What is it, you ask? It refers to places on the internet that are not indexed by search engines that you or I would typically frequent such as Google, MSN, etc. This is a very sophisticated shopping mall for identity thieves. Consumer data is sold illegally and becomes a one stop shop for a variety of cybercrimes.
The Dark Web
By: Becky Sill, CIPA
LegalShield | IDShield, Independent Associate Becky @ BeckySill. com www. BeckySill. com
What is it, you ask? It refers to places on the internet that are not indexed by search engines that you or I would typically frequent such as Google, MSN, etc. This is a very sophisticated shopping mall for identity thieves. Consumer data is sold illegally and becomes a one stop shop for a variety of cybercrimes.
According to conference presenters the cost of a stolen credit card can range from $ 15- $ 50 with platinum cards fetching a premium. The dark web also offers compromised bank accounts, health records, credentials, and forged documents. But wait, there’ s more …… identity thieves can buy entire wallets complete with credit cards, driver’ s licenses, and documents like Social Security numbers and birth certificates – EVERYTHING a criminal needs to create a new identity.
What happens once they have the data? That’ s a tough question because it is only limited by one’ s imagination and malicious intent. The common identity theft we think of is credit card and financial fraud, applying for tax refunds or benefits owed to the victim. However they are also after account logins and passwords that give them access to other information for financial gain.
How can identity theft impact a small business? Small businesses don’ t typically have the resources to focus on security or take time to put policies in place to protect their customer’ s data making them an easy target. With the use of automated tools, it’ s easier than ever before. Presenters at the conference noted,“ Information available for sale on the dark web is up to 20 times more likely to come from an entity whose breach wasn’ t reported in the media. Many of these are smaller retailers, restaurant chains, medical practices, school districts, etc. In fact, most of the breaches the U. S. Secret Service investigates involve small businesses.”
If a small business has a breach of customer data, they are likely to lose their customer base. Being a small business, consumers have options to go somewhere else where they feel safe. Loss of customers means fewer sales and a small business may be looking at closing their doors.
How to protect your business: Limit the collection of customer data to only what is required to conduct business; know how your customer information is being used, stored and discarded, educate your employees, keep your customer information secured and have a policy in place for handling of consumer information.
Resource: FTC
Synthetic identity theft is another form of fraud when the identity thief combines fictitious information with a real social security number. It is noted that 50 % of synthetic identities involve a child’ s social security number. Due to the fictitious information is makes it even more difficult for the victim to resolve the issue.
21 MOMENTUM / Holiday 2017