I know many CNeters are concerned over the growing instances of identiy theft. And as we clean up our credit, we're more at risk each time. This article was in the May 19, 2003 issue of Information Week magazine and is available at http://www.informationweek.com/story/showArticle.jhtml?articleID=10000183 I've reproduced it here for ease of reading: Identity theft and associated fraud is costly to financial organizations as well as consumers. Market-research firm Financial Insights says such theft will cost financial institutions $4.2 billion this year and likely reach $8 billion by 2006. Startup ID Analytics Inc. says it has found a way to thwart thieves at their point of entry: the credit application. chartID Analytics has studied more than 200 million credit applications from credit-card issuers, banks, and other sources, 10 million of which are suspected or known to be fraudulent. Using that data, the company has developed pattern-recognition technology that looks for dozens of fraudulent patterns in an application. "We can see trends no company would be able to see looking only at their own data," says CEO Bruce Hansen. A bank approving a checking account may not know that a thief used the same Social Security number to start three retail charge cards and establish a new residence just prior to applying for the account. Applications from customers such as Citibank and Diners' Club get vetted against the vendor's database and given a score that ranks the likelihood that it's fraudulent. "I can say it works," says an executive at a large financial-services company, "and it's working better than our initial expectations."
So now we have an ID score as well as a credit score. If it pans out anything like credit reports and scoring it's going to be another big bite in the arse of the consumer. I can see it all now. Sally float a loan did you get your loan? No, I was turned down. Was it because of bad credit or low fico? Sally, No I flunked the app test. ID score to low and to many derogs on my Id report. THE END ** *** ** LB 59 ```````""""******##^^^^===+ I know many CNeters are concerned over the growing instances of identiy theft. And as we clean up our credit, we're more at risk each time. This article was in the May 19, 2003 issue of Information Week magazine and is available at http://www.informationweek.com/story/showArticle.jhtml?articleID=10000183 I've reproduced it here for ease of reading: Identity theft and associated fraud is costly to financial organizations as well as consumers. Market-research firm Financial Insights says such theft will cost financial institutions $4.2 billion this year and likely reach $8 billion by 2006. Startup ID Analytics Inc. says it has found a way to thwart thieves at their point of entry: the credit application. chartID Analytics has studied more than 200 million credit applications from credit-card issuers, banks, and other sources, 10 million of which are suspected or known to be fraudulent. Using that data, the company has developed pattern-recognition technology that looks for dozens of fraudulent patterns in an application. "We can see trends no company would be able to see looking only at their own data," says CEO Bruce Hansen. A bank approving a checking account may not know that a thief used the same Social Security number to start three retail charge cards and establish a new residence just prior to applying for the account. Applications from customers such as Citibank and Diners' Club get vetted against the vendor's database and given a score that ranks the likelihood that it's fraudulent. "I can say it works," says an executive at a large financial-services company, "and it's working better than our initial expectations." [/QUOTE]
How to protect yourself from Identity Theft? Thats easy. Just miss a few payments on your credit cards. Then your credit won't be worth taking, lol.
Re: Re: Outfoxing ID Thieves It's probably happened to untold ID theifs no doubt. With so manys peoples reports and scores screwed up by the CRAS OCs CAs and FICO it's bound to happen over and over again.
