How To Tackle Identity Theft as a Remote Worker

There are more and more remote workers in the modern age. Companies are realizing how effective it can be to have their staff based at home and opening up the possibilities of employing people without having to worry too much about where they are based. Generally, most of the consequences that happen after your identity is stolen have some sort of financial gain for the criminal.

As a remote worker, it could be that someone is looking to steal your data to gain access to the company you work for. Organizations need to be especially careful. As an employee, this doesn’t fall solely on you, but it is important that you consider the best practices for keeping data safe.

How to Prevent Identity Theft

If you’ve found this article in advance of having to deal with the consequences of identity theft then there is still a lot you can do to hopefully ensure you never have to deal with it happening to you. If you are working for a large company or your data is particularly sensitive, it makes sense to outsource all of your online security. There are organizations that know exactly how to keep your ID safe and secure and can help both individuals and organizations, even large organizations might find that they are lacking in precautions.

The best thing to do for peace of mind is to work with the professionals and make sure that identity theft doesn’t become a big hassle for you in the future. Now, this might be a different story for business owners who work remotely. Many remote business owners get targeted for online identity theft. This can prove deadly for the business; many businesses fail right after they get their online security breaches.

It is essential for every company on the internet to implement security measures for it to succeed. This could be achieved either by outsourcing your identity security or, you can do it yourself. Even though it is advised to leave it to the professionals, you can still tackle this problem and be safe on the internet:The most important thing you should do is doing your research thoroughly regarding this issue.

It is essential because it not only involves buying software or implementing new technology. It also requires education and hours of reading and watching videos. Hence, it is more complicated than you think. You may find more information here.

There are some basic things you can do: Change passwords regularly and generate them rather than just use your cat’s name! People will find a way to get through basic and simple passwords so they should use a lot of different characters.  Never automatically trust a link that is sent to you. Check if the website is secure and don’t put any details in on a site that you have even one doubt about. Things like online banking are prime examples.

Always visit their sites through your browser rather than just clicking on a link in an email. This is prime for someone to take advantage of phishing. Have a high-quality anti-virus on your computer. If you are running a big company then you should definitely ensure you have access to this for all of your staff. Don’t mix work and personal life. A working computer should be for work and your personal devices should be for your own accounts on things. If you log into work emails on a laptop that is yours, and you don’t take the right precautions, you could be accountable if anything happens.

How to Tackle Identity Theft When it Happens

If the worst does happen and you find yourself a victim of identity theft, don’t panic. There are steps you can take to try and minimize the damage.  If you want to, you can contact the specialists. Again, there are specific companies who can deal with identity theft and help you to ensure that you deal with everything in the correct manner, rather than making mistakes along the way. You should look to get a fraud alert put on your credit report, this can limit the damage of any credit taken out fraudulently in your name.

Report to the FTC. This is one of the first steps you can take. There is a simple form that you can fill in on an FTC site, IdentityTheft.gov or you can call to speak to a member of staff. Try to gain as much evidence as you can when you are talking to them, ready to show exactly what is happening to your accounts. Go to your local police. Different police forces deal with the issues in different ways and the location where the offense happened might play a part, but authorities should be alerted straight away. Freeze credit cards and bank accounts. Stop anything negative from happening while you wait to establish what steps you are going to take.

Freezing lines of credit can allow you to ensure that you do not run up further debts without spending anything! Your credit card might be being used on the other side of the world. Change all of your passwords. One breach is enough to ensure that you should get new passwords for every account you have including social media. Alert your work if using a work laptop or if the ID theft is in any way linked. If you fear that these details could lead to issues for your workplace then there is no way you should keep it from them. If you need to, you can still contact specialists in identity theft who can walk you through all of the steps required to try to get your life back on track.

Conclusion

There is no denying that identity theft can have a huge negative impact on your life, and even on those close to you. If it isn’t properly dealt with then it could keep having an effect decades into the future. If you haven’t suffered from ID theft yet then you can take steps to ensure your security. If you are working with a company and are worried about their data then this is another reason to take security seriously.

Just a few simple precautions can make all the difference, and you need to know what techniques and tactics current fraudsters are using to try and steal your information.

By: David Lukić

Source: https://www.jobscan.co .

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  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

You need to have your guard up. Identity theft is becoming more sophisticated and people will always look for new ways to get your personal information. For a criminal, it can be very lucrative.

What Happens When Your Identity is Stolen?

Identity theft can lead to your data being sold. People sell it on the dark web, and this means that people all over the world could be using your data to borrow money, make applications, and even commit other crimes. Generally, most of the consequences that happen after your identity is stolen have some sort of financial gain for the criminal.

As a remote worker, it could be that someone is looking to steal your data to gain access to the company you work for. Organizations need to be especially careful. As an employee, this doesn’t fall solely on you, but it is important that you consider the best practices for keeping data safe.

How to Prevent Identity Theft

If you’ve found this article in advance of having to deal with the consequences of identity theft then there is still a lot you can do to hopefully ensure you never have to deal with it happening to you. If you are working for a large company or your data is particularly sensitive, it makes sense to outsource all of your online security. There are organizations that know exactly how to keep your ID safe and secure and can help both individuals and organizations, even large organizations might find that they are lacking in precautions.

The best thing to do for peace of mind is to work with the professionals and make sure that identity theft doesn’t become a big hassle for you in the future. Now, this might be a different story for business owners who work remotely. Many remote business owners get targeted for online identity theft. This can prove deadly for the business; many businesses fail right after they get their online security breaches.

It is essential for every company on the internet to implement security measures for it to succeed. This could be achieved either by outsourcing your identity security or, you can do it yourself. Even though it is advised to leave it to the professionals, you can still tackle this problem and be safe on the internet:The most important thing you should do is doing your research thoroughly regarding this issue.

It is essential because it not only involves buying software or implementing new technology. It also requires education and hours of reading and watching videos. Hence, it is more complicated than you think. You may find more information here.

There are some basic things you can do: Change passwords regularly and generate them rather than just use your cat’s name! People will find a way to get through basic and simple passwords so they should use a lot of different characters.  Never automatically trust a link that is sent to you. Check if the website is secure and don’t put any details in on a site that you have even one doubt about. Things like online banking are prime examples.

Always visit their sites through your browser rather than just clicking on a link in an email. This is prime for someone to take advantage of phishing. Have a high-quality anti-virus on your computer. If you are running a big company then you should definitely ensure you have access to this for all of your staff. Don’t mix work and personal life. A working computer should be for work and your personal devices should be for your own accounts on things. If you log into work emails on a laptop that is yours, and you don’t take the right precautions, you could be accountable if anything happens.

How to Tackle Identity Theft When it Happens

If the worst does happen and you find yourself a victim of identity theft, don’t panic. There are steps you can take to try and minimize the damage.  If you want to, you can contact the specialists. Again, there are specific companies who can deal with identity theft and help you to ensure that you deal with everything in the correct manner, rather than making mistakes along the way. You should look to get a fraud alert put on your credit report, this can limit the damage of any credit taken out fraudulently in your name.

Report to the FTC. This is one of the first steps you can take. There is a simple form that you can fill in on an FTC site, IdentityTheft.gov or you can call to speak to a member of staff. Try to gain as much evidence as you can when you are talking to them, ready to show exactly what is happening to your accounts. Go to your local police. Different police forces deal with the issues in different ways and the location where the offense happened might play a part, but authorities should be alerted straight away. Freeze credit cards and bank accounts. Stop anything negative from happening while you wait to establish what steps you are going to take.

Freezing lines of credit can allow you to ensure that you do not run up further debts without spending anything! Your credit card might be being used on the other side of the world. Change all of your passwords. One breach is enough to ensure that you should get new passwords for every account you have including social media. Alert your work if using a work laptop or if the ID theft is in any way linked. If you fear that these details could lead to issues for your workplace then there is no way you should keep it from them. If you need to, you can still contact specialists in identity theft who can walk you through all of the steps required to try to get your life back on track.

Conclusion

There is no denying that identity theft can have a huge negative impact on your life, and even on those close to you. If it isn’t properly dealt with then it could keep having an effect decades into the future. If you haven’t suffered from ID theft yet then you can take steps to ensure your security. If you are working with a company and are worried about their data then this is another reason to take security seriously.

Just a few simple precautions can make all the difference, and you need to know what techniques and tactics current fraudsters are using to try and steal your information.

By: David Lukić

Source: https://www.jobscan.co .

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  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

How Does Identity Theft Happen?

It is easy to assume that you have done the right things and won’t be a victim. Just changing your password from time to time isn’t necessarily enough. There are lots of ways in which people can steal your ID details online.

  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

You need to have your guard up. Identity theft is becoming more sophisticated and people will always look for new ways to get your personal information. For a criminal, it can be very lucrative.

What Happens When Your Identity is Stolen?

Identity theft can lead to your data being sold. People sell it on the dark web, and this means that people all over the world could be using your data to borrow money, make applications, and even commit other crimes. Generally, most of the consequences that happen after your identity is stolen have some sort of financial gain for the criminal.

As a remote worker, it could be that someone is looking to steal your data to gain access to the company you work for. Organizations need to be especially careful. As an employee, this doesn’t fall solely on you, but it is important that you consider the best practices for keeping data safe.

How to Prevent Identity Theft

If you’ve found this article in advance of having to deal with the consequences of identity theft then there is still a lot you can do to hopefully ensure you never have to deal with it happening to you. If you are working for a large company or your data is particularly sensitive, it makes sense to outsource all of your online security. There are organizations that know exactly how to keep your ID safe and secure and can help both individuals and organizations, even large organizations might find that they are lacking in precautions.

The best thing to do for peace of mind is to work with the professionals and make sure that identity theft doesn’t become a big hassle for you in the future. Now, this might be a different story for business owners who work remotely. Many remote business owners get targeted for online identity theft. This can prove deadly for the business; many businesses fail right after they get their online security breaches.

It is essential for every company on the internet to implement security measures for it to succeed. This could be achieved either by outsourcing your identity security or, you can do it yourself. Even though it is advised to leave it to the professionals, you can still tackle this problem and be safe on the internet:The most important thing you should do is doing your research thoroughly regarding this issue.

It is essential because it not only involves buying software or implementing new technology. It also requires education and hours of reading and watching videos. Hence, it is more complicated than you think. You may find more information here.

There are some basic things you can do: Change passwords regularly and generate them rather than just use your cat’s name! People will find a way to get through basic and simple passwords so they should use a lot of different characters.  Never automatically trust a link that is sent to you. Check if the website is secure and don’t put any details in on a site that you have even one doubt about. Things like online banking are prime examples.

Always visit their sites through your browser rather than just clicking on a link in an email. This is prime for someone to take advantage of phishing. Have a high-quality anti-virus on your computer. If you are running a big company then you should definitely ensure you have access to this for all of your staff. Don’t mix work and personal life. A working computer should be for work and your personal devices should be for your own accounts on things. If you log into work emails on a laptop that is yours, and you don’t take the right precautions, you could be accountable if anything happens.

How to Tackle Identity Theft When it Happens

If the worst does happen and you find yourself a victim of identity theft, don’t panic. There are steps you can take to try and minimize the damage.  If you want to, you can contact the specialists. Again, there are specific companies who can deal with identity theft and help you to ensure that you deal with everything in the correct manner, rather than making mistakes along the way. You should look to get a fraud alert put on your credit report, this can limit the damage of any credit taken out fraudulently in your name.

Report to the FTC. This is one of the first steps you can take. There is a simple form that you can fill in on an FTC site, IdentityTheft.gov or you can call to speak to a member of staff. Try to gain as much evidence as you can when you are talking to them, ready to show exactly what is happening to your accounts. Go to your local police. Different police forces deal with the issues in different ways and the location where the offense happened might play a part, but authorities should be alerted straight away. Freeze credit cards and bank accounts. Stop anything negative from happening while you wait to establish what steps you are going to take.

Freezing lines of credit can allow you to ensure that you do not run up further debts without spending anything! Your credit card might be being used on the other side of the world. Change all of your passwords. One breach is enough to ensure that you should get new passwords for every account you have including social media. Alert your work if using a work laptop or if the ID theft is in any way linked. If you fear that these details could lead to issues for your workplace then there is no way you should keep it from them. If you need to, you can still contact specialists in identity theft who can walk you through all of the steps required to try to get your life back on track.

Conclusion

There is no denying that identity theft can have a huge negative impact on your life, and even on those close to you. If it isn’t properly dealt with then it could keep having an effect decades into the future. If you haven’t suffered from ID theft yet then you can take steps to ensure your security. If you are working with a company and are worried about their data then this is another reason to take security seriously.

Just a few simple precautions can make all the difference, and you need to know what techniques and tactics current fraudsters are using to try and steal your information.

By: David Lukić

Source: https://www.jobscan.co .

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  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

It’s easy to think that identity theft isn’t too much of a big deal or assume that nobody could impersonate you so there’s nothing to worry about. Actually, once they have your details people can take advantage in a lot of different ways. Identity theft crime statistics are scary. 16.7 million people in America suffered some form of identity theft in the year 2017. That figure is continuing to grow. Billions of dollars are stolen every year using identity theft methods.

If you find yourself the victim of identity theft it might be impossible to recover all of the assets you have lost or the damage to your reputation or the company you work for. This means that identity theft is a huge issue that can impact years of your life. Also, people can commit crimes and run up debts in your name. This can leave you facing a legal battle in the future, too. Make no mistake about it, identity theft is incredibly rife and can make an impact for a number of years in the future.

This is not something you will necessarily have out of the way in a matter of weeks. Even if you contact the authorities and explain that you have been the victim of identity theft, the onus might be on you to prove this. Cybercrime is on the rise. 3.2 million identity theft, cybercrime, and other forms of fraud were reported in 2019. As you can see from this article, almost half of the time when people stole someone’s identity, they applied for a credit card. This debt doesn’t automatically get written off. You will need to prove that you were a victim of fraud and take action if this happens to you. Until then the debts could be in your name.

How Does Identity Theft Happen?

It is easy to assume that you have done the right things and won’t be a victim. Just changing your password from time to time isn’t necessarily enough. There are lots of ways in which people can steal your ID details online.

  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

You need to have your guard up. Identity theft is becoming more sophisticated and people will always look for new ways to get your personal information. For a criminal, it can be very lucrative.

What Happens When Your Identity is Stolen?

Identity theft can lead to your data being sold. People sell it on the dark web, and this means that people all over the world could be using your data to borrow money, make applications, and even commit other crimes. Generally, most of the consequences that happen after your identity is stolen have some sort of financial gain for the criminal.

As a remote worker, it could be that someone is looking to steal your data to gain access to the company you work for. Organizations need to be especially careful. As an employee, this doesn’t fall solely on you, but it is important that you consider the best practices for keeping data safe.

How to Prevent Identity Theft

If you’ve found this article in advance of having to deal with the consequences of identity theft then there is still a lot you can do to hopefully ensure you never have to deal with it happening to you. If you are working for a large company or your data is particularly sensitive, it makes sense to outsource all of your online security. There are organizations that know exactly how to keep your ID safe and secure and can help both individuals and organizations, even large organizations might find that they are lacking in precautions.

The best thing to do for peace of mind is to work with the professionals and make sure that identity theft doesn’t become a big hassle for you in the future. Now, this might be a different story for business owners who work remotely. Many remote business owners get targeted for online identity theft. This can prove deadly for the business; many businesses fail right after they get their online security breaches.

It is essential for every company on the internet to implement security measures for it to succeed. This could be achieved either by outsourcing your identity security or, you can do it yourself. Even though it is advised to leave it to the professionals, you can still tackle this problem and be safe on the internet:The most important thing you should do is doing your research thoroughly regarding this issue.

It is essential because it not only involves buying software or implementing new technology. It also requires education and hours of reading and watching videos. Hence, it is more complicated than you think. You may find more information here.

There are some basic things you can do: Change passwords regularly and generate them rather than just use your cat’s name! People will find a way to get through basic and simple passwords so they should use a lot of different characters.  Never automatically trust a link that is sent to you. Check if the website is secure and don’t put any details in on a site that you have even one doubt about. Things like online banking are prime examples.

Always visit their sites through your browser rather than just clicking on a link in an email. This is prime for someone to take advantage of phishing. Have a high-quality anti-virus on your computer. If you are running a big company then you should definitely ensure you have access to this for all of your staff. Don’t mix work and personal life. A working computer should be for work and your personal devices should be for your own accounts on things. If you log into work emails on a laptop that is yours, and you don’t take the right precautions, you could be accountable if anything happens.

How to Tackle Identity Theft When it Happens

If the worst does happen and you find yourself a victim of identity theft, don’t panic. There are steps you can take to try and minimize the damage.  If you want to, you can contact the specialists. Again, there are specific companies who can deal with identity theft and help you to ensure that you deal with everything in the correct manner, rather than making mistakes along the way. You should look to get a fraud alert put on your credit report, this can limit the damage of any credit taken out fraudulently in your name.

Report to the FTC. This is one of the first steps you can take. There is a simple form that you can fill in on an FTC site, IdentityTheft.gov or you can call to speak to a member of staff. Try to gain as much evidence as you can when you are talking to them, ready to show exactly what is happening to your accounts. Go to your local police. Different police forces deal with the issues in different ways and the location where the offense happened might play a part, but authorities should be alerted straight away. Freeze credit cards and bank accounts. Stop anything negative from happening while you wait to establish what steps you are going to take.

Freezing lines of credit can allow you to ensure that you do not run up further debts without spending anything! Your credit card might be being used on the other side of the world. Change all of your passwords. One breach is enough to ensure that you should get new passwords for every account you have including social media. Alert your work if using a work laptop or if the ID theft is in any way linked. If you fear that these details could lead to issues for your workplace then there is no way you should keep it from them. If you need to, you can still contact specialists in identity theft who can walk you through all of the steps required to try to get your life back on track.

Conclusion

There is no denying that identity theft can have a huge negative impact on your life, and even on those close to you. If it isn’t properly dealt with then it could keep having an effect decades into the future. If you haven’t suffered from ID theft yet then you can take steps to ensure your security. If you are working with a company and are worried about their data then this is another reason to take security seriously.

Just a few simple precautions can make all the difference, and you need to know what techniques and tactics current fraudsters are using to try and steal your information.

By: David Lukić

Source: https://www.jobscan.co .

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  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

It’s easy to think that identity theft isn’t too much of a big deal or assume that nobody could impersonate you so there’s nothing to worry about. Actually, once they have your details people can take advantage in a lot of different ways. Identity theft crime statistics are scary. 16.7 million people in America suffered some form of identity theft in the year 2017. That figure is continuing to grow. Billions of dollars are stolen every year using identity theft methods.

If you find yourself the victim of identity theft it might be impossible to recover all of the assets you have lost or the damage to your reputation or the company you work for. This means that identity theft is a huge issue that can impact years of your life. Also, people can commit crimes and run up debts in your name. This can leave you facing a legal battle in the future, too. Make no mistake about it, identity theft is incredibly rife and can make an impact for a number of years in the future.

This is not something you will necessarily have out of the way in a matter of weeks. Even if you contact the authorities and explain that you have been the victim of identity theft, the onus might be on you to prove this. Cybercrime is on the rise. 3.2 million identity theft, cybercrime, and other forms of fraud were reported in 2019. As you can see from this article, almost half of the time when people stole someone’s identity, they applied for a credit card. This debt doesn’t automatically get written off. You will need to prove that you were a victim of fraud and take action if this happens to you. Until then the debts could be in your name.

How Does Identity Theft Happen?

It is easy to assume that you have done the right things and won’t be a victim. Just changing your password from time to time isn’t necessarily enough. There are lots of ways in which people can steal your ID details online.

  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

You need to have your guard up. Identity theft is becoming more sophisticated and people will always look for new ways to get your personal information. For a criminal, it can be very lucrative.

What Happens When Your Identity is Stolen?

Identity theft can lead to your data being sold. People sell it on the dark web, and this means that people all over the world could be using your data to borrow money, make applications, and even commit other crimes. Generally, most of the consequences that happen after your identity is stolen have some sort of financial gain for the criminal.

As a remote worker, it could be that someone is looking to steal your data to gain access to the company you work for. Organizations need to be especially careful. As an employee, this doesn’t fall solely on you, but it is important that you consider the best practices for keeping data safe.

How to Prevent Identity Theft

If you’ve found this article in advance of having to deal with the consequences of identity theft then there is still a lot you can do to hopefully ensure you never have to deal with it happening to you. If you are working for a large company or your data is particularly sensitive, it makes sense to outsource all of your online security. There are organizations that know exactly how to keep your ID safe and secure and can help both individuals and organizations, even large organizations might find that they are lacking in precautions.

The best thing to do for peace of mind is to work with the professionals and make sure that identity theft doesn’t become a big hassle for you in the future. Now, this might be a different story for business owners who work remotely. Many remote business owners get targeted for online identity theft. This can prove deadly for the business; many businesses fail right after they get their online security breaches.

It is essential for every company on the internet to implement security measures for it to succeed. This could be achieved either by outsourcing your identity security or, you can do it yourself. Even though it is advised to leave it to the professionals, you can still tackle this problem and be safe on the internet:The most important thing you should do is doing your research thoroughly regarding this issue.

It is essential because it not only involves buying software or implementing new technology. It also requires education and hours of reading and watching videos. Hence, it is more complicated than you think. You may find more information here.

There are some basic things you can do: Change passwords regularly and generate them rather than just use your cat’s name! People will find a way to get through basic and simple passwords so they should use a lot of different characters.  Never automatically trust a link that is sent to you. Check if the website is secure and don’t put any details in on a site that you have even one doubt about. Things like online banking are prime examples.

Always visit their sites through your browser rather than just clicking on a link in an email. This is prime for someone to take advantage of phishing. Have a high-quality anti-virus on your computer. If you are running a big company then you should definitely ensure you have access to this for all of your staff. Don’t mix work and personal life. A working computer should be for work and your personal devices should be for your own accounts on things. If you log into work emails on a laptop that is yours, and you don’t take the right precautions, you could be accountable if anything happens.

How to Tackle Identity Theft When it Happens

If the worst does happen and you find yourself a victim of identity theft, don’t panic. There are steps you can take to try and minimize the damage.  If you want to, you can contact the specialists. Again, there are specific companies who can deal with identity theft and help you to ensure that you deal with everything in the correct manner, rather than making mistakes along the way. You should look to get a fraud alert put on your credit report, this can limit the damage of any credit taken out fraudulently in your name.

Report to the FTC. This is one of the first steps you can take. There is a simple form that you can fill in on an FTC site, IdentityTheft.gov or you can call to speak to a member of staff. Try to gain as much evidence as you can when you are talking to them, ready to show exactly what is happening to your accounts. Go to your local police. Different police forces deal with the issues in different ways and the location where the offense happened might play a part, but authorities should be alerted straight away. Freeze credit cards and bank accounts. Stop anything negative from happening while you wait to establish what steps you are going to take.

Freezing lines of credit can allow you to ensure that you do not run up further debts without spending anything! Your credit card might be being used on the other side of the world. Change all of your passwords. One breach is enough to ensure that you should get new passwords for every account you have including social media. Alert your work if using a work laptop or if the ID theft is in any way linked. If you fear that these details could lead to issues for your workplace then there is no way you should keep it from them. If you need to, you can still contact specialists in identity theft who can walk you through all of the steps required to try to get your life back on track.

Conclusion

There is no denying that identity theft can have a huge negative impact on your life, and even on those close to you. If it isn’t properly dealt with then it could keep having an effect decades into the future. If you haven’t suffered from ID theft yet then you can take steps to ensure your security. If you are working with a company and are worried about their data then this is another reason to take security seriously.

Just a few simple precautions can make all the difference, and you need to know what techniques and tactics current fraudsters are using to try and steal your information.

By: David Lukić

Source: https://www.jobscan.co .

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  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

Identity theft used to require physical documents to commit this kind of fraud, but now, things have changed. Details can be stolen in a number of ways and networks and websites can be hacked to allow fraudsters to find PII.

How Serious is Identity Theft?

It’s easy to think that identity theft isn’t too much of a big deal or assume that nobody could impersonate you so there’s nothing to worry about. Actually, once they have your details people can take advantage in a lot of different ways. Identity theft crime statistics are scary. 16.7 million people in America suffered some form of identity theft in the year 2017. That figure is continuing to grow. Billions of dollars are stolen every year using identity theft methods.

If you find yourself the victim of identity theft it might be impossible to recover all of the assets you have lost or the damage to your reputation or the company you work for. This means that identity theft is a huge issue that can impact years of your life. Also, people can commit crimes and run up debts in your name. This can leave you facing a legal battle in the future, too. Make no mistake about it, identity theft is incredibly rife and can make an impact for a number of years in the future.

This is not something you will necessarily have out of the way in a matter of weeks. Even if you contact the authorities and explain that you have been the victim of identity theft, the onus might be on you to prove this. Cybercrime is on the rise. 3.2 million identity theft, cybercrime, and other forms of fraud were reported in 2019. As you can see from this article, almost half of the time when people stole someone’s identity, they applied for a credit card. This debt doesn’t automatically get written off. You will need to prove that you were a victim of fraud and take action if this happens to you. Until then the debts could be in your name.

How Does Identity Theft Happen?

It is easy to assume that you have done the right things and won’t be a victim. Just changing your password from time to time isn’t necessarily enough. There are lots of ways in which people can steal your ID details online.

  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

You need to have your guard up. Identity theft is becoming more sophisticated and people will always look for new ways to get your personal information. For a criminal, it can be very lucrative.

What Happens When Your Identity is Stolen?

Identity theft can lead to your data being sold. People sell it on the dark web, and this means that people all over the world could be using your data to borrow money, make applications, and even commit other crimes. Generally, most of the consequences that happen after your identity is stolen have some sort of financial gain for the criminal.

As a remote worker, it could be that someone is looking to steal your data to gain access to the company you work for. Organizations need to be especially careful. As an employee, this doesn’t fall solely on you, but it is important that you consider the best practices for keeping data safe.

How to Prevent Identity Theft

If you’ve found this article in advance of having to deal with the consequences of identity theft then there is still a lot you can do to hopefully ensure you never have to deal with it happening to you. If you are working for a large company or your data is particularly sensitive, it makes sense to outsource all of your online security. There are organizations that know exactly how to keep your ID safe and secure and can help both individuals and organizations, even large organizations might find that they are lacking in precautions.

The best thing to do for peace of mind is to work with the professionals and make sure that identity theft doesn’t become a big hassle for you in the future. Now, this might be a different story for business owners who work remotely. Many remote business owners get targeted for online identity theft. This can prove deadly for the business; many businesses fail right after they get their online security breaches.

It is essential for every company on the internet to implement security measures for it to succeed. This could be achieved either by outsourcing your identity security or, you can do it yourself. Even though it is advised to leave it to the professionals, you can still tackle this problem and be safe on the internet:The most important thing you should do is doing your research thoroughly regarding this issue.

It is essential because it not only involves buying software or implementing new technology. It also requires education and hours of reading and watching videos. Hence, it is more complicated than you think. You may find more information here.

There are some basic things you can do: Change passwords regularly and generate them rather than just use your cat’s name! People will find a way to get through basic and simple passwords so they should use a lot of different characters.  Never automatically trust a link that is sent to you. Check if the website is secure and don’t put any details in on a site that you have even one doubt about. Things like online banking are prime examples.

Always visit their sites through your browser rather than just clicking on a link in an email. This is prime for someone to take advantage of phishing. Have a high-quality anti-virus on your computer. If you are running a big company then you should definitely ensure you have access to this for all of your staff. Don’t mix work and personal life. A working computer should be for work and your personal devices should be for your own accounts on things. If you log into work emails on a laptop that is yours, and you don’t take the right precautions, you could be accountable if anything happens.

How to Tackle Identity Theft When it Happens

If the worst does happen and you find yourself a victim of identity theft, don’t panic. There are steps you can take to try and minimize the damage.  If you want to, you can contact the specialists. Again, there are specific companies who can deal with identity theft and help you to ensure that you deal with everything in the correct manner, rather than making mistakes along the way. You should look to get a fraud alert put on your credit report, this can limit the damage of any credit taken out fraudulently in your name.

Report to the FTC. This is one of the first steps you can take. There is a simple form that you can fill in on an FTC site, IdentityTheft.gov or you can call to speak to a member of staff. Try to gain as much evidence as you can when you are talking to them, ready to show exactly what is happening to your accounts. Go to your local police. Different police forces deal with the issues in different ways and the location where the offense happened might play a part, but authorities should be alerted straight away. Freeze credit cards and bank accounts. Stop anything negative from happening while you wait to establish what steps you are going to take.

Freezing lines of credit can allow you to ensure that you do not run up further debts without spending anything! Your credit card might be being used on the other side of the world. Change all of your passwords. One breach is enough to ensure that you should get new passwords for every account you have including social media. Alert your work if using a work laptop or if the ID theft is in any way linked. If you fear that these details could lead to issues for your workplace then there is no way you should keep it from them. If you need to, you can still contact specialists in identity theft who can walk you through all of the steps required to try to get your life back on track.

Conclusion

There is no denying that identity theft can have a huge negative impact on your life, and even on those close to you. If it isn’t properly dealt with then it could keep having an effect decades into the future. If you haven’t suffered from ID theft yet then you can take steps to ensure your security. If you are working with a company and are worried about their data then this is another reason to take security seriously.

Just a few simple precautions can make all the difference, and you need to know what techniques and tactics current fraudsters are using to try and steal your information.

By: David Lukić

Source: https://www.jobscan.co .

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  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

Identity theft is nothing new. People have been stealing identification via Social Security numbers and other details for a long time, usually by stealing wallets, but historically some people would go through mail to find details for identity theft. In the modern age of the internet, it is easier for people to find personally identifiable information. This is sometimes abbreviated to “PII”. This allows people to commit fraud and pretend to be you. They can sometimes steal money directly in this way, but they can also do things to impact upon your reputation or, in the case of employees they might be able to gain access to company servers or more.

Remote workers need to think about the impact of their identity being stolen, access to their online accounts, and more, but if you don’t take the right precautions you can even be responsible for issues regarding your work details.

Identity theft used to require physical documents to commit this kind of fraud, but now, things have changed. Details can be stolen in a number of ways and networks and websites can be hacked to allow fraudsters to find PII.

How Serious is Identity Theft?

It’s easy to think that identity theft isn’t too much of a big deal or assume that nobody could impersonate you so there’s nothing to worry about. Actually, once they have your details people can take advantage in a lot of different ways. Identity theft crime statistics are scary. 16.7 million people in America suffered some form of identity theft in the year 2017. That figure is continuing to grow. Billions of dollars are stolen every year using identity theft methods.

If you find yourself the victim of identity theft it might be impossible to recover all of the assets you have lost or the damage to your reputation or the company you work for. This means that identity theft is a huge issue that can impact years of your life. Also, people can commit crimes and run up debts in your name. This can leave you facing a legal battle in the future, too. Make no mistake about it, identity theft is incredibly rife and can make an impact for a number of years in the future.

This is not something you will necessarily have out of the way in a matter of weeks. Even if you contact the authorities and explain that you have been the victim of identity theft, the onus might be on you to prove this. Cybercrime is on the rise. 3.2 million identity theft, cybercrime, and other forms of fraud were reported in 2019. As you can see from this article, almost half of the time when people stole someone’s identity, they applied for a credit card. This debt doesn’t automatically get written off. You will need to prove that you were a victim of fraud and take action if this happens to you. Until then the debts could be in your name.

How Does Identity Theft Happen?

It is easy to assume that you have done the right things and won’t be a victim. Just changing your password from time to time isn’t necessarily enough. There are lots of ways in which people can steal your ID details online.

  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

You need to have your guard up. Identity theft is becoming more sophisticated and people will always look for new ways to get your personal information. For a criminal, it can be very lucrative.

What Happens When Your Identity is Stolen?

Identity theft can lead to your data being sold. People sell it on the dark web, and this means that people all over the world could be using your data to borrow money, make applications, and even commit other crimes. Generally, most of the consequences that happen after your identity is stolen have some sort of financial gain for the criminal.

As a remote worker, it could be that someone is looking to steal your data to gain access to the company you work for. Organizations need to be especially careful. As an employee, this doesn’t fall solely on you, but it is important that you consider the best practices for keeping data safe.

How to Prevent Identity Theft

If you’ve found this article in advance of having to deal with the consequences of identity theft then there is still a lot you can do to hopefully ensure you never have to deal with it happening to you. If you are working for a large company or your data is particularly sensitive, it makes sense to outsource all of your online security. There are organizations that know exactly how to keep your ID safe and secure and can help both individuals and organizations, even large organizations might find that they are lacking in precautions.

The best thing to do for peace of mind is to work with the professionals and make sure that identity theft doesn’t become a big hassle for you in the future. Now, this might be a different story for business owners who work remotely. Many remote business owners get targeted for online identity theft. This can prove deadly for the business; many businesses fail right after they get their online security breaches.

It is essential for every company on the internet to implement security measures for it to succeed. This could be achieved either by outsourcing your identity security or, you can do it yourself. Even though it is advised to leave it to the professionals, you can still tackle this problem and be safe on the internet:The most important thing you should do is doing your research thoroughly regarding this issue.

It is essential because it not only involves buying software or implementing new technology. It also requires education and hours of reading and watching videos. Hence, it is more complicated than you think. You may find more information here.

There are some basic things you can do: Change passwords regularly and generate them rather than just use your cat’s name! People will find a way to get through basic and simple passwords so they should use a lot of different characters.  Never automatically trust a link that is sent to you. Check if the website is secure and don’t put any details in on a site that you have even one doubt about. Things like online banking are prime examples.

Always visit their sites through your browser rather than just clicking on a link in an email. This is prime for someone to take advantage of phishing. Have a high-quality anti-virus on your computer. If you are running a big company then you should definitely ensure you have access to this for all of your staff. Don’t mix work and personal life. A working computer should be for work and your personal devices should be for your own accounts on things. If you log into work emails on a laptop that is yours, and you don’t take the right precautions, you could be accountable if anything happens.

How to Tackle Identity Theft When it Happens

If the worst does happen and you find yourself a victim of identity theft, don’t panic. There are steps you can take to try and minimize the damage.  If you want to, you can contact the specialists. Again, there are specific companies who can deal with identity theft and help you to ensure that you deal with everything in the correct manner, rather than making mistakes along the way. You should look to get a fraud alert put on your credit report, this can limit the damage of any credit taken out fraudulently in your name.

Report to the FTC. This is one of the first steps you can take. There is a simple form that you can fill in on an FTC site, IdentityTheft.gov or you can call to speak to a member of staff. Try to gain as much evidence as you can when you are talking to them, ready to show exactly what is happening to your accounts. Go to your local police. Different police forces deal with the issues in different ways and the location where the offense happened might play a part, but authorities should be alerted straight away. Freeze credit cards and bank accounts. Stop anything negative from happening while you wait to establish what steps you are going to take.

Freezing lines of credit can allow you to ensure that you do not run up further debts without spending anything! Your credit card might be being used on the other side of the world. Change all of your passwords. One breach is enough to ensure that you should get new passwords for every account you have including social media. Alert your work if using a work laptop or if the ID theft is in any way linked. If you fear that these details could lead to issues for your workplace then there is no way you should keep it from them. If you need to, you can still contact specialists in identity theft who can walk you through all of the steps required to try to get your life back on track.

Conclusion

There is no denying that identity theft can have a huge negative impact on your life, and even on those close to you. If it isn’t properly dealt with then it could keep having an effect decades into the future. If you haven’t suffered from ID theft yet then you can take steps to ensure your security. If you are working with a company and are worried about their data then this is another reason to take security seriously.

Just a few simple precautions can make all the difference, and you need to know what techniques and tactics current fraudsters are using to try and steal your information.

By: David Lukić

Source: https://www.jobscan.co .

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  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

One issue that a lot of people ignore, but one that is still utterly vital, is identity theft. A number of people simply don’t realize how much of a threat this can be to their life and the problems it can cause. As a remote worker, you might have to consider both your own personal information and that of the company you work for.

In this guide, we’re providing some of the information you need to ensure you are preventing and tackling ID theft. We also show you what steps you can take if you are unfortunate enough to fall foul of online fraudsters.

What is Online Identity Theft?

Identity theft is nothing new. People have been stealing identification via Social Security numbers and other details for a long time, usually by stealing wallets, but historically some people would go through mail to find details for identity theft. In the modern age of the internet, it is easier for people to find personally identifiable information. This is sometimes abbreviated to “PII”. This allows people to commit fraud and pretend to be you. They can sometimes steal money directly in this way, but they can also do things to impact upon your reputation or, in the case of employees they might be able to gain access to company servers or more.

Remote workers need to think about the impact of their identity being stolen, access to their online accounts, and more, but if you don’t take the right precautions you can even be responsible for issues regarding your work details.

Identity theft used to require physical documents to commit this kind of fraud, but now, things have changed. Details can be stolen in a number of ways and networks and websites can be hacked to allow fraudsters to find PII.

How Serious is Identity Theft?

It’s easy to think that identity theft isn’t too much of a big deal or assume that nobody could impersonate you so there’s nothing to worry about. Actually, once they have your details people can take advantage in a lot of different ways. Identity theft crime statistics are scary. 16.7 million people in America suffered some form of identity theft in the year 2017. That figure is continuing to grow. Billions of dollars are stolen every year using identity theft methods.

If you find yourself the victim of identity theft it might be impossible to recover all of the assets you have lost or the damage to your reputation or the company you work for. This means that identity theft is a huge issue that can impact years of your life. Also, people can commit crimes and run up debts in your name. This can leave you facing a legal battle in the future, too. Make no mistake about it, identity theft is incredibly rife and can make an impact for a number of years in the future.

This is not something you will necessarily have out of the way in a matter of weeks. Even if you contact the authorities and explain that you have been the victim of identity theft, the onus might be on you to prove this. Cybercrime is on the rise. 3.2 million identity theft, cybercrime, and other forms of fraud were reported in 2019. As you can see from this article, almost half of the time when people stole someone’s identity, they applied for a credit card. This debt doesn’t automatically get written off. You will need to prove that you were a victim of fraud and take action if this happens to you. Until then the debts could be in your name.

How Does Identity Theft Happen?

It is easy to assume that you have done the right things and won’t be a victim. Just changing your password from time to time isn’t necessarily enough. There are lots of ways in which people can steal your ID details online.

  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

You need to have your guard up. Identity theft is becoming more sophisticated and people will always look for new ways to get your personal information. For a criminal, it can be very lucrative.

What Happens When Your Identity is Stolen?

Identity theft can lead to your data being sold. People sell it on the dark web, and this means that people all over the world could be using your data to borrow money, make applications, and even commit other crimes. Generally, most of the consequences that happen after your identity is stolen have some sort of financial gain for the criminal.

As a remote worker, it could be that someone is looking to steal your data to gain access to the company you work for. Organizations need to be especially careful. As an employee, this doesn’t fall solely on you, but it is important that you consider the best practices for keeping data safe.

How to Prevent Identity Theft

If you’ve found this article in advance of having to deal with the consequences of identity theft then there is still a lot you can do to hopefully ensure you never have to deal with it happening to you. If you are working for a large company or your data is particularly sensitive, it makes sense to outsource all of your online security. There are organizations that know exactly how to keep your ID safe and secure and can help both individuals and organizations, even large organizations might find that they are lacking in precautions.

The best thing to do for peace of mind is to work with the professionals and make sure that identity theft doesn’t become a big hassle for you in the future. Now, this might be a different story for business owners who work remotely. Many remote business owners get targeted for online identity theft. This can prove deadly for the business; many businesses fail right after they get their online security breaches.

It is essential for every company on the internet to implement security measures for it to succeed. This could be achieved either by outsourcing your identity security or, you can do it yourself. Even though it is advised to leave it to the professionals, you can still tackle this problem and be safe on the internet:The most important thing you should do is doing your research thoroughly regarding this issue.

It is essential because it not only involves buying software or implementing new technology. It also requires education and hours of reading and watching videos. Hence, it is more complicated than you think. You may find more information here.

There are some basic things you can do: Change passwords regularly and generate them rather than just use your cat’s name! People will find a way to get through basic and simple passwords so they should use a lot of different characters.  Never automatically trust a link that is sent to you. Check if the website is secure and don’t put any details in on a site that you have even one doubt about. Things like online banking are prime examples.

Always visit their sites through your browser rather than just clicking on a link in an email. This is prime for someone to take advantage of phishing. Have a high-quality anti-virus on your computer. If you are running a big company then you should definitely ensure you have access to this for all of your staff. Don’t mix work and personal life. A working computer should be for work and your personal devices should be for your own accounts on things. If you log into work emails on a laptop that is yours, and you don’t take the right precautions, you could be accountable if anything happens.

How to Tackle Identity Theft When it Happens

If the worst does happen and you find yourself a victim of identity theft, don’t panic. There are steps you can take to try and minimize the damage.  If you want to, you can contact the specialists. Again, there are specific companies who can deal with identity theft and help you to ensure that you deal with everything in the correct manner, rather than making mistakes along the way. You should look to get a fraud alert put on your credit report, this can limit the damage of any credit taken out fraudulently in your name.

Report to the FTC. This is one of the first steps you can take. There is a simple form that you can fill in on an FTC site, IdentityTheft.gov or you can call to speak to a member of staff. Try to gain as much evidence as you can when you are talking to them, ready to show exactly what is happening to your accounts. Go to your local police. Different police forces deal with the issues in different ways and the location where the offense happened might play a part, but authorities should be alerted straight away. Freeze credit cards and bank accounts. Stop anything negative from happening while you wait to establish what steps you are going to take.

Freezing lines of credit can allow you to ensure that you do not run up further debts without spending anything! Your credit card might be being used on the other side of the world. Change all of your passwords. One breach is enough to ensure that you should get new passwords for every account you have including social media. Alert your work if using a work laptop or if the ID theft is in any way linked. If you fear that these details could lead to issues for your workplace then there is no way you should keep it from them. If you need to, you can still contact specialists in identity theft who can walk you through all of the steps required to try to get your life back on track.

Conclusion

There is no denying that identity theft can have a huge negative impact on your life, and even on those close to you. If it isn’t properly dealt with then it could keep having an effect decades into the future. If you haven’t suffered from ID theft yet then you can take steps to ensure your security. If you are working with a company and are worried about their data then this is another reason to take security seriously.

Just a few simple precautions can make all the difference, and you need to know what techniques and tactics current fraudsters are using to try and steal your information.

By: David Lukić

Source: https://www.jobscan.co .

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  • “Over The Shoulder” techniques. Someone can watch your input data. It’s as simple as that. If you are in a co-working space, for instance, you might be targeted by someone looking to steal your data.

Fintech’s Fraud Problem: Why Some Merchants Are Shunning Digital Bank Cards

 

Getty Images, Illustration by Forbes


When Robyn Mathis, a 41-year-old food production plant worker from Brunswick, Georgia, stepped off a flight to Philadelphia last June, she expected an easy passage to her destination. She was set to pick up her rental car and charge it to her Chime card, as she had done several times before. For the last few years, the digital bank’s debit and credit cards had been her payment methods of choice. But at the Budget car rental desk at Philadelphia’s International Airport, Mathis got an unpleasant surprise.

Budget would not accept her Chime credit or debit card. Frustrated, Mathis, who was traveling with her two college-aged children, called other airport rental outlets—Enterprise, Avis and Dollar. All said they wouldn’t take her card. After two hours, Mathis finally gave up and called an Uber. Fintech had failed her. Upon returning home, she moved most of her money from Chime to her account at Bank OZK, a regional institution with more than 200 branches and roots stretching back to 1903.

Digital-first “neobanks” like Chime are one of the hottest sectors in the fintech revolution. They offer fast approval and low- or no-fee accounts, all without any brick-and-mortar branches—a powerful selling point during a pandemic. Chime grew from 7 million U.S. customers at the start of 2020 to more than 13 million by the end of this year, according to estimates by eMarketer.

Chime’s valuation hit a stunning $25 billion in August, and an initial public offering that could value the enterprise at $45 billion is in the works. Square’s Cash App, which began as a peer-to-peer money transfer service and has evolved into a digital bank, added 12 million users in 2020. Square’s stock has more than tripled since the pandemic began, and it now boasts a market capitalization of about $90 billion.

But the same “frictionless” signup and ease-of-use features that make digital banks appealing to customers have given crooks an opening to wreak havoc through various schemes. That includes “first-party fraud,” where customers (with accounts in their own names) do everything from racking up charges and yanking the money to pay those charges out of their accounts before a transaction settles to illegally collecting unemployment insurance in states where they don’t live or work.

Another tactic: exploiting America’s tortoise-like bank-to-bank transfer network by moving money from one account to another and then withdrawing the same funds from both accounts while the transfer is in process. Fintech providers also appear to be more susceptible to identity theft and “account takeovers,” where swindlers get access to another person’s account and start spending.

Take the case of Shayla King, a single mother of four from Tampa, Florida, who became a Chime fraud victim in July 2021. She first noticed the problem when she woke up on a Friday to see dozens of automated texts on her iPhone asking if she had made 62 transactions totaling $744 from different businesses in India. She texted back “no” and then got an automated text confirmation that the charges would not go through. King says she also immediately rang Chime’s customer support line to report the charges were fraudulent. But come Monday, her Chime account was nearly emptied.

“Companies used to build financial products starting with the risk … Everything today is built starting with marketing, and risk oftentimes comes way further down the funnel.”

King disputed the charges, but Chime denied her claim. She tried twice more, eventually copying an investigative consumer reporter at a local ABC affiliate on her email to Chime. Four days later, after the reporter contacted Chime, it returned the money, more than a month after King first reported the incident. (Chime admits it made an “initial error” in its dealing with King, but says it corrected the problem after King appealed, and not because of the TV reporter’s inquiry.)

“I will never in my life bank with an online bank again,” adds King, who says she spoke on the phone with more than a dozen different customer service reps during the ordeal. “That’s my car payment, my electricity bill … I’m a paycheck-to-paycheck person, and I’m still trying to climb out of that hole.”

According to data from Aite-Novarica Group, fintech companies like neobanks and robo advisors have an average fraud rate of roughly 0.30%. That’s as much as double credit cards’ historical rates of 0.15% to 0.20% and three times higher than debit cards’ less than  0.10% fraud rate. While these percentage differences might seem small, they’re significant given that banking profitability is measured in basis points or hundredths of a percent.

And these seemingly tiny percentages add up. In 2020, identity fraud alone caused $56 billion in losses across all U.S. financial services firms, according to research firm Javelin. Facing growing incidents of fraud, some merchants have begun limiting or even blocking the debit and credit cards being offered by Chime, Cash App and other neobanks.

“Companies used to build financial products starting with the risk,” says a fraud expert and executive at a San Francisco fintech company. “Everything today is built starting with marketing, and risk oftentimes comes way further down the funnel.”

Rental car agencies and hotels have so far taken the most consequential actions in response to fintech’s fraud problem. In March, Avis, which owns the Budget and Payless car rental brands too, blackballed Chime. Said one tweet to a customer, “Only Chime cards we no longer accept due to many fraud reports. Have a great day!” Avis also hung up signs at branch locations announcing the ban and over the summer its FAQ singled out “prepaid debit/gift cards and Chime debit/credit cards” as not acceptable for vehicle pick-ups. 

Avis’ restrictions prompted a backlash from Chime and its card network, Visa, in late summer. Visa has a strict “honor all cards” policy for merchants who generally must accept any Visa card from any issuer. After Forbes reached out to Avis for comment, its policy page was updated to remove mention of its Chime restriction. An Avis spokesperson declined to explain the reason for its Chime ban, simply saying that Chime cards are accepted as payment upon returning a rental car, which would still require customers to have a different card for vehicle pick-up.

Enterprise and Hertz, the two largest rental car agencies in America, have also instituted fintech card bans. Forbes spoke with 10 Hertz storefronts across ten states, and most said cards tied to Chime were not welcome, with Cash App, Paypal or Venmo also rejected by some. An Enterprise customer service rep said locations at airports don’t accept Chime cards either. Some of the non-airport branches called by Forbes said they do accept Chime, though they cited various special restrictions such as requiring a utility bill. Nearly half of the dozens of Marriott Courtyard, Holiday Inn, Extended Stay America and La Quinta franchise locations Forbes spoke with said they don’t accept Chime or Cash App cards, either.

Spokespeople for Hertz and Extended Stay America said company-managed locations had banned Chime or Cash App cards, while spokespeople for Marriott and Enterprise claimed the cards are accepted. (Enterprise failed to clarify its airport policy.) The owners of the La Quinta and Holiday Inn brands did not respond to multiple requests for comment by Forbes.

Brian Mullins, Chime’s senior vice president of risk, downplays the problem. “In July, we had 50,000 transactions across all Marriott and Courtyard Marriotts … There may just be some individual locations where [a rejection of Chime cards] had occurred.” Chime had already done $150 million in Enterprise car rental transactions in 2021, he said in late August. “If it’s an issue, it’s not affecting our customers,” he insisted.

According to experts, much of the fraud seen by rental car agencies and hotels is so-called first-party fraud, where card holders run schemes under their real identities. One way they can do this involves taking advantage of a quirk in the U.S. payments system, says Mary Ann Miller, a vice president at identity and fraud company Prove. When someone picks up a rental car or checks into a hotel, the merchant processes a pre-authorization charge on their debit or credit card that puts a  “hold” on a set amount of money.

That hold expires after a short period of time—say, three days, depending on the terms set by the bank that issued the card. Once it expires, a bad actor, who might have rented the car for a week for example, can spend the money, since it’s no longer locked up. When the rental car agency finally goes to charge the customer after the car is returned, the bank account tied to the debit card is empty or the limit on the credit card is exhausted, and the merchant or bank can’t collect.

Another fraud tactic is for a customer to dispute large numbers of legitimate charges. Chime says its systems try to weed out serial disputers, but its frictionless interface makes refusing Chime charges as easy as a few taps on its mobile app. “Account takeovers” are another scam that fintechs like Chime are particularly susceptible to, because fraud rings often target new technology, thinking it’s more likely to have holes. In one rip-off, scammers buy information on the dark web to figure out Chime customers’ usernames and passwords, then gain access to their accounts and go on a buying spree.

Can’t traditional banks’ accounts be taken over too? Yes, but the digital banks may be both more vulnerable and more likely to be targeted. “Digital-focused banks have a target on their backs because fraudsters know that the banks want to make the user signup flow and banking experience as seamless as possible,’’ says Vice President of Trust and Safety Kevin Lee at fraud prevention firm Sift.

Because of Visa’s and Mastercard’s dispute protection policies, merchants hit with various forms of fraud can often escape being held liable for the unauthorized charges themselves. But trying to clean up a rash of illicit activity is costly, involving many hours of research and internal meetings across different corporate teams.

Chime vigorously denies that its app has become a haven for fraud. Still, part of its problems may stem from the company’s aggressive customer acquisition campaigns, often using social media to attract unbanked or underbanked prospects who have little or no credit histories. In September, the company offered cash prizes of up to $1,000 to TikTok users who made videos including the hashtag “ChimeHasYourBack.” Two months later, TikToks sporting the hashtag had collectively garnered 7.3 billion views.

Chime declined Forbes’ request to provide its overall fraud rates, saying only that they’re significantly below the maximum thresholds set by Visa and Nacha, the nonprofit association that runs ACH, the U.S. bank-to-bank payments network. The fintech’s CEO Chris Britt instead blames the merchants for any problems that have developed.

“I think there’s a limited number of merchants that are not applying the industry standard of due diligence before giving consumers access to these rental cars,” he says. He adds that Chime doesn’t run credit checks on its users—it’s the rental car agencies’ job to determine consumers’ creditworthiness.

Chime isn’t the only fintech wrestling with fraud and delinquency problems, and these issues date back to the earliest fintech companies in America. From July through October of 2000, two years after PayPal got off the ground, the company lost $6 million to fraud at a time when its revenue was less than $5 million. PayPal was losing $1,900 an hour to fraud. More recently, phony jobless claims have been a problem for Green Dot and Square’s Cash App, as well as Chime.

Ten residents of Palm Beach County, Florida were arrested in September for attempting to raid other states’ unemployment benefit coffers. According to court records, the defendants typically opened accounts at Chime, Cash App or Green Dot under their own names, then applied for unemployment checks from states they had neither lived nor worked in.

Explaining how to commit the fraud to an unnamed associate, one 21-year-old defendant suggested using the three fintechs for direct deposit of the swindled funds: “States like Arizona and Pennsylvania hittin fasho…FREE GAME,” he wrote in an Instagram message reprinted in court records. “Chime Greendot cash app.”

“There’s no risk of needing to show identification in person, no surveillance video to show who’s utilizing the bank account.”-Kyle Kinney, detective at a local Florida police department

Kyle Kinney, a detective at the local Florida police department who investigated the cases, says the offenders likely preferred digital banks for their convenience, compared to brick-and-mortar alternatives. “There’s no risk of needing to show identification in person, no surveillance video to show who’s utilizing the bank account,” he explains. “Transferring and receiving funds to and from co-conspirators is pretty easy.”

The flood of extra unemployment money tied to the pandemic, as well as the expanded categories of people eligible for payments, has likely exacerbated the problem.  The U.S. Labor Department’s Inspector General recently estimated that, based on an historical mispayment rate of 10%, between March 2020 and September 2021, $87 billion in enhanced benefits could have been improperly paid, with “a significant portion attributable to fraud.”

But, the IG added, the actual number—based on a preliminary audit—was likely higher. Frank McKenna, cofounder of fraud prevention firm Point Predictive, suspects that Chime was “one of the preferred ways that a lot of these fraudsters took money from the government, because they could easily go online, set up a Chime account very quickly, have the funds transferred into the account, and then quickly have those funds diverted elsewhere …

I think what you’re seeing now is the result of a lot of growth, and a lot of the fraud that might have gotten into the portfolio while all the stimulus came in.” He also says that there’s an active market on messaging app Telegram for people to buy Chime accounts.

It’s not just the merchants who have become wary of doing business with big fintechs like Chime and Cash App. HMBradley, a three-year-old, Santa Monica-based online bank with $375 million in assets, saw a startling rise in fraud coming from the transfers it gets from Chime and Cash App accounts. The schemers would typically open an HMBradley account, then connect it to an existing Chime account.

They’d request to transfer funds from Chime, and when the money reached HMBradley, they’d quickly ferry it into a third bank account. Often, the funds HMBradley was pulling in from Chime didn’t exist—and that’s possible because of the way the U.S. bank-to-bank transfer network, or the Automated Clearing House (ACH) system, works.

The ACH network, first built in the 1970s, lacks real-time verification and it can take days for transactions to settle through ACH. So when a neobank allows a customer to pull money from an outside account via ACH, it takes on the risk of finding out several days later that the customer only had $1 in his account even though he requested to transfer $1,000. ACH still underlies most money transfers, to the tune of $62 trillion in 2020, and is run by Nacha, a nonprofit association funded by financial institutions.

While HMBradley typically only sees about $500 worth of fraud per month, in May it lost tens of thousands of dollars, split between Cash App and Chime users, according to CEO Zach Bruhnke. To stop the bleeding, Bruhnke put longer holds on transfers so that a customer trying to pull in funds from a Chime or Cash App account would have to wait a few more days to see the funds arrive in HMBradley.

Another new online bank called One has also placed longer holds on Chime transactions. “It’s a reflection of how frequently the accounts tend to be fraudulent and how much loss tends to be taken on those transactions,” says One CEO Brian Hamilton. Chime CEO Chris Britt again prefers to shift the blame. He says that small companies like HMBradley and One “probably don’t have the same level of sophistication in terms of how to process things like ACH transactions and transfers from online accounts.”

Betterment, a robo-investing app with $29 billion in assets, blocked all new connections to Chime, Cash App, Square, Robinhood, Green Dot and Metabank in May due to “a trend of attempted fraudulent activity,” according to an email Betterment sent to some customers that was reviewed by Forbes. Britt says there are a “number of companies” that Chime “runs much more volume through … that are managing just fine.”

According to Bruhnke, Chime’s team was helpful in troubleshooting HMBradley’s fraud spike. Bruhnke tried to work with Cash App to get help, too, but their support was “almost non-existent,” he says. Today, HMBradley no longer puts longer holds on Chime transactions, but for most Cash App customers, he extends HMBradley’s typical two-day hold period for transfers to five business days and caps daily transactions to between $100 and $500.

Bruhnke says of Square’s rapid customer growth, “They’re a public company, and they’re sort of padding their user numbers by perpetuating this.” Square declined to make an executive available for an interview, but told Forbes via email that fraud prevention is a top priority and that Cash App maintains teams dedicated to resolving merchant acceptance issues.

Stock trading app Robinhood recently highlighted its own ACH fraud challenges. “Customers initiate deposits into their accounts, make trades on our platform using a short-term extension of credit from us, and then repatriate or reverse the deposits, resulting in a loss to us of the credited amount,” it wrote in its second quarter regulatory filing. As a result, its provision for credit losses for the first half of the year surged 54% to $37 million.

In February, a payments processing company that works with hundreds of merchants that sell age-restricted products like alcohol saw 45% of its fraudulent ACH transactions come from Chime, according to an executive at the payments company.

It noticed a pattern where some people had used multiple Chime accounts under slightly different names but with the same IDs. They’d buy alcohol from one merchant, but before the transaction settled, they’d quickly pull the rug out by moving that money into another Chime account, a maneuver made possible by the settlement lags of the ACH system.

The liquor stores saw tens of thousands of dollars of losses, and when the payments company determined that Chime wasn’t going to do anything to fix the problem, it permanently blocked Chime transactions altogether. Says the payments company executive, “If they’re not actively doing anything about it, then we have to actively do something about it.”

I’m a reporter on Forbes’ wealth team covering the world’s richest people and tracking their fortunes. I was previously an assistant editor for Forbes’ Money & Markets section, and I

I lead our fintech coverage at Forbes and also cover crypto. I edit our annual Fintech 50 list and 30 Under 30 list for fintech, and I’ve written frequently about leadership and corporate

Source: Fintech’s Fraud Problem: Why Some Merchants Are Shunning Digital Bank Cards

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To Combat Billions In Unemployment Benefit Fraud, Startup SentiLink Raises $70 Million

At least in improper payments, much of it fraud, have been distributed by the Federal government since the pandemic struck in March 2020. In California alone, state officials admitted that as much as of unemployment benefits payments may have been fraudulent.

“Unemployment insurance fraud is probably the biggest fraud issue hitting banks today,” says Naftali Harris, co-founder and CEO at San Francisco’s SentiLink, which just closed a $70 million round of venture capital to expand its business of helping financial institutions detect fake and stolen identities for new account applications.

, a San Francisco-based venture firm, led the Series B round which brings SentiLink’s total capital raised to date to $85 million. Felicis, Andreessen Horowitz and NYCA also joined SentiLink’s latest capital infusion.

SentiLink plans to use the capital raised to continue to help institutions with this recent increase in fraud instances spurred by the CARES Act. They also plan to expand their fraud toolkit to prevent other types of scams, such as and, and investigate new ones.

Harris’ team has seen a huge uptick in fraud rates affecting their clients, as high as 90% among new applications, associated with the CARES Act COVID relief. Fraudsters have been using the same name, social security number or date of birth in several applications, filing in high volumes in several states.

According to Harris, his team is currently verifying around a million account openings per day, and is working with more than 100 financial institutions – due to a non-disclosure agreement Harris could not comment on which financial institutions his company serves.

The company says that beyond simply using artificial intelligence to detect fraud, they have a risk operations team that catches in real time cases of synthetic fraud – a form of identity theft in which the defrauder combines a stolen Social Security Number (SSN) and fake information to create a false identity – that would normally go unnoticed by their clients.

Harris discovered this type of fraud when he was working as a data scientist at Affirm in 2017. At the time, synthetic fraud was relatively unknown, so when he saw that crooks were creating brand new identities instead of stealing  existing ones to apply for credit, he founded SentiLink to focus on tackling this new scam. “We realized this was a really big issue and that nobody in the financial services industry was talking about it,” says Harris.

Now, criminals are creating new identities or stealing existing ones to tap into unemployment benefits. Harris says the problem is not only them stealing from the government, but uncovering the tactics they use to deposit the stolen funds.

“What a lot of people don’t realize is that as a fraudster you have to be able to use the money stolen, and put it into the financial system,” Harris says.

To Harris, the biggest differentiation in SentiLink’s approach is how much it emphasizes “deep understanding of fraud and identity in our models.”

“We have a team of fraud investigators that manually review applications every day looking for fraud, and we use their insights and discoveries in our fraud models and technology,” he told TechCrunch. “This deep understanding is so important to us that every Friday the entire company spends an hour reviewing fraud cases.”

SentiLink, Harris added, focuses on “deeply” understanding fraud and identity, and then using technology to productionalize these insights.  Those discoveries include the deterioration of phone/name match data and uncovering “same name” fraud. “This deep understanding is so important that SentiLink employs a team of risk analysts whose full time job is to investigate new kinds of fraud and discover what the fraudsters are doing,” the company says.

SentiLink, like so many other startups, saw an increase in business during the COVID-19 pandemic. “The various government assistance programs were rife with fraud. This had a cascading effect throughout financial services, where fraudsters that had successfully stolen government money attempted to launder it into the financial system,” Harris said. “As a result we’ve been very busy, particularly with checking and savings accounts that until now have had relatively little fraud.”

genesis-3-1

The startup plans to use its new capital to build out its product suite and do some hiring. Today it has 25 employees, with five accepted offers, and expects to end the year with a headcount of 45-50.

Follow me on  or . Send me a secure .

I’m an assistant editor at Forbes covering money and markets. Before joining Forbes, I worked at NextEra Energy, Inc. developing and implementing successful media relations and public relations campaigns in the energy industry.

I graduated from Stetson University with a degree in Finance, and have a master’s degree in Journalism and International Relations from New York University, where I worked as a staff writer for Latin America News Dispatch and New York Magazine’s Bedford + Bowery.

Source: To Combat Billions In Unemployment Benefit Fraud, Startup SentiLink Raises $70 Million

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Tax Attorney Facing Prison For Allegedly Helping Billionaires Robert Smith And Bob Brockman Dodge The IRS

It’s a new legal development for private equity billionaire Robert F. Smith and his onetime mentor Bob Brockman, already accused of the biggest tax evasion in U.S. history.

Yesterday, the U.S. Department of Justice announced the indictment of Carlos E. Kepke, a Houston tax attorney who prosecutors say conspired with Smith to hide $225 million in untaxed capital gains from the IRS between 1999 and 2014 — during the years when Smith was rapidly growing Vista Equity Partners.

Prosecutors say that Smith paid Kepke $1 million since 2007 for his services, which included assisting in the preparation of Smith’s false 2012-2014 tax returns and setting up offshore entities to aid in tax evasion.

Prosecutors allege Kepke created for Smith a limited liability company in Nevis called Flash Holdings, as well as an offshore trust based in Belize, called Excelsior Trust. Excelsior was set up to own Flash. Thus, when Smith’s portion of capital gains from Vista funds was deposited into accounts held in Flash’s name in Switzerland and the British Virgin Islands, the money could be routed to the offshore Excelsior trust, away from the eyes of the IRS.

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When billionaire Robert Smith ended his 2019 Morehouse College commencement speech by vowing to pay off student debt for the entire graduating class, cheers of “MVP, MVP, MVP!” rose from students and faculty on the Atlanta campus.
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According to the DOJ’s press release, Kepke enabled what Smith has admitted to as an illegal scheme. Thanks to Kepke’s work, “Smith was able to hide this income because Excelsior, and not Smith, was the nominal owner of Flash. Smith then allegedly failed to timely and fully report his income to the IRS.”

An official indictment is not yet available from U.S. District Court for the Northern District of California, in San Francisco. Kepke is scheduled to be arraigned April 22. According to the announcement, he faces 5 years in prison on one conspiracy count and 3 years on each of 3 counts of preparing false tax returns. There was no answer at the number listed for Kepke’s Houston law office. A University of Texas law school graduate, he appears to have been admitted to the Texas bar in 1964.

This indictment looks to be the next step in the DOJ’s unraveling of a decade’s long financial fraud against U.S. taxpayers perpetrated not just by Robert Smith but also, allegedly, by his mentor and financial backer Bob Brockman. Brockman in 2000 agreed to put up $1 billion to fund the startup of Smith’s private equity group, which now has $73 billion under management.

Last October Smith entered into a “non-prosecution agreement” with the DOJ, in which he admitted to felony tax evasion and the wrongful use of roughly $30 million in charitable trust funds for his personal benefit. Smith agreed to fork over $139 million in taxes and penalties, and to cooperate against affiliated scofflaws like Brockman, and Kepke. U.S. Attorney David L. Anderson said at the time that despite having committed “serious crimes,” Smith’s cooperation had “put him on a path away from indictment.”

Kepke’s indictment comes as no surprise to Smith’s camp, who insist Smith is now out of legal jeopardy. “This indictment is not a new development as top Robert Smith. He resolved his situation last year with the government and this in no way affects that resolution,” says Smith attorney Emily Hughes

Indeed, prosecutors are no doubt focusing their attentions on Kepke’s primary client, Bob Brockman. Indicted by the DOJ for evading taxes on some $2 billion in gains from Vista Equity Partners investments, Brockman does not appear to be in a position to cut a deal like Smith did. Especially with Smith providing evidence against him.

According to a December 2020 motion by Brockman’s attorneys to move his case from San Francisco to Houston, Smith has already told prosecutors that Kepke “had a central role in establishing the trusts and assisting Mr. Brockman with asset planning.”

Kepke’s name also appears in a secret 2017 memo written to Brockman by his money man and former trustee Evatt Tamine (submitted as evidence), in which Tamine writes about meeting with Smith, his attorney and Carlos Kepke in order to help cover their tracks: “I worked through their files and identified areas of concern.”

In that same memo, Tamine describes traveling to see the widow of a recently deceased Brockman confidant from whom he collected and destroyed “drives, disks or documents” with incriminating financial information.

With Smith and Tamine already cooperating against Brockman, this new indictment could be aimed at getting Kepke to talk as well.

Meanwhile in Bermuda, oversight of the multi-billion-dollar A. Eugene Brockman Charitable Trust, remains in limbo, as attorneys for Brockman and his wife Dorothy argued recently to the Bermuda appelate court that they ought to appoint a new independent trustee to oversee the trust, replacing anyone connected to former trustee Tamine. According to attorneys, Cayman Island-based trust specialist Maples Group has agreed to take on the job.

Entities owned by the Brockman trust control Reynolds and Reynolds, the provider of software solutions to auto dealerships which Brockman ran until his retirement last year. According to court documents, he and his attorneys are now focused on convincing prosecutors and court-appointed psychiatrists that he is suffering from dementia too far advanced to allow him to stand trial.

Source: Tax Attorney Facing Prison For Allegedly Helping Billionaires Robert Smith And Bob Brockman Dodge The IRS

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IRS & Global Tax Enforcers Expand War on Cryptocurrency Fraud

Tax authorities, both domestic and abroad, have been continuously building an arsenal of tools and experts to monitor and audit crypto transactions. This increased weaponry has led to a growing number of international arrests by the Joint Chiefs of Global Tax Enforcement (J5) and the US Department of Justice (DOJ), with each member organization arresting individuals allegedly involved in crypto fraud, and/or seizing funds from their activities.

Not surprisingly, the US Internal Revenue Service (IRS) is keeping pace with these efforts and closing in on those who may have attempted to take advantage of the perceived anonymity of these transactions to evade taxes. As these tax authorities continue their collective efforts, the question becomes: who will be the next target of this expanding arsenal?

Crypto tracing for hire

Public records reveal that the IRS and other federal agencies have recently entered into agreements with a number of private cryptocurrency analytics companies to gain access to certain blockchain tracing software. This is unsurprising, given the US government’s recent outreach to members of the cryptocurrency community. For example, the IRS recently sought assistance from several cryptocurrency tax software companies for the audits of tax returns involving on-chain and off-chain cryptocurrency transactions.1

The statements of work for these arrangements provide that the IRS “is engaging outside contractors to assist our revenue agents in calculating taxpayers’ gains or losses as a result of their transactions involving virtual currency.” The DOJ is also advertising positions for crypto experts to assist law enforcement with “undercover operations on the Dark Web and undercover cryptocurrency transactions, technical skills and technology to perform block-chain analysis to trace transactions.”2

The IRS Criminal Investigation Division (IRS CI), the largest federal law enforcement agency in the US Department of Treasury, is also expanding its crypto capabilities. As part of its Cryptocurrency Initiative, IRS CI recently issued a public request for tools related to cryptocurrency, including applications “to more easily trace privacy coins and other protocols that provide anonymity to illicit actors.” This coordinated effort by the IRS and other federal agencies to acquire crypto talent forecasts a looming crackdown on the use of virtual currency for illicit purposes, and those that facilitate its use for those purposes.

International enforcement: Pooling of resources

The global tax community has also pooled its resources to target crypto fraudsters. The J5, which consists of the leaders of the tax enforcement agencies in Australia, Canada, the Netherlands, England, and the United States, was formed to investigate and combat cross-border tax and money laundering threats, including cybercrime, cryptocurrency, and enablers of global tax crimes. This has led to the J5 making several recent arrests involving certain cryptocurrency transactions. One of the J5’s stated missions is to “collaborate internationally to reduce the growing threat to tax administrations posed by cryptocurrencies and cybercrime and to make the most of data and technology.”

The J5 has held annual events known as “Challenges,” where investigators, cryptocurrency experts, and data scientists from the member nations exchange data and techniques. These combined efforts have led to an uptick in enforcement activity by member nations, including:

Two men were arrested in February 2020 in the Netherlands on suspicion of money laundering using cryptocurrencies via the subject crypto service provider. This arrest was the apparent culmination of the Dutch Fiscal Information and Investigation Service’s investigation of a crypto service provider discussed during the 2019 Challenge. The amount laundered was approximately US$118,800, indicating that the J5’s targets are not limited to the million-dollar players.

A Romanian programmer in Germany was arrested and pleaded guilty in July 2020, for conspiring to commit wire fraud and offering and selling unregistered securities. The activity is connected with the programmer’s role in a cryptocurrency mining scheme that defrauded investors of at least US$722 million worth of bitcoin.

The DOJ has also continued its enforcement efforts in earnest. Just last month, the DOJ:

  • Announced the seizure of millions of dollars in bitcoin associated with financing of terrorist organizations, including al-Qassam Brigades, al-Qaeda, and Islamic State of Iraq and the Levant (ISIS). The operation involved, among other things, an investigation into certain alleged Syrian charities and also led to the unsealing of criminal charges for two Turkish individuals. Acting United States Attorney Michael R. Sherwin commented that this seizure, the largest of its kind, “reflect[s] the resolve . . . to target and dismantle these sophisticated cyber-terrorism and money laundering actors across the globe. While these individuals believe they operate anonymously in the digital space, we have the skill and resolve to find, fix and prosecute these actors under the full extent of the law.”
  • Filed a civil forfeiture complaint related to two hacks of virtual currency exchanges by North Korean actors. The complaint alleges that these North Korean players stole millions of dollars’ worth of cryptocurrency and then laundered the same through Chinese over-the-counter crypto traders. Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division proclaimed, “Today’s action publicly exposes the ongoing connections between North Korea’s cyber-hacking program and a Chinese cryptocurrency money laundering network.”
  • The first hack dates back to July 2019 when an agent tied to North Korea allegedly stole over US$272,000 worth of crypto. This agent then engaged in “chain hopping,” a process whereby the user converts cryptocurrency into other forms of crypto in order to make the illegal transactions more difficult to trace. Then, in September 2019, another agent with ties to North Korea hacked a US-based company, stealing nearly US$2.5 million in crypto.

Avoiding the land mines and risks: The time to act is now

The message is ominous. The recent J5 activity and the US government’s stockpiling of crypto experts and tracing software leaves little doubt that tax enforcement efforts in the crypto space is ramping up. Indeed, in its February 18, 2020, newsletter, the J5 warned that “it cannot be ruled out that more international investigations by the J5 countries will follow” from the data sharing at the Challenges.

At home, the DOJ, IRS, and IRS CI remain laser focused on abusive crypto schemes, as evidenced by their call to arms for crypto experts and tracing software. While the above DOJ actions focus on anti-money laundering activity, they demonstrate a growing familiarity with these systems which will lead to future cases in other areas, including tax evasion.

Thus, any company operating in this high-risk industry should consider whether its compliance measures are adequate to protect its systems from being used, purposefully or not, to further activity that may become the focus of the government’s increasing scrutiny in this space. This is especially so in light of the DOJ’s updated guidance for corporate compliance programs places greater emphasis on continuous data driven compliance programs that are responsive to industry risks.


Footnotes

1 Hamza Ali and Allyson Versprille, IRS Seeking Private Companies to Aid With Cryptocurrency Audits, Bloomberg Law: Tax 2 Dark Web and Cryptocurrency International Computer Hacking and Intellectual Property Attorney Advisor

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