Tuesday, December 2, 2008

Thieves Steal Identities to Tap Home Equity

According to the Washington Post, "Federal authorities this week announced a series of arrests and convictions in connection with a global identity theft ring that stole millions of dollars by hijacking home-equity lines of credit issued to thousands of consumers" (http://www.washingtonpost.com/wp-dyn/content/article/2008/11/27/AR2008112702027.html).

Not only does this article show the real danger of hacking in society today, it also calls into question the steps people should be taking to protect themselves on the internet. The steps people can take include (but certainly aren't limited to): Using anti virus software, being wary of email attachments, installing firewalls, protecting passwords, updating security patches, backing up data, and logging offline when you're done using the internet(http://www.learnthenet.com/english/html/79secure.htm).

While the steps above will help, its obvious that it is not enough. While the hackers used advanced techniques, they also used basic con techniques. More specifially, these hackers targeted people with good credit and large, untapped home-equity lines of credit, diug through public records -- such as property deeds and mortgages -- as well as publicly available Internet databases to obtain credit applications, credit reports and victim signatures.( http://www.washingtonpost.com/wp-dyn/content/article/2008/11/27/AR2008112702027.html) In order to counter these techniques, more advanced software needs to be developed. However, until software is developed, it is up to each individual to take the basic steps (listed above) to protect themselves on the internet.

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