ID theft scam costs New Yorkers more than $1 million

The New York state attorney general reported Thursday that seven people have been arrested in an ID theft scheme that netted more than $1 million, highlighting the growing problem of identity theft. The individuals tapped consumer charge accounts for products and gift cards across four states and at retail outlets such as Home Depot, Sears, Kmart and Kohl's. They also stole names and social security numbers and created fake driver's licenses to impersonate the victims. "These individuals systematically victimized over 180 New Yorkers in an elaborate scheme to line their own pockets," said state attorney general Eric Schneiderman. The story alludes to the importance of protecting critical financial data. More importantly, organizations need to employ stringent ID verification services to ensure that borrowers, new hires, partners and other individuals are, in fact, who they claim to be. As the economy improves, experts anticipate a surge in ID theft cases. Accordingly, businesses should pay close attention to the latest industry trends to inform their own protection strategies.