According to John Buzzard, a financial fraud analyst at Javelin Strategy and Research, the sprawling allegations of identity theft linked to the Las Vegas woman are emblematic of the scourge confronting Americans and represent an extreme for their bravado.
Last year, he estimated that identity theft cost more than $52 billion in financial losses and affected approximately 42 million U.S. adults. Long plays based on a single stolen identity are uncommon, but the methods used in the Las Vegas case – fraudulently opening new accounts – are not. According to the group’s most recent report, this type of activity increased by 109% year on year in 2021.
“From an information standpoint, identity is now monetized and aggregated,” Buzzard said. “This is their criminal career, making millions of dollars either wrestling complete sets of identities or victimising those in their vicinity.”
According to Buzzard, each link in the “financial food chain” is responsible for preventing and detecting fraud.
Lenders, real estate agencies, and credit providers should use “identity proofing” systems to verify the authenticity of a passport or driver’s licence. It requests additional information from applicants, such as a selfie, which is combined with other existing consumer data to flag suspicious accounts.
Law enforcement has a role to play, but it is confronted with limited resources, particularly in small jurisdictions. The Federal Trade Commission is better equipped to detect fraud through consumer reports, but any federal agency is unlikely to get involved in fraud involving less than $100,000, according to Buzzard.
Credit agencies, too, must keep accurate information and ratings for their customers.
Buzzard recommends that people with no evidence of identity fraud take advantage of their free annual credit review from each bureau: Equifax, Experian, and TransUnion.
If you suspect that an account has been tampered with or credit has been extended in your name, you should contact that company or financial partner immediately.
“Until you see material account-based charges or financial losses, there is no perfect way to validate that your identity has been stolen,” Buzzard said.
Customers can also purchase identity protection services that provide proactive alerts when unusual activity begins.
According to John Buzzard, a financial fraud analyst at Javelin Strategy and Research, the sprawling allegations of identity theft linked to the Las Vegas woman are emblematic of the scourge confronting Americans and represent an extreme for their bravado.
How can I tell if someone is stealing my identity? What you should know about identity theft
Last year, he estimated that identity theft cost more than $52 billion in financial losses and affected approximately 42 million U.S. adults. Long plays based on a single stolen identity are uncommon, but the methods used in the Las Vegas case – fraudulently opening new accounts – are not. According to the group’s most recent report, this type of activity increased by 109% year on year in 2021.
“From an information standpoint, identity is now monetized and aggregated,” Buzzard said. “This is their criminal career, making millions of dollars either wrestling complete sets of identities or victimising those in their vicinity.”
According to Buzzard, each link in the “financial food chain” is responsible for preventing and detecting fraud.
Lenders, real estate agencies, and credit providers should use “identity proofing” systems to verify the authenticity of a passport or driver’s licence. It requests additional information from applicants, such as a selfie, which is combined with other existing consumer data to flag suspicious accounts.
Law enforcement has a role to play, but it is confronted with limited resources, particularly in small jurisdictions. The Federal Trade Commission is better equipped to detect fraud through consumer reports, but any federal agency is unlikely to get involved in fraud involving less than $100,000, according to Buzzard.
Credit agencies, too, must keep accurate information and ratings for their customers.
Buzzard recommends that people with no evidence of identity fraud take advantage of their free annual credit review from each bureau: Equifax, Experian, and TransUnion.
If you suspect that an account has been tampered with or credit has been extended in your name, you should contact that company or financial partner immediately.
“Until you see material account-based charges or financial losses, there is no perfect way to validate that your identity has been stolen,” Buzzard said.
Customers can also purchase identity protection services that provide proactive alerts when unusual activity begins.
