Identity Theft Secrets

From the "can't believe its true" file: No one under the age of 18 can legally purchase a home. However, a four year old baby as well as hundreds of other minors managed to provide tax payer identification numbers (TIN) as part of the qualification process in receiving U.S. federal tax credits reserved specifically for first time home buyers. "Through July 25, 2009, we identified more than 580 taxpayers younger than 18 years of age who claimed almost $4 million in First-Time Homebuyer Credits. The youngest taxpayers receiving the Credit were four years old. Contract law generally exempts children under the age of 18 from being bound by the terms of a contract. Therefore, it is unlikely that these taxpayers would have entered into an arm’s-length transaction for the purchase of a home." In other words, someone was using the unauthorized social security number of some unsuspecting victim for perpetrating identity theft fraud. So, while technically its not supposed to be possible for a 4 year old child to sign documents to purchase a home in America, we see again that it is quite entirely possible for identity theft to be committed using a tax payer identification number. Our tip for today is to pull a credit report and especially a public records profile (pip) on your children to insure no crafty identity theft fraudsters haven't already run a scam. PS: Please share this important identity theft tip with loved one or friend. This article may be published in it's entirety on your site. Article courtesy of http://www.idtheftsecrets.blogspot.com/

4 Yr Old & Kids Get $4 Million in Tax Credits to Buy Homes [Flickr]

$2.1m Identity Theft Ring Hits Fed Chairman Bernanke [Flickr]

In a law originally slated to take effect 11/1/2008, the F.T.C. has again delayed the beginning of enforcement for a third time. The latest delay gives identity theft criminals an additional 90 days to operate without impunity by businesses who are required to implement the F.T.C. written anti-fraud regulations mandated by the 2003 F.A.C.T.A. law. Apparently, according to the F.T.C., there is still confusion over whichbusinesses are required to comply even though the law has been around now for over 6 years & itself was an amendment to the much longer standing Fair Credit Reporting Act (F.C.R.A.) which also historically defines what firms are included: The Fair and Accurate Credit Transactions Act (FACTA) requiring “creditors” and “financial institutions” with covered accounts to implement programs to identify, detect, and respond to the warning signs, or “red flags,” that could indicate identity theft. Examples of the type of firms which are required to comply are: Finance companiesAutomobile dealers that provide or arrange financing;Mortgage brokersUtility companiesTelecommunications companiesNon-profit and government entities that defer payment for goods or servicesBusinesses that provide services and bill later, including many lawyers, doctors, and other professionals.While it may be considered ambiguous by these firms whether they should comply or not, to the credit of the F.T.C., a great wealth of resources - even including a special website - was provided to bring clarity and guidance for implementation. Evidently, powerful lobbying organizations such as the A.M.A. objected to the F.T.C.'s definition of them being included as "creditors" as early as September, 2008 even though there has been a consistent pattern of medical identity theft data breaches the past 3 years. So, while the lobbyists and the regulators continue to do battle over implementing very clear legal steps to protect all of us consumers from continued identity theft, the criminals and financial fraudsters have been given another green light signal to perpetrate illegal activities all the while knowing there is not much real commitment by our government to wage an all out war against them. As a result, our tip for today is to take matters under your own control - especially with medical identity theft as this one of the softest areas that identity thieves know they can exploit as "creditors" continue to delay or outright refuse to comply with regulatory efforts specifically designed to close the loop holes credit reporting and law enforcement has been frustrated with for years. Get your medical identity theft & personal information profile checked out today. Finally, make sure to tell a friend or family member of this important new development in identity theft fraud prevention. This article may be published in it's entirety on your site. Article courtesy of http://www.idtheftsecrets.blogspot.com/

Verizon Claims 9 of 10 Corporate Security Breaches Avoidable [Flickr]

For the Buzz from the latest Id Theft Secrets Blog updates, get the free widget to place on your website or start page. Help stop identity thieves from operating from behind the dark veil of knowledge hidden from the general public. Provided since 2002 by a former identity theft victim who's mission is to share the information and resources consumers can arm themselves to fight back against identity theft and credit fraud. Don't have a website - no problem - here's a quick and easy fix. Simply subscribe to Id Theft Secrets for your free, anonymous tips that everyone is buzzing about for years on Google, Yahoo, AOL, MSN, Ask, Delicious, Flickr, iTunes and many other important areas across the internet for grabbing your iPhone compatible mobile alerts.This article may be published in it's entirety on your site. Article courtesy of http://www.idtheftsecrets.blogspot.com/