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$1 million NYC ID theft ring draws concerns

Dec 02, 2012 Dave King

$1 million NYC ID theft ring draws concerns
One-hundred eighty New Yorkers were affected by an identity theft ring that stole over $1 million dollars using false consumer identities. A 52-year old Bronx man has plead guilty in a federal Manhattan court and he will be sentenced in February 2013. The extent of this case raises fear over consumer privacy and may suggest that retailers and creditors need to implement firmer measures of ID verification software and databases.
 The Bronx ringleader along with six men allegedly carried out an elaborate operation of opening fraudulent credit cards at big box retailers, purchasing large ticket items to be resold on New York City streets for  below retail cost. The group even went as far as to print fake drivers' licenses in order to open store credit accounts. This shows some of the extents criminals are willing to go to carry out identity scams. Consumer credit reports may come back clean, but if an individual is using a fake ID, these lines of credit are compromised . Companies should seek out identity verification solutions in order to both protect consumers and ensure that valuable assets are not lost to fraudulent accounts. These best practices when it comes to identity assurance are simply best business standards.