NCL’s “State of ID Theft” Conference To Put National Spotlight on Continuing Problem
For thirteen years, the crime of identity theft has generated more complaints to the Federal Trade Commission than another other fraud. In 2012, more than 12 million Americans were affected by identity theft, costing the U.S. economy $20.9 billion. Every three seconds, a consumer’s identity is comprised by this pernicious crime.
Seven years ago, President George W. Bush, recognizing the seriousness of the threat of ID theft, created the federal Identity Theft Task Force. Made up of eighteen federal agencies, the task force was charged with implementing a range of recommendations to address the threat of ID theft. The task force made thirty-one recommendations, from reducing the use of Social Security Numbers by federal agencies, to improving coordination by law enforcement, to passing a national data breach notification standard, to name a few. The implementation of these recommendations by the federal government, as well as improved anti-fraud procedures in the private sector, have done much to make life harder on ID thieves.
Despite these advances, ID theft is still a major threat to consumers, business and the government. According to one conservative estimate, more than 1.1 billion records have been comprised by identity theft. Data breaches, which put information on millions of consumers in the hands of fraudsters, are still occurring at a rate of at least one per day.
Just as troubling, it appears that we may be on the cusp of a new wave of ID theft. With ever larger amounts of data being collected about consumers by government and the private sector, data breaches become more likely. Identity thieves are shifting towards scams that are harder to detect, such as tax-related ID theft and medical ID theft. And the criminal themselves — often located overseas — are becoming more professional and organized.
How will these new factors affect consumers’ vulnerability to identity theft? What can we learn from the last seven years of fighting this problem? What should consumers expect from regulators, law enforcement and the private sector as this crime evolves?
To examine these and other questions, the National Consumers League will be hosting our first State of ID Theft conference on December 12 in Washington, DC. The event will bring together some of the brightest minds in the country for panel discussion examining the continuing threat of ID theft and what can be done to better protect consumers. Headlining the conference will be a lunchtime conversation between FTC Chairwoman Edith Ramirez and Former Chairwoman Deborah Platt Majoras, who co-chaired the federal Identity Theft Task Force from 2006-08.
Registration is free but space is limited. Please RSVP here. For more information please contact John Breyault at email@example.com.