Tuesday, February 17, 2015

Identity Theft and The $1B Bank Heist

In my professional opinion this is a very good example of the type of threat posed by Identity Theft, because, like most Identity Theft victims, the crime was not discovered until well after the fact.

I heard a story very much like this around 1991. A large multinational corporation was robbed by multiple wire transfers that occurred in a few seconds or less. The theft was something like $300 Million. I had happened years before the story went out. I remember it shocked me to learn that the theft was not reported because the company did not want to startle its shareholders.

So they lost $300 Million back in the late 80s and didn't want to say anything.

Now several banks have collectively lost $1 Billion and could not say anything, not because they didn't want you to know, but because they themselves did not know.

If you saw Superman III you understand the idea behind this. If you have been a victim of Identity Theft, particularly non-financial Identity Theft, then you know what can happen.

Now the two have been combined. If you saw the reboot of Battlestar Galactica you can appreciate why Commander Adama ordered "There will be no networked computers on this ship."

If you argued with your Grandparents that you had to lock your door or your car, you need to understand now that you must have an Identity Theft Restoration service. Just like you pay for water, which again used to be free from a well.

This is the 21st Century. Times are changing. Rapidly. Be aware.


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