New Revenue Streams for Identity Theft

Case Study: New Revenue Streams for Identity Theft

What we will be talking about today:

• Definition of identity theft• Privacy issues• Victims of the breach• New revenue streams for identity thieves

• Solutions

What is Identity Theft?

The unauthorized use of personal, identifying information to obtain credit, goods, services, or medical information in the name of another person.

What is the BIGGEST Problem?

WHO ARE WE?

“You already have zero privacy...get over it!”

Scott McNealy,CEO Sun Microsystems

Defining Privacy Issues

Privacy and American Business’ 2013 Survey on Privacy Revealed:

96% of Americans are concerned about the loss of their privacy, primarily through use of the Internet

Defining Privacy Issues

78% believe they have lost the ability to control the use of their personal data. 47% believe that there still may be an opportunity to stem that loss through legislation and industry policing.

65% believe this is an alarming trend and take steps to remove themselves from any database.

Consumer Information Collection Points

• Credit card application and use• Supermarket/loyalty cards• Magazine subscriptions• Charitable Donations• Prize drawing entry slips• Public record information: Births, marriages, real estate transactions

Victims of the breach

• Hospitals• Banks and financial

institutions• Commercial enterprises• Government agencies• Colleges and universities• ANY PLACE THAT STORES

PERSONAL INFORMATION

New Revenue Streams for Identity ThievesMedical Records: John Hopkins

• Patient Records• Billing Department• Patient Admission• Employees• IT Department• Resumes• Credentials

Sources:

• Medical Care• Money• Volume of Victims

New Revenue Streams for Identity ThievesMedical Records: John Hopkins

Benefits of Information

New Revenue Streams for Identity ThievesBanks and Financial Institutions: Bank of Am, Data Card

• Signature Cards• Employees• IT Department• Marketing

Department• Resumes

Sources:

New Revenue Streams for Identity ThievesBanks and Financial Institutions: Bank of Am, Data Card

• Money• Volume of Victims

Benefits of Information:

New Revenue Streams for Identity ThievesCommercial Enterprises: Target, Wal-Mart

• HR Department• Contracted Pre-Employment

Screening Company• Benefits Department• Payroll Department• Employees• IT Department• Resumes

Sources:

New Revenue Streams for Identity ThievesCommercial Enterprises: Target, Wal-Mart

• Money• Volume of Victims

Benefits of Information:

New Revenue Streams for Identity ThievesGovernment Agencies: Department of Defense

• Applications• IT Department• Employees• Tax Returns

Sources:

New Revenue Streams for Identity ThievesGovernment Agencies: Department of Defense

• Money • Volume of Victims

Benefits of Information:

New Revenue Streams for Identity ThievesColleges and Universities: George Mason University, UCLA

• Registrar• Instructors and Professors• IT Department• Benefits Department• Payroll Department• Resumes• Credentials

Sources:

New Revenue Streams for Identity ThievesColleges and Universities: George Mason University, UCLA

• Money • Volume of Victims

Benefits of Information:

New Revenue Streams for Identity Thieves

• Death Records• New Born Records• E-mail Scams

• Phishing• Third Party Vendors• Third Party Storage Vendors• Social Media (Facebook,

LinkedIn, etc.)

Miscellaneous Sources:

Strategies to Minimize Risk and Prevent Breaches

• Properly safeguard and store employee/student records.

• Ensure compliance with new laws governing identity theft and storage of records

• Address the legal ramifications you could face if employee/student data is stolen

Strategies to Minimize Risk and Prevent Breaches

• Properly destroy confidential records

• Accurately handle resumes submitted via the internet

• Scrutinize employees by performing background checks and restricting access

• Develop a response plan if records are stolen

Strategies to Minimize Risk and Prevent Breaches

• Implement key policies and procedures to maintain overall security of your records

• Avoid potential pitfalls when dealing with sensitive data

• Work with third parties who may have access to your employees’ information

QUESTION?

Chris M. Wright, CPP

[email protected]

www.thewrightgroup.com

(714) 687-1190