* Assess the
Identity Theft Protection Services production processes, major issues, and solutions to mitigate the development risk.
There are at least four different sorts of US state laws in effect that are intended to reduce, or mitigate the consequences of, PII compromise and
identity theft: data breach notification laws, data disposal laws,
identity theft laws, and consumer report security freeze laws.
Tax-related
identity theft. This occurs when thieves obtain a taxpayer's identity to obtain a bogus tax refund.
While the financial losses from
identity theft are significant and the economic effects are far-reaching, the socio-psychological harm to victims is incalculable.
According to the Federal Trade Commission, the share of
identity theft due to bank fraud and credit card fraud has steadily increased (Consumer Sentinel Network).
In addition, taxpayers should file a report with their local police department, report the
identity theft to the Federal Trade Commission (FTC), contact one or more major credit bureaus to place a fraud alert on their records, close any accounts opened fraudulently, and make their banks, lenders, and credit card providers aware of the situation.
The report also claimed that teens are particularly vulnerable to
identity theft because their credit histories go unmonitored for long periods of time.
A big problem is that identifiers, such as federal IDs or employer identification numbers, are readily available in public records, dumpsters, or internally at banks and other creditors-which makes the ease of access to these numerical identifiers a catalyst for business
identity theft. Business
identity theft perpetrators are often former employees or current employees with direct access to the books and other forms of financial documentation.
Sixty percent of businesses that experience
identity theft fail within one year of the crime, according to the Florida Department of State's Division of Corporations.