Obamacare, McAfee Protection, Iraq Casualties, Common Errors, Medical ID Theft
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Prediction: Obamacare 1099 Provisions Will Lead To Identity Theft Explosion
news.coinupdate.com
Public Law 111-148, the Health Care Reform Act, contains a number of revenue raising provisions buried in the back of the legislation. In my judgment, the new IRS Form 1099 requirements found in Section 9006 of this law will have the unintended consequence of leading to an explosion of identity theft!
What this means for the millions of businesses in the US is that they will have to obtain confidential tax information from almost anyone who provides a good or service, even if the first transaction in a calendar year is under $600, in order to avoid paying a penalty if a 1099 Form is eventually required. Once this information is obtained, each of the businesses must follow the legal requirements for protecting this confidential information in order to avoid a penalty for violating these regulations.
Other provisions of this new law require businesses to withhold part of the payment if the other party refuses to supply this confidential tax information. The withheld funds are then to be transmitted directly to the Internal Revenue Service for credit to the tax liability of the other party (if it is even possible to match up in the absence of the confidential tax number)…more…
McAfee, Inc. Launches the First Comprehensive Personal Identity Protection …
www.marketwatch.com
McAfee, Inc. , the world’s largest dedicated security company, today announced that it has launched McAfee(R) Identity Protection, one of the most comprehensive and easy to use identity protection services on the market. The product features proactive identity surveillance which keeps consumers’ identities safe by providing multiple layers of protection, including monitoring the major credit reporting agencies and public records as well as Internet scanning for indicators of identity theft.
Javelin Research reports that individuals who took six or more months to detect fraud suffered more than 14 times the cost of those victims who discovered fraud in its early stages.(1)McAfee Identity Protection alerts users of potential threats to their identities, ultimately saving them both time and money.
“There have been more victims of identity theft in the last year than any other time in the past six years(2)and consumers repeatedly rank identity theft as a top concern because of the substantial remediation costs,” said Todd Gebhart, executive vice president of McAfee consumer, mobile and small business. “To address this market need, McAfee has created a product that is truly customer-focused and proactive. We put victims first, offering a best-in-class fraud resolution service that provides unlimited support, and the strongest collection of identity monitoring and alerting capabilities in the industry. In combination with a McAfee PC security suite, McAfee Identity Protection offers complete personal and online identity protection.”…more…
Woman Pleads Not Guilty to ID Theft Using Names of Iraq Casualties
www.wbay.com
One of the three defendants accused of an identity theft plot using the names of Wisconsin service members killed in Iraq pleaded not guilty to the charges.
Tina Mitchem of Milwaukee waived her right to a preliminary hearing in Oneida County Wednesday morning and entered the not-guilty pleas to two charges; Misappropriating identity information for money — a felony — and obstructing a police officer — a misdemeanor.
She was ordered to stand trial, and a pre-trial meeting was scheduled for late August.
Two men also charged in the alleged plot, James Larson and Bobby McLeod, both of Green Bay, are scheduled to enter their pleas on Monday.
Prosecutors say the three tried to pass fake checks with the names of three fallen military members from Wisconsin.
They were arrested in May for probation violations after a routine traffic stop, and a search of their car found blank checks, computers, and a printer…more…
Identity Theft – Common Consumer Errors
www.redroom.com
The major problem that consumers face today is a fundamental lack of understanding of what identity theft actually is. Most people think of identity theft as when someone uses your credit card without your permission. Fraudulent credit card use is certainly a multibillion dollar problem, but it’s only one small part of the identity theft threat. A comprehensive understanding of what identity theft and what it is not empowers citizens to make informed decisions about how they should protect themselves.
People who have been victimized by identity theft often have a difficult time functioning as a result of their circumstance. Some deal with minor administrative annoyances whiles others suffer financial devastation and legal nightmares.
No one is immune to identity theft:
A woman contacted me who was previously a very successful real estate agent and the president of her local real estate group. She had climbed the ranks from sales to broker/owner and oversaw dozens of employees. A former boyfriend stole her Social Security number and his new girlfriend used it to assume her identity. Over the course of five years the ex-boyfriend and his new girlfriend traveled the world on stolen credit and destroyed the real estate agent’s ability to buy and sell property. Her real estate license was suspended and her life was turned upside down.
Awareness is key:
Do you carry your Social Security number or a Social Security card in your wallet? Do you provide this number to anyone who asks for it? The most commonly dispensed advice in response to these questions is: don’t carry the card and don’t give out the number. But in reality, there are many times when you have to use your Social Security number. Because this number is our primary identifier, we have to put it at risk constantly. Refusing to disclose your Social Security number under any circumstances is like refusing to eat because the food might be bad for you. There are always risks. The key is managing those risks and making smarter decisions…more…
The Only Kind of Identity Theft That Could Kill
www.securitymanagement.com
When it comes to identity theft, one of the fastest-growing concerns is the improper use of medical information, according to a recent Ponemon Institute study. Costs for victims can be particularly high, and the crime can take especially long to recognize, the study said.
About 1.5 million Americans have suffered from medical identity fraud, according to the study, but it still constitutes a relatively small part of overall ID theft. About 9 percent of Americans have been victimized by ID theft, according to Ponemon; only 6 percent of those cases concerned medical ID fraud.
But medical theft costs are particularly high. The total cost to consumers is about $29 billion, or about $20,000 per person. Effects can also include medical dangers, including misdiagnoses because the medical history now includes items that weren’t really tied to the patient’s own medical services. This can be particularly damaging in emergency situations in which a patient can’t answer questions, says Mike Spinney, a Ponemon senior privacy analyst. Some say “it’s the only kind of ID theft that can kill.”…more…
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