In a nutshell, some Vietnamese man just plead guilty to stealing and selling the personal and financial identity from MILLIONS of Americans.
Checked your credit file lately?
An article in The Fiscal Times tells of Hieu Minh Ngo, who recently plead guilty to running an identity theft ring, where he sold the personal and financial information of MILLIONS of Americans. Hieu reportedly sold data to more than 1,300 “customers” who paid close to $2 million for Social Security numbers, birth dates, addresses, and other sensitive data.
According to Javelin Strategy & Research, one in three customers who get notices that say their identity has been compromised end up being victims.
Do I have your attention now? Read on…
According to a blog post by security expert Brian Krebs, the information was stolen from a company owned by Experian, the credit agency.
What else: Ngo is reported to have sold data to more than 1,300 “customers” who paid close to $2 million for Social Security numbers, birth dates, addresses, and other sensitive data.
Except for testifying at a Senate hearing on the incident last December, Experian has declined to comment on the case.
Why this is important: Identity theft continues to be a growing crime. An estimated 13.1 million Americans were victims of identity fraud last year, according to the 2014 Identity Fraud Report by Javelin Strategy & Research. That number does not include the 110 million debit and credit card records accessed during the Target data breach over the holidays.
You do the math: Let’s be real here. With your identity compromised you could go to jail for something you took no part in; be financially responsible for products you never purchased; never be able to purchase a home or get a decent job…Need I say more?
To find out what this means to you and how you can prevent becoming a victim in the future, read the article at Yahoo Finance here.