threats that are targeting our online presence – including telehealth services.
Based on the reader response and an article by HealthIT Security, Telehealth is the New Normal, But so is Online Fraud, we thought it appropriate to continue the discussion…
The COVID-19 pandemic has increased consumer risks through cyber scams and medical identity theft.
Telehealth growth has exploded.
HealthITSecurity, states “the U.S. telehealth market was estimated at ~$3 billion with 11% of consumers using telehealth in 2019. Fast forward to pandemic-plagued 2020, the telehealth market is poised to grow to $250 billion with 46% of consumers now using telehealth, according to McKinsey & Company.”
“Unfortunately,” and according to HealthITSecurity, “these benefits are being offset by a variety of fraud schemes where healthcare fraud in the US is approaching $300 billion annually and while the Department of Health & Human Services and the Centers for Medicare & Medicaid Services eased their telehealth requirements to serve more patients during the pandemic, there could be an inadvertent wave of billing fraud and risk patient safety.”
The fact is, the COVID-19 pandemic has cyber scammers, phishing scammers, hackers, and even the insider threat targeting healthcare professionals and consumers.
Examples of fraud scams, phishing scams, hacking, and insider threats include:
- Fraud scams including fake or fraudulent COVID-19 cures through fraudulent phone calls, fake social media content, and door-to-door sales.
- Phishing and Vishing Scams including fake emails, texts and phone calls to get you to share personal information like account numbers, Social Security numbers, or your login IDs and passwords.
- Hacking / Malware where hackers use malicious software such as viruses, worms, Trojan viruses, spyware, adware, and ransomware.
- Insider Threats including current and former employees. The careless worker, the disgruntled employee, the malicious insider, and the outside contractor or vendor can all be threats.
While Telehealth is an emerging opportunity with great potential, Telehealth Creates Cyber Risks that could lead to identity theft.
According to this April 13, 2020, Association of Certified Fraud Examiners (ACFE) blog, “as Telehealth services proliferate, telehealth fraud schemes will continue to evolve (please see here).
Consumers need to be aware that theft of or using your personal information can also originate with Telehealth services. (e.g., name, Social Security number, Medicare number, etc.)
Consumers can also reduce their risk of medical identity theft by safeguarding their health insurance cards, regularly reviewing credit reports, medical benefit explanations, medical bills, and prescription bills.
by Mark Pribish
Other Articles around COVID-19 and fraud:
