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by Kara N. Edgerson

Business Brokerage A Senate committee held one of several planned hearings on identity theft and data brokers to discuss recent data breaches and ways to prevent them.

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Real Estate Broker May 13, 2005 (AXcess News) Washington - Three days. That is how long it took the staff of Sen. Ted Stevens R-Alaska, to steal his identity.

Identity Theft Is A Costly Crime The financial impact of identity theft is staggering. According to a Federal Trade Commission study, the national cost of identity theft is estimated at more than $53 billion annually. Most of that cost is borne by the financial industry, mainly in fraudulent losses that have to be written off. The individual loss per victim can range from $4, 000 to more than $20, 000. And that's only the financial loss per crime.

Agency Brokerage Spark "Some of my staff tried to steal my identity, and I regret to say that they were successful," said Stevens, chairman of the Senate Committee on Commerce, Science and Transportation. "They demonstrated to me ... just how easy it is to steal an identity."

about identity theft and what it is. Identity theft statistics and information about identity theft fraud, insurance and more.

Business Broker Stevens said that his staff found out about his daughter's rental apartment in California and some of his son's activities, all for $65.

Brokerage Account "It has been suggested that I should change my name," he said, "or use my middle name now if I want to maintain my own identity."

Stock Broker The committee held one of several planned hearings Tuesday on identity theft and data brokers to discuss recent data breaches and ways to prevent them. The series of hearings arose after two major broker companies, ChoicePoint Inc. and LexisNexis, admitted that data about thousands of people, 310,000 from LexisNexis alone, had been sold to likely thieves or that their databases had been breached.

Brokerage Online Stock Trading Sen. Daniel K. Inouye, D-Hawaii, said personal information about more than 5 million people may have been released to potential criminals.

Broker Justin Ticket Sen. Bill Nelson, R-Fla, said, "If we don't do something about this, Mr. Chairman, we may not have any identity left."

Real Estate Brokerage "Protecting sensitive information is important," he said, "and it does not register Democrat or Republican."The hearings are being held to come up with legislation to tighten the use of Social Security numbers and improve cyber security.

Commodity Broker ChoicePoint and LexisNexis executives testified, along with a representative of smaller companies that collect data about people and sell it - supposedly to legitimate businesses.

Brokerage House Kurt P. Sanford, president LexisNexis' U.S. corporate and federal markets, said that, although his company has made substantial changes in business practices since the breaches, the company supports legislation that would offer a greater protection over consumers' identities."It is important that any legislation strike the right balance between protecting privacy and ensuring continued access to critically important information," Sanford said.

Real Estate Broker Exam Doug Curling, ChoicePoint's president, said he also supported some proposed bills.

Brokerage Services The committee later heard testimony from financial organizations that said Congress must impose stronger requirements on identity theft through technology."Technical provisions for security are aimed to thwart unauthorized access to personally identifiable information," said Paul B. Kurtz, executive director of the Cyber Security Industry Alliance.

Broker Live Ticket "Whether by electronic hackers who break in by securing a legitimate password, or by in-person fraud," Kurtz said. "Technical provisions are only as strong as the security policy which implements them."

Online Brokerage Firm Source: Scripps Howard Foundation

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