It amazes me that many Real Estate Agents and Loan Originators are not using due diligence or have set up a defense system in place as required by FTC and F.A.C.T.A. to guard against an identity thief who is looking for you to lose, misplace, or allow access to customer information that can be used against them. These theives do not want their money or credit cards anymore, they want their identies. This means that keeping social security numbers out in the open for anyone that are not encrypted or secured, not shredded, or transmitting the contact information via email on an unsecured site or email. How about protecting your seller from someone stealing their mail while they are out of town, out of the house perhaps if they have relocated, or perhaps have prematurely sending out changes in mail forwarding. Theives want their information for this reason. If investigators find out that you were the source of the leak and did not do your best to protect your client information, you could be in violation of FACTA, and face legal challenges, fines, and even imprisonment under these new laws. Just Google the new laws in place and their impact to read up on the newest challenges we face.
Identity thieves want the information to in order to steal the maximum or protect themselves from criminal activity, and get you in trouble.
1. Assume the identity of the victim and fraudulently get a driver's license in their names. Imagine someone pretending they are you when they are pulled over in another state. You could have a warrant issued against you and not even know until police officers knock on your door.
2. Change forwarding address information to a Scam address, usually one out of state. This enables them to have purchases delivered in the short term, sometimes to the vacant home of the identity victim.
3. Contact Social Security Administration and obtain a new card with the new scammed address information. This can be used to get a job in your name by an illegal immigrant, or a registered sex offender masking their true identity.
4. Contact the victim's health care insurer to request a new card sent to the address. This enables the card holder to use your card for emergency or health care services. It would take months before this was figured out.
5. Contact credit card insurers for a new credit cards or lines not previously issued. Remember, they are not using your credit cards to buy things, they are using your information to get new ones. How long before they figure it out it is not you? Months! Guess what happens to the victims FICO score? Think you are protected or indemnified by your insurer? Read your insurance contract, or the credit card issuer's fine print. A Shocker!
As a loan officer, I became a victim of Identity Theft and made it a crusade on how to prevent this from happening again, and find ways to protect my clients and myself from future fraudulent actions. For those of you who are interested in more information, or my story, send me a response. Love to hear your stories on Identity Theft. More and more of us are starting to learn that this is not isolated, and not a fairy tale.
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