This new kind of credit card being shown off at trade shows is designed to prevent against loss due to identity theft by incorporating a security key fob with a credit card. The idea is that when you buy online, swipe at the store, or take money out of the ATM, you hit a button to randomly generate a unique, disposable key code. Enter that code to verify the transaction. This way, someone would actually have to steal your physical credit card to conduct fraud. Best of all, it’s the same size and thickness as a regular credit card.
identity theft
AOL Announces It Will Let Users Block Targeted Ads
By 11.1.07
On the same day that consumer groups called for “Do Not Track” lists to preserve consumer privacy, AOL pre-emptively announced a new service that they say will let users opt out of receiving targeted ads. “Choosing to opt out sends a cookie to a user’s computer that blocks the ads from appearing. AOL’s system prevents the deletion of the opt-out cookie.”
Should There Be A "Do Not Track" List For Internet Users?
By 11.1.07
Several consumer groups have joined together to request that the FTC implement a “Do Not Track” list for online use, which would allow Internet users to request that they be told in advance any time their online patterns are being tracked for advertising purposes. They submitted a formal request today, before the FTC’s 2-day workshop begins tomorrow where it will “study the increasing use of tracking technology to target online ads.”
Don't Open Email From FTC "Fraud Department"—It's Virusy
By 10.31.07
The FTC has made a big to-do about fighting spammers and identity thieves, so naturally the underworld’s response has been to release a spoof FTC email into the world that is loaded with bad virus things that will attempt to steal your personal info. The FTC is urging everyone to not open this email. But you already don’t open unfamiliar attachments from people you don’t know, right? If you answered “No,” we have a shrink-wrapped hard drive from Best Buy we’d love to sell to you.
Mint.com Responds To Security Concerns
By 10.23.07
Some people think that using Mint.com is crazy because of the security risk of handing over all your banking user names and passwords. FiLife asks them some tough questions about their security procedures and gets straight answers, like:
Let’s say you get hacked. Banks normally would protect me if they get hacked, but do I lose my protection if I’m using Mint to access the bank but the breach happens through your systems? You’re legally protected for $0 liability on credit cards and $50 on bank accounts if fraud is reported within two days. These rights are not voided by using Mint, Yodlee, Quicken, Microsoft Money or similar programs.
They also say all user names and passwords are kept on Yodlee’s servers, not anyone else’s. Every lock can be picked, but we’re more concerned about identity theft resulting from our local big box retailer’s lax security procedures than from Mint.com.
36% Of Identity Thieves Are Women
By 10.23.07
The Economic Crime Institute at Utica College was allowed to look through Secret Service files and they found some interesting real statistics about identity theft that tell a different story from what we usually hear. Based on their data slices:
Bill Would Let Victims Of ID Theft Seek Restitution
By 10.17.07
Yesterday a bipartisan bill was introduced in the Senate that would “let victims of identity theft seek restitution for money and time they spent repairing their credit history,” as well as remove some existing barriers to prosecuting criminals.
Add Super-Protection To Your Logins With $5 Security Key
By 10.17.07
If you have a PayPal or eBay account, or use OpenID to login to participating sites, then for $5 you can add a second layer of security that is virtually impossible to break unless the thief physically locates you and steals a little plastic device. The PayPal Security Key is a small, keychain-ready fob with a unique ID that’s tied to your account. It generates a new six-digit code very 30 seconds, which you have to enter whenever you log in. The down side is you have to have your security key with you in order to read the code. But the benefits are huge: you basically have a 2nd password that changes 2,880 times every day—and that isn’t available anywhere online.
By 10.15.07
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How filing a fraud alert with each of the three major credit bureaus works, as told by a blogger who recently had to go through the process. [No Credit Needed]
National Arbitration Forum Decides 61 Year Identity Theft Victim Owes $46,000
By 10.15.07
Yahoo! Finance has a horrible story about a 61 year old lady living on $759 a month Social Security whose credit card was stolen and it ended up with the National Arbitration Forum (NAF) deciding she owed them $46,000. [More]
Protect Yourself From Badware
By 10.8.07
Stopbadware.org has just released its “Trends in Badware 2007” report, a free overview of all the ways you and your computer can be slipped digital roofies while you’re online looking at LOLpornography and doing your banking through Twitter. It’s written in a deliberately non-technical style, so if you’re put-off or intimidated by the Slashdot crowd, this is a great way to educate yourself or a naive loved one about the dangers of drive-by downloads, website hacking, and so on.
Experian, Equifax, and TransUnion To Offer Credit Freezes
By 10.7.07
All three credit reporting agencies recently announced plans to let consumers freeze their credit files. Credit freezes provide security at the cost of convenience: access to credit reports and scores is prevented without the consumer’s express authorization, making it difficult to open new accounts or lines of credit. Freezes are considered one of the best, albeit drastic, ways to guard against identity theft.
By 10.3.07
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Perhaps New Yorkers will see a city-wide crackdown on identity theft, now that Mayor Bloomber’s identity has been stolen. Twice. [City Room]
GoDaddy Hushing Up Customer Credit Card Data Breach?
By 10.2.07
Did domain name registrar GoDaddy have a credit card security breach that they’re not telling anyone about? That’s what Reader Newcxns thinks. Two weeks ago, one of his Citi cards was replaced. One week later, another. The only thing Citi would tell him is that “a merchant” reported a possible data breach. No merchant has sent any data breach reports to Newcxns. In typical fashion, banks and vendors like to hide it when their security systems fail and compromise your account information.
TransUnion Will Let You Freeze Your Credit Report
By 9.25.07
Beginning October 15th, credit reporting company TransUnion will let consumers freeze their credit reports, which means imposters will not be able to use your credit to do things like open new phone accounts or sign up for credit cards. While this is great news, the other two major credit reporters, Experian and Equifax, are so far not offering a similar feature, although they say they’re considering it.
5 Ways To Make Sure You're Actually Talking To Your Credit Card Company
By 9.12.07
When you consider the risk and high cost of identity theft, it pays to be skeptical whenever someone calls you and claims to be from your credit card company. How can you verify that they’re legit? Reader Cathy points us to bloggingawaydebt.com, which offers five simple things to do if you want to make sure you’re not being scammed.
Former Rep Kvetches About Sprint's Lax Identity Theft Protection
By 8.21.07
“We took pride in shredding all information of the customers and being as mindful as possible to their security. Something that always blew my mind was that right on the computer screen, available for anyone to see (depending on the store layout), was the customer’s social security number, date of birth, license number and more. Incredible! I never understood that. My store had two registers in the front and two in the back. A customer could stand behind us at the front register and get a full peak at everything we were doing. Where is the protection?”
