Identity Theft Protection
Identity theft is the conscious utilization of another person identity, usually as a strategy to gain a financial advantage or obtain credit and other different benefits in the other individual’s name, and perhaps to the other person’s disadvantage or loss.
Identity theft has been statutorily endorsed the theft of personally identifying and recognizing data, generally including a individual’s name, DOB, social security number, driver’s permit/license number, bank account or credit card numbers, PIN numbers, fingerprints, electronic signatures, passwords, or whatever other data that can be utilized to get access to a person’s financial resources, stolen and sold on the dark web, or utilized by criminals/offenders for quick and easy profit gain.
The identity crisis is prevalent and predominant across all industries yet no other industry has been as soundly in the hot seat as financial services. The financial services industry is one that routinely handles very delicate and extremely sensitive and private data for individuals and organizations. Public scrutiny of its policies, encounters, and experiences with ensuring clients and their sensitive data has known no restrictions. This is understandable and reasonable, given that the financial arena is one in which people are at great risk for seeing sensitive information compromised.
Consumers live in steady and constant fear about unauthorized persons accessing their credit card numbers, bank account data, and other financial data. As an industry that depends on customers’ trust and confidence, the mounting public concern has put the crime at the highest point of the agenda for the finance sector.
Identity theft’s negative impacts and effects frequently involve finances, yet there can be different outcomes, and consequences, as well, including an emotional and psychological toll. For instance, if a thief perpetrates a crime and gives your name to police – something known as criminal identity theft – and authorities arrest you subsequently, well, you can imagine the subsequent stress, as well as disruption to your life until you’re ready to resolve the situation.
For 2015 and 2018, identity theft insights have become the overwhelming focus among the numerous details and certainties enveloping the whole domain of cybercrime. While ransom-ware gains more attention, identity theft remains much easier to pull off, adapt and monetize. The financial services industry is one that routinely handles very delicate and extremely sensitive and private data for individuals and organizations.
As a major aspect of a standout amongst the most profoundly regulated industries in the world, organizations in financial services are progressively determined by the developing need to follow and comply with regulatory and legal requirements governing the trustworthiness, integrity, security, and privacy of the information they manage.
We live in a world of advanced digital wallets, e-commerce, online banking, and multiple social media platforms. This hyper-automated and computerized lifestyle is causing individuals to be more vulnerable to fraud than ever.
How Offenders Use Stolen Identities:
Offenders use exploited people with individual data in endless ways.
- They open a landline or cell phone account exploited people name.
- They open a bank account/financial balance in the victim’s name. They regularly open multiple accounts in numerous places and write bad checks on each.
- They open a new credit card account utilizing the exploited people name. This requires, aside from the candidates address, is generally a couple of snippets of data: the unfortunate casualties moms original surname, the victims birth date, and, sometimes, the victim’s government managed social security number.
- They steal the exploited people identity, assume control over his or her insurance policies, and make false claims and cases for pain and suffering suffered from auto accidents.
- They seek and file for bankruptcy under the unfortunate casualties name, to abstain from paying their own debts or to keep away from ousting.
- They submit fraudulent tax returns and fake government forms utilizing the victim’s identity and collect the refunds.
- They take out home loans or auto loans under the victim’s name and residence.
- They submit applications for social security and government managed savings utilizing others identities/personalities (often those of people who have died), and get standardized social security payments.
NetFriday’s identity theft protection options help you protect and safeguard the identity, security, and privacy of your policyholders, clients, members, and employees. With our progressed and advanced solutions, you can discover how a customized program can help build brand reliability and loyalty, customer retention, and quickly generate long haul recurring revenue.
Early detection is the best security protection and is the primary line of defense in the fight against identity fraud and misrepresentation. With NetFriday identity theft protection solutions, you can offer your clients an integrated and coordinated platform that goes beyond basic and simple credit monitoring to provide comprehensive fraud, credit, Internet and card monitoring services coupled with 24/7 dedicated support.
NetFriday Consulting helps and enables trusted partners to protect their most valuable asset/resource – their client relationships – through secure, advanced, digital identity protection and resolution services that enhance/improve the value of existing products. The organization is reliably perceived as a leader in Identity Theft Protection.
Nowadays identity theft has turned out to be a standout amongst most lucrative criminal endeavors. Facilitated/Encouraged by the voluminous information available on the Internet/web to the individuals who know where to look, the reported incidents of identity theft have grown at an unprecedented/uncommon rate. Shockingly, while the victims of identity theft may invest years attempting to clear their credit histories, financial records, and criminal records, this crime is rarely prosecuted.
IMPORTANT FACTORS THAT CONTRIBUTE TO IDENTITY THEFT:
- The ways that businesses/organizations and government agencies manage and oversee clients personal information
- The policies and practices of financial organizations in managing and dealing with fraud
HOW DOES IDENTITY THEFT IMPACT AND EFFECT OUR SOCIETY?
Identity Theft is a developing illicit act that includes huge negative effects within our society. Its victims instantaneously lose their personal identity in merely seconds which permanently alters their future.
- An estimated 11.9 million people, representing 5% of all persons age 18 or older in the United States, experienced and encountered at least one type/sort of identity theft in a year time frame
- Its unfortunate casualties become frantic and stressed because they are aware that another person has access to their data and are capable of utilizing it any way they want to. In the interim, the victim isn’t knowledgeable of their thief.
- The identity thief can demolish their victim’s credit which will block the victim from living their life comfortably by doing such things as purchasing their own house and vehicle.
- The different methods that identity thieves/criminals use to steal their victim’s information are common means such as ATM machines, customized bank checks, driver’s license, personal mail, among others. Sadly, people are prone to end up the next identity theft victims since individuals depend on these sorts of methods consistently.
- Victims/Casualties of identity theft experienced physical and emotional consequences included stress, pressure, trouble sleeping, inability to concentrate, fatigue, and panic attacks.
- Numerous victims do endure huge financial problems, which can add to the emotional burden. Some sell possessions to pay for expenses/costs, while others pile up credit card debt.
The main three financial impacts/effects of identity theft were not being capable to get credit cards, being denied a loan and being in debt as a result of the wrongdoing/crime.
Effects Of Identity Theft On People:
- Identity theft costs U.S. economy billions consistently
- Consumers paid on average $1200 from their own pockets when the South Carolina Division of Revenue was breached
- Personal misfortunes due to identity theft in 2012 outpaced misfortunes from all other property theft combined by over $11B
- Identity thieves and fraudsters are very much resourced, advanced, sophisticated and change constantly to avoid detection and recognition
- The most vulnerable/defenseless are children, parents (often due to cyber conduct of their children), veterans, older adults, active military, and small businesses
- More than 60 percent of small business has been hacked
As more information is exchanged/traded and stored offline and in the cloud, cybercriminals are becoming bolder and utilizing ever more advanced and sophisticated procedures to steal personal data to perpetuate/take multi-step frauds. It is no longer prudent to share immense amounts of data and simply hope that it doesn’t get lost or misused.
Identity Theft, Fraud, And Abuse Are A Serious Threat To Our Economy:
Identity theft can happen to anybody and lead to a number of problems. Identity theft can be in excess of a problem – supplanting credit cards, closing bank accounts, or changing passwords. However, for certain victims, it can be a life-altering experience that also causes serious emotional issues and can even drive some to consider suicide.
It can damage your credit and preclude you from loans, slow down your tax refund, and drain your bank account – to name but a few outcomes. In progressively serious cases, it can even get you wrongfully arrested.
Here are some of the main problems which victims face due to identity theft are:
- Financial/Monetary Problems
- Credit Issues
- Benefit Losses/Misfortunes
- Legal Problems/Issues
- The Genuine and Real Cost of Identity Theft
- Effects of Social Security Income Credits
- Slow Down Tax Refund
- Causes Auto Insurance/coverage Rates to Rise
A growing number of employees/representatives are taking time away from work to resolve and determine creditor disputes, recoup cash and tie up the myriad issues presented by fraud. This, in addition, the stress of identity theft, can prompt thousands of lost hours of employee productivity/profitability each year, contingent upon the extent of the organization.
Employee benefit/advantage providers today face the unique and remarkable challenge of keeping current client relationships while developing new business in a stagnant economy. It’s no longer enough and compelling to offer fundamental protection when there is a growing threat of identity breach and fraud.
The financial hardships that might be brought about by identity theft can keep going for months or years after your own personal data is exposed/uncovered. Contingent upon the type of data identity thieves put their hands on. Through account takeover, identity thieves can likewise take over your investment and other financial accounts, the effects of which could influence your retirement, your mortgage, and your child’s education.
With the advent of mobile and internet banking, the quantity of banking frauds in the country is on the ascent as banks are losing a lot of money. Identity theft and fraudulent activities inflict severe and extreme financial challenges on banks and their clients; likewise, diminish the measure of cash accessible for the improvement of the economy.
It is a matter of serious concern that the audit frameworks common in banks have not demonstrated compelling in detecting fraud and extortion cases because of factors like inadequacy and deficiency of time allotted for audit, an inefficient sampling of transactions to be checked amid audit, the absence of trained personnel with the required aptitude for audit work.
The basic reasons for frauds observed in the banking sector include siphoning and diversion of funds, though deceitful and fraudulent documentation and absence/over-valuation of collateral were referred to as the main purposes for fraud in retail banking. In this way, in nutshell, inadequate and lacking measures to avoid banking fraud is the essential and primary reason behind far-reaching identity theft and frauds.
- Unauthorized and Unapproved emails requesting account data for refreshing and updating bank records are sent by fraudsters. The client data is then abused for misusing reserves/funds.
- Access rights for making entries are given to unauthorized and unapproved people.
- Bank representatives keep original Fixed Deposit (FD) receipts with themselves and hand over phony and fake FD receipts to customers. They at that point revoke FDs by forging signatures.
- Lost/stolen card: It alludes to the utilization of a card lost by an authentic and legitimate account holder for unauthorized/illegal and illicit purposes.
- Account takeover fraud/extortion: An individual unlawfully/illegally acquires individual data of substantial customers and takes control of the card account.
- Burglary/Theft of valuables: Fraudsters open bank lockers to take key impressions of different lockers and afterward utilize duplicate and copy keys to steal assets/resources.
The Internet/Web has helped fuel the spread of ID burglary/theft. Criminals for quite a long time have looked and sought to benefit from identity tricks/scams, however, it used to be that they needed to appropriate paper documents from record rooms or sort through your trash to discover individual data and personal information.
As the disease of identity theft and fraud in banking and financial organizations reaches the dimension of an epidemic, prevention will require a new dimension/level of collaboration to eliminate/wipe out the spots that fraud has found to hide, spread, and fester, while compelling and effective detection and resolution will become more important compare than ever before.
NetFriday delivers/conveys ongoing monitoring, observing, fast alerts, and recovery services to help secure against ID theft. You can sit back and relax realizing we have proven identity, privacy, and credit security solutions. We combined advanced and propelled detection technology, real-time and constant alerts, 24/7 support, and identity recovery with years of experience to get the job done.
NetFriday Consulting is focused and committed to providing the most comprehensive and extensive service in the market. Using patent-pending monitoring technology and providing our unique resolution ensure, NetFriday customers can rest assured that their identities are safe and protected.
At NetFriday, we go above and beyond to achieve and accomplish a successful resolution – responding, reassuring and ultimately recovering our customers’ data and more importantly, their identities and reputations.
NetFriday monitors a full-scope of credit and non-credit data that are used to commit fraud. It scours public and private databases, web-based social networking channels, and the Web black market for the presence and possible misuse of customer identities and credit information.
Our solutions can help and support you by:
- Guarding all your information
- Keeping cybercriminals out of your business data
- Diminishing employee mistakes/errors that could prompt ID fraud
- Keeping client data secure
On the off chance that NetFriday distinguishes conceivably corrupt movement, your customers receive an alert pursued by access to 24/7 full resolution support from our experienced fraud specialists who will help them consistently every step of the way. We always keep a watchful eye on both credit data and your customers’ online reputations.
NetFriday Consulting is a successful and effective provider of advanced digital identity protection solutions and resolutions for financial organizations. For over years, NetFriday Consulting has also provided best-in-class, profoundly versatile, highly scalable, award-winning identity theft, privacy and credit protection and assurance solutions to businesses, consumers, and government agencies.
NetFriday emerged as a leader in all three categories for its Prevention, Detection, and Resolution capabilities. NetFriday Consulting distinguished itself through its breadth of abilities, giving both powerful and robust core functionality around credit, black market, and existing account monitoring and emerging features, for example, mobile data protection tools and digital fraud resolution capabilities.
We endeavor and work hard to guarantee that information doesn’t get stolen in the first place. Most organizations out there have solutions to help after a breach has already happened. While our solutions can likewise assist in that situation, our essential and primary goal is to guarantee that infringement don’t happen. We can help you in white-listing certain applications, and websites.
As a business, however, you may choose to have your data monitored to keep it safe and protected, such as credit cards, Mastercards, and other financial related records and accounts. Our solutions can do so much more than just monitor against ID extortion.
- Enables administrators to make white-lists
- Prevents remote takeovers
- Prevents SSL sniffing attacks, for example, man-in-the-middle
- Provides security software for enterprises and government offices
- Offers digital signature control features/highlights
- Keeps your ATM’s protected
- Provides application containerization
- Guards POS systems safe
NetFriday’s solutions are intended and designed for prompt and immediate deployment in case of data breaches. NetFriday distinguished itself by integrating data security tools to enable subscribers to secure their broader digital life. With NetFriday solutions, clientele benefit by the most strong, robust and unique identity protection and assurance solutions.
- Adherence to security models and standards
- PC assurance and protection online tools
- Comprehensive Social Media Identity Checking and Monitoring suite
- Rapid financial transaction checking and monitoring
- Rapid alerts and cautions delivered via phone, email, SMS and message pop-ups via mobile app
- One-click to call 24/7/365 identity theft fraud resolution team
- Keen and Intelligent Dark Web and black-market observing and monitoring
NetFriday’s identity theft and management solutions can make it workable and possible for financial services companies to meet complex difficulties. NetFriday’s mission and the central goal is to protect banking and financial organizations clients from identity crimes, and furthermore provides financial service professionals a deeper understanding of the fraud ecosystem, the impact and effect of identity theft on account holders, and what should be possible to fight back.
NetFriday’s Certified Protection Experts/Specialists offer comprehensive, 24/7 recuperation services. We can spare you literally hundreds of hours by finishing all the paperwork, making the calls, and dealing with every detail to ensure your identity is reestablished.
NetFriday furnishes an early cautioning system with instant notification when your personal data is at risk. With NetFriday’s propelled and advanced prompt alerts/cautions sent to your smartphone, tablet, or PC, you have the ability to act before any damage is done.
NetFriday’s Consulting provides designs and plans and processes in place for financial institutions in managing and dealing with the fundamentals/essentials of compliance and risk reduction which will empower them to pursue growth and cost-effectiveness.
Banking and Financial institutions that experience a data breach can select NetFriday Consulting as a pre-approved vendor to provide credit checking and other identity theft prevention solutions that will protect and secure individuals whose personal information has been compromised. NetFriday will promptly execute a planned response straightforwardly coordinated to the risk level of the exposure.
NetFriday Consulting, provider of ground-breaking, powerful, total, straightforward and worry-free identity theft solutions for consumers, businesses and organizations.
24/7 SERVICE AND SUPPORT
- Our in-house resolution center is staffed with experienced bilingual fraud resolution specialists/authorities and investigators who are accessible day and night to assist your customers.
- We don’t just simply hand our clients a cover of directions/instructions on how to resolve their concerns. Rather, our staff works with and on behalf of our clients with well ordered step-by-step solutions customized to their individual circumstances.
- In addition to a program development and advancement team that has the ability in your particular industry, our fraud experts have an average of eight years of fraud resolution experience and our fraud investigators average 8 years experience in the field.
NO POWER OF ATTORNEY/LAWYER REQUIRED
- When your clients are feeling most vulnerable, it’s our conviction that they shouldn’t be required to sign over lawful authorization by means of Power of Attorney to a complete stranger to work on their behalf. Our procedure empowers NetFriday to begin working on resolution promptly – not waiting days or weeks for a Power of Attorney document/archive to be executed.
- NetFriday has been the beneficiary of a number of American Business Awards for Customer Service Satisfaction/Fulfillment. In fact, the NetFriday Resolution Center gets good grades in customer satisfaction from resolution victims, achieving 99-percent satisfaction rates.
Impact On Company's Business:
NetFriday Consulting has reacted to the challenge of this complex and constantly changing identity theft environment with new, upgraded and enhanced services to help consumers and businesses better minimize their risk of exposure, identify victimization as quickly as possible and successfully mitigate the damage. We’ve set the standard for magnificence in our industry and pioneered new trails in the fields of identity management and breach services.
Banks and credit associations are looking for new opportunities/chances to improve customer loyalty, customer acquisition rates, and boost their brands. At NetFriday we provided identity management and protection services for personal banking clients, along with data breach defense solutions for business clients, and many value-added options for financial institutions.
Financial organizations which have selected and opted comprehensive identity theft protection solutions from NetFriday Consulting has defeated and overcome all types of data breaches within a short span of time. Our propelled and advanced identity theft solutions not only save your financial institution money as well as help you emerge among other financial institutions.
NetFriday’s identity theft protection solutions can help your financial institution to diminish identity fraud costs and differentiate your company by furnishing clients with the assurance they are looking to associations like yours to purchase.
NetFriday Consulting additionally helped financial organizations with advanced and cutting edge identity theft protection solutions such as:
- Automated and Mechanized analysis tools
- Deep and Profound learning
- Data visualization tools and solutions
- Sector-oriented benchmarking solutions
- Behavioral analytics and investigation
- Internal audit work
With Netfriday’s advanced and propelled identity theft solutions financial institutions are enhancing and upgrading their processes, controls and fraud risk management frameworks to minimize and limit the opportunities for fraud as well as reduce the time taken in their recognition.
By utilizing NetFriday’s high end and adaptable identity theft solutions numerous financial institutions are actualizing and implementing their fraud control and reporting systems to generate data in a way that the level of fraud recognized, prevented and actual misfortunes/losses incurred are identified. This methodology has enabled the benefits of skilled resources and automated tools to be quantified more precisely.
NetFriday’s identity theft solutions can assist financial institutions to set new principles and standards for product and service delivery that not only satisfy and fulfill customers as well as guarantee regulatory compliance and help them remain ahead in their business.
Advantages Of Using NetFriday's Identity Theft Protection Services:
- Digitized and automated account opening systems
- Biometric products for enlistment, enrollment, stockpiling and verification of reports and documents
- They perform progressing and ongoing monitoring of improper utilization of identity. They check credit reports from the three major credit bureaus every day and advise you if they detect any changes.
- Plans include checking and monitoring of unauthorized and unapproved use of your Social Security number, debit cards, credit cards, and even suspicious loan activity that can cost you serious money.
- An identity theft protection service likewise examines property records, postal address databases, and other public records to track any signs of identity theft and fraud.
NetFriday helps and enables financial organizations and online businesses to change this trend by making their frameworks more secure, confirming and authenticating their clients with more than personally identifiable information (PII). NetFriday’s new verification and authentication frameworks with passive biometrics and behavioral analytics guarantee that clients are identified by their online conduct, rather than by PII such as Social Security numbers, names, addresses, locations and more.
NetFriday’s identity theft and management solutions deliver comprehensive capabilities for checking, monitoring, tracking, reporting on, following, and examining access to relevant information and resources can help limit the risk of non-compliance.
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