Identity Theft Insurance

The loss exposure from identity theft is increasing, along with ever-evolving methods that identity thieves utilize. Where identities were previously stolen one by one, criminals are increasingly stealing
massive amounts of them in a single blow. 

The Federal Trade Commission (FTC) processed 1.4 million fraud reports in 2018, totaling nearly $1.5 billion in losses. In their report, the FTC stated that the most common categories for fraud complaints were identity theft and imposter scams, with credit card fraud as the most widespread identity theft cases. Fraudulent tax returns to claim a refund are also prevalent.

Most unendorsed homeowners policies do not cover identity theft, creating a significant coverage gap. At McCurdy Group, we are very concerned about this loss exposure. That’s why we encourage our clients to consider identity theft insurance options. This coverage can be purchased as a stand-alone policy or as an add-on to a homeowners policy. These policies are not meant to pay for the fraudulent charges or accounts themselves; they are meant to provide reimbursement of expenses associated with
the process of recovering from fraud.
 

Here are a few examples of covered expenses:

• Fees for reapplication and the reissuing of various identification documents such as passports, Social Security cards, and driver’s licenses.
• Loan application fees for reapplying if the initial application was denied due to the identity fraud.
• Reasonable attorneys’ fees for defense of lawsuits and related costs.
  

Identity theft is a crime that can have terrible consequences. However, with swift and thorough action—and the assistance and expertise of trained professionals— victims can regain control of their credit,
finances, and good name.

Identity theft insurance is worth considering and the cost runs from $25 to $50 a year, according to the Insurance Information Institute. Give us a call at 508-347-9343 and schedule a time to talk with us about Identity Theft Coverage. Identity Theft Insurance.

The Hacking of Equifax: Was Your Information Compromised?

What Happened. (As posted on the Equifax web site) - On July 29, 2017, Equifax discovered that criminals exploited a U.S. website application vulnerability to gain access to certain files. Upon discovery, we acted immediately to stop the intrusion. The company promptly engaged a leading, independent cybersecurity firm which has been conducting a comprehensive forensic review to determine the scope of the intrusion, including the specific data impacted. Equifax also reported the criminal access to law enforcement and continues to work with authorities. Based on the company’s investigation, the unauthorized access occurred from mid-May through July 2017.

What Information Was Involved. Most of the consumer information accessed includes names, Social Security numbers, birth dates, addresses, and in some instances, driver’s license numbers. In addition, credit card numbers for approximately 209,000 consumers and certain dispute documents, which included personal identifying information, for approximately 182,000 consumers were accessed. We have found no evidence of unauthorized access to Equifax’s core consumer or commercial credit reporting databases.

What Equifax is Doing. Equifax will send direct mail notices to consumers whose credit card numbers or dispute documents with personal identifying information were impacted.

Also, Equifax has established a web site, https://www.equifaxsecurity2017.com/potential-impact/, where you can check if your personal information is potentially impacted. The process is easy to do. Simply click on the link, “Check Potential Impact,” and provide your last name and the last six digits of your Social Security number.

Based on that information, you will receive a message indicating whether your personal information may have been impacted by this incident.

Regardless of whether your information may have been impacted, Equifax provides the option to enroll in TrustedID Premier, a complimentary identity theft protection and credit file monitoring program.

Equifax also recommends that consumers be vigilant in reviewing their account statements and credit reports, and that they immediately report any unauthorized activity to their financial institutions.

Additionally, Equifax recommends that people monitor their personal information and visit the Federal Trade Commission’s website, www.ftc.gov/idtheft, to obtain information about steps they can take to better protect against identity theft as well as information about fraud alerts and security freezes.

Suggestions from the Federal Trade Commission include:

·      Check your credit reports at www.annualcreditreport.com. You can order a free report from each of the three credit reporting agencies once a year.

·      Consider placing a credit freeze. A credit freeze makes it harder for someone to open a new account in your name.

·      If you place a freeze, you'll have to lift the freeze before you apply for a new credit card or cell phone - or any service that requires a credit check.

·      If you decide not to place a credit freeze, at least consider placing a fraud alert.

·      Try to file your taxes early - before a scammer can. Tax Identity Theft happens when someone uses your Social Security number to get a tax refund or a job. Respond right away to letters from the IRS.

·      Don't believe anyone who calls and says you'll be arrested unless you pay for taxes or debt - even if they have part or all of your Social Security number, or they say they're from the IRS.

Protecting Customers by Shredding Documents

Identify theft is one of the most organized and costly crimes today. With the number of claims increasing every year, it can happen to anyone at anytime. Identify theft occurs when thieves acquire personal information to create fraudulent accounts and make financial transactions at the victim’s expense. The most common way to acquire such important information is by searching through trash for documents with names, social security numbers, bank account numbers, etc. Although identity theft cannot be completely prevented, there are many easy ways to minimize risk.

Paper shredding is a simple, but very important part of protecting customers and employees of a business. Shredding valuable documents is essential to our customer’s security at The McCurdy Group. Destroying these documents eliminates the risk of thieves searching through dumpsters or discovering our customers’ precious information. Before shredding, all paper documents are kept in a locked room and out of reach. After shredding, the paper is recycled and the private information remains protected.

Other tips to protect yourself from identity theft:

• Bring in your mail daily from the mailbox
• Immediately report lost/stolen credit cards
• Safely store social security cards, birth certificates, and other valuable documents
• Be careful what information you send in emails/post on the internet
• Monitor your bank accounts and credit card usage

Make Your Computer Safe from Identity Thieves

Here are some tips to reduce the chances of compromising your computer:

• Update your computer to include the latest virus protection software and use a firewall
• Avoid downloading files from strangers or clicking on unknown hyperlinks
• Use a secure browser
• Don't store financial information on your laptop
• Avoid the use of an automatic log-in feature
• Delete personal information before you dispose of a computer
• Read website privacy policies
• Avoid phishing, which is a scam that uses spam or pop-up messages to deceive you into disclosing your personal information.