Electronic Pickpocketing Hype Banks on Your Fear!
Electronic Pickpocketing is Possible, but Over-Hyped.
There is a new wave of hi-tech identity theft that allows thieves to steal your credit card information using inexpensive technology to intercept credit card (and sometimes even passport) information without even touching your wallet. Watch the video to the left or read our Electronic Pickpocket post to learn the basics.
And make sure you pay attention to the fact that the person they are interviewing for the news piece in the video MAKES MONEY FROM YOUR FEAR OF ELECTRONIC PICKPOCKETING! The gentleman they interview runs a company that makes shields for your credit cards and passports to stop electronic pickpocketing. I’m not saying that the products don’t work or aren’t somewhat valid; I’m saying that you have to take this gentleman’s perspective into consideration before buying the hype. He benefits from your fear, so do a little more research before you go gettin’ all paranoid.
The amount of hype this old form of theft is receiving (yes, this has been possible for years, despite all of the attention it’s getting now) is a bit overblown. Here are just a few reasons why:
- The person being interviewed in the video benefits from your fear of electronic pickpocketing.
Identity Theft Scam Stole Millions – Pennies at a Time
The FTC just busted a long-running internet scam where offshore thieves set up virtual companies and stole millions of dollars from US consumers one small charge at a time.
“It was a very patient scam,” said Steve Wernikoff, a staff attorney with the FTC who is prosecuting the case. According to him, the scammers found loopholes in the credit card processing system that allowed them to set up fake U.S. companies that then ran more than a million phony credit card transactions through legitimate credit card processing companies.
The fraudsters were able to fly under the radar for so long because they only charged consumers between $ .25 and $9 and set up over 100 fake companies to pull off these transactions. In this specific case they charged over 1.35 million credit cards a total of $9.5 million dollars – those nickles and dimes really add up! Shockingly, 94% of these charges went undetected by the credit card holder because they didn’t notice an unusual charge on their credit card statements and fraud detection agencies rarely detect anything under $10.
With more and more credit cards being accepted for smaller purchases (e.g., soda machines and parking meters) thieves have taken this opportunity to cash in on the frequency of these charges. While 6% of the charges were detected and reported, the huge number that didn’t even realize they had an unauthorized charge shows how lax we are about checking our statements. Here are some simple steps you can take to catch fraud early:
New Item: Identity Theft Prevention and Recovery Workbook!
Identity Theft Prevention and Recovery Workbook
$10.95* (Including Shipping) – Click Here to Order!
Order your copy Today to get our special introductory pricing!
The #1 recommendation to prevent Identity Theft is Education. Know what to look for and the steps to take to fight Identity Theft. If you have been a victim, learn which steps to take and in what order to recover your Identity quickly, accurately and safely!
Identity Theft is on the rise and according to Javelin Strategy & Research there were a staggering 11.1 MILLION Identity Fraud victims in 2009 alone. The cost of this handbook is well worth the price of protecting your most valuable asset, your Identity!
This 20 page Workbook includes:
Part I – Prevention
This 10 phase process of Preventing Identity Theft Includes:
- Protecting your credit.
- Knowing what is in your wallet.
- Securing databases and physical documents.
- Being safe when mobile computing.
- Protecting Online presence.
- Travel Safely.
- Social Engineering awareness.
Part II – Recovering from Identity Theft Basics
This 17 step process to recovery your Identity includes:
- Top 15 ways to detect Identity Theft.
- Contacting banks, creditors and credit reporting agencies
- How to keep an accurate Dossier.
- Credit Freezes, Fraud alerts and credit monitoring services.
Auto Document Storage
SentrySafe AutoSafe
The Privacy Problem: Thanks to laptops, smart phones, DVDs and a deluge of other data-holding mobile devices, we carry as much sensitive data with us as we keep in our homes and offices. These devices are at a much higher risk of theft when they are in transit.
The Privacy Project: To help you better protect identity-bearing devices while they are being transported and stored in your car (RV, boat, etc.). The solution…
Identity Theft Speaker
Some readers might not know that I was a two-time victim of identity theft for losses of more than $300,000. That is the reason I wrote Stolen Lives and that I am now a professional identity theft speaker. I don’t promote my services any more than necessary on my blog (I leave that to my commercial website which deals with my profession as an identity theft speaker and expert). Quite often, however, I have blog readers requesting to see a preview video of my speaking. To satisfy that request, I’ll post a copy of my identity theft speaker preview video below. By the way, I learned the value of linking my YouTube videos, my blog and my website from an amazing SEO guy named Steve Mertz. Check out his SEO advice.
Identity Theft Prevention in a Hotel
I just finished giving an identity theft prevention and data privacy speech for Pfizer and one of the questions I received was how to protect your laptop, passports, client files, etc. when you leave them behind in your hotel room. I’ve blogged on this before, but thought that I would post a quick video reminder on protecting your identity in a hotel room. We are at such a greater risk of identity theft when we are traveling that it is worth taking a second look at your habits.
For more tips of this type, please visit my YouTube Identity Theft Expert Video Channel at www.YouTube.com/JohnSileo. It is relatively new, but my office is working diligently to add content every week. Some people like to read, some like to watch, so I will continue to add blogs of both types. Travel wisely this summer.
Sileo In the Media
Privacy Project Newsletter
Tools and tips for bulletproofing yourself against identity theft, data breach and corporate espionage. Subscribe to the newsletter and get John Sileo's 7 Survival Strategies for Starving Data Spies for FREE!
