As businesses increasingly depend on electronic data and computer networks to conduct their daily operations, growing pools of personal and financial information are being transferred and stored online. This can leave individuals exposed to privacy violations and financial institutions and other businesses exposed to potentially enormous liability, if and when a breach in data security occurs.

The Consumer Sentinel database, maintained by the Federal Trade Commission, contains over 9 million consumer fraud and identity theft complaints that have been filed with federal, state and local law enforcement agencies and private organizations over the five years 2009 to 2013. In 2013 alone, over 2 million complaints were filed.

The increase in online shopping in recent years has created new avenues for identity thieves. However, a study by Travelers Insurance of its 2011 identity claims found that burglary and theft of physical objects led to the majority of identity theft claims. The study identified the following five top causes of identity fraud:

-Burglary and theft of a wallet, purse, personal identification or computer (73 percent)
-Online or data breach (15 percent)
-Forgery (10 percent)
-Change of address/postal fraud (2 percent)

If you or your business wants to learn more about possibly protecting your business or personal identity, please contact us.


Posted 12:28 PM

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