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Identity Theft, Credit Card & Cyber Fraud

What you need to know about Identity Theft, Credit Card & Cyber Fraud

The Boy With His Finger In The Dyke (A Myth).

by Certified 12-08-17

There is no cure for bank and cyber fraud, nor will there ever be. There’s only a hope of minimizing it.

Identity, banking & cyber fraud are some of the most common crimes of our times, which without a doubt is a growing business for cyber criminals worldwide.

These perils are different in that, one may strictly relate to theft of money from your bank debit or credit cards and the other, identity theft is a pilfering of your vital personal and or business information, which criminals use to open new lines of credit or purchase and sell items to unsuspecting victims using your information. Even heath insurance is exploited. Criminals are receiving health care under stolen identities and it can take years to discover.

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From the individual teen to sophisticated syndicate operators it may be impossible to prevent this onslaught of crimes. Regardless of how may security chips banks place on their credit cards, or the new anti-virus software you purchase, there will always be a torrent of sophisticated criminals pursuing your money.  In some cases, even before the newest security technology hits the streets the cyber criminals have the back door open and they sell the newest technology to the highest bidders.

Even the largest most sophisticated corporations using the most up to date cutting edge cyber technologies are hacked for millions of their clients vital records. If you are insured for these perils, your insurance carrier may cover you. We say may, because the investigations into these crimes and the time to be indemnified may take months or years if you don’t have the correct tools to fight for your rights.

According to a survey by the US Federal Trade Commission millions Americans have experienced credit and debit card related thefts from their business and personal bank accounts. This number does not include the one hundred and forty three million American identities recently stolen from one of the largest credit reporting agencies, who’s computer servers were protected by one of the most sophisticated hardware and software cyber security systems in the world. The information included but was not limited to names, addresses, drivers license information, credit card information, social security numbers, credit scores and whatever a criminal may need open a bank account to fund terrorism, rent a truck, purchase a car, obtain medical coverage, forge birth certificates, obtain passports and drivers licenses in other states not having reciprocity laws that check for multiple licenses in the U.S. and so much more.

Your home and or business owners policy may cover a limited amount of benefits for credit card fraud and identity theft, or may offer an altogether separate endorsement with specified limits. There are also specialty credit and identity cyber security firms whose memberships may come with varying degrees of insurance to protect your financial interest if you are sues for breach of a financial contract that is not your responsibility.

There are also many business owners (BOP) policies that sell computer fraud coverage’s, however, this market is relatively new and filled with exclusions and uncertainties yet to be challenged in the courts.

Identity theft coverage is available in most states as an optional endorsement on a homeowner’s and or business insurance policies and it is important to understand the benefit of purchasing this extra coverage.

Throughout the U.S. and in many countries overseas, insurance carriers offer endorsements for reimbursement benefits if you have been a victim of fraud, however, before adding these endorsements to your existing policy you should read the fine print and decide if the coverage’s is what you expect of your carrier and be sure that in this shrinking world the policy includes overseas travel protection for both business and pleasure, as one coverage may not apply to the other.

Protect your interests by finding a policy endorsement that will be affordable to your budget and needs.

Finally, many victims unknowingly divulge critical information to cyber criminals who pose as bank employees, credit collectors and federal or state employees. Many more are victims of identity theft when they service their computer systems with on line repair firms. Then there are the discarded, trade in or sold computers and laptops, which media drives you thought you erased / formatted. In reality formatted media drives may not have erased any data at all, but simply marked the disk’s surface for overwriting permissions, meaning that the data is still on the drive but will be overwritten once you begin adding new information. There are many software programs that anyone can purchase to retrieve information from formatted data drives and you don’t have to be an FBI cyber crime technician to own it.