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