Friday, October 23, 2009

4 Yr Old & Kids Get $4 Million in Tax Credits to Buy Homes

From the "can't believe its true" file: No one under the age of 18
can legally purchase a home. However, a four year old baby as
well as hundreds of other minors managed to provide
tax payer identification numbers (TIN) as part of the
qualification process in receiving U.S. federal tax credits
reserved specifically for first time home buyers.

"Through July 25, 2009, we identified more than 580
taxpayers younger than 18 years of age who claimed
almost $4 million in First-Time Homebuyer Credits. The
youngest taxpayers receiving the Credit were four years old.
Contract law generally exempts children under the age of 18
from being bound by the terms of a contract. Therefore, it is
unlikely that these taxpayers would have entered into an
arm’s-length transaction for the purchase of a home."

In other words, someone was using the unauthorized social
security number of some unsuspecting victim for perpetrating
identity theft fraud.

So, while technically its not supposed to be possible for a 4 year
old child to sign documents to purchase a home in America, we
see again that it is quite entirely possible for identity theft to be
committed using a tax payer identification number.

Our tip for today is to pull a credit report and especially a public
records profile (pip)
on your children to insure no crafty identity
theft fraudsters haven't already run a scam.

PS: Please share this important identity theft tip with loved one
or friend.

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Tuesday, September 15, 2009

$2.1 million Identity Theft Ring Hits Fed Chairman Bernanke

Federal Reserve Chairman Ben Bernanke's wife was
among the victims
of an identity theft ring responsible
for over $2 million in fraud perpetrated
by an "inside"
accomplice working for two D.C. area physicians.

$2.1 million Identity Theft Ring Hits Fed Chairman Bernanke by Id Theft Secrets Blog

In all, prosecutors say, the conspiracy ensnared
500 victims and accounts at least 10 financial

During her year as the doctors' receptionist, Leake met
with Gray 20 times, she admitted. At each meeting she
handed over patients' information gleaned by photocopying
personal checks, and retrieving their birthdays and Social
Security numbers from files. In return, Gray paid Leake
between $200 and $500 for each victim's information.

Gray then took that information and used it to create fake
Maryland driver's licenses containing a victim's information
with a picture of another member of the conspiracy, court
documents said. The pictured co-conspirator then used the
bogus license to drain cash from bank accounts, sometimes
by cashing checks stolen from other victims by pickpockets.

Medical identity theft continues to be an effective way for
credit fraudsters to steal your hard earned money. It doesn't
matter how rich and powerful you are, as in the case of Chairman
Ben Bernanke and his wife.

So, our tip for today is to make sure you take the time to contact
your banks & credit card companies to get enrolled in automatic
credit monitoring for your accounts. Also, to safeguard against
medical identity theft which is not by design the purpose of credit
reporting, get your public information profile (PIP) reviewed for
any past or future instances of fraud using your good name.

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Monday, August 03, 2009

Identity Theft Criminals Get 3 More Months Delay In Red Flags

In a law originally slated to take effect 11/1/2008, the F.T.C. has again
delayed the beginning of enforcement for a third time. The latest delay
gives identity theft criminals an additional 90 days to operate without
impunity by businesses who are required to implement the F.T.C. written
anti-fraud regulations mandated by the 2003 F.A.C.T.A. law.

Apparently, according to the F.T.C., there is still confusion
over whichbusinesses are required to comply even though
the law has been around now for over 6 years & itself was
an amendment to the much longer standing Fair Credit
Reporting Act (F.C.R.A.) which also historically defines
what firms are included:

The Fair and Accurate Credit Transactions Act (FACTA)
“creditors” and “financial institutions” with
covered accounts to
implement programs to identify,
detect, and respond to the warning
signs, or “red flags,”
that could indicate identity theft.

Examples of the type of firms which are required to comply
  • Finance companies
  • Automobile dealers that provide or arrange financing;
  • Mortgage brokers
  • Utility companies
  • Telecommunications companies
  • Non-profit and government entities that defer payment for goods or services
  • Businesses that provide services and bill later, including many lawyers, doctors, and other professionals.
While it may be considered ambiguous by these firms whether they
should comply or not, to the credit of the F.T.C., a great wealth of
resources - even including a special website - was provided to bring
clarity and guidance for implementation.

Evidently, powerful lobbying organizations such as the
A.M.A. objected to the F.T.C.'s definition of them being
included as "creditors" as early as September, 2008
even though there has been a consistent pattern of
medical identity theft data breaches the past 3 years.

So, while the lobbyists and the regulators continue to do battle over
implementing very clear legal steps to protect all of us consumers
from continued identity theft, the criminals and financial fraudsters
have been given another green light signal to perpetrate illegal
activities all the while knowing there is not much real commitment
by our government to wage an all out war against them.

As a result, our tip for today is to take matters under your own
control - especially with
medical identity theft as this one of the
softest areas that identity thieves know they can
exploit as
"creditors" continue to delay or outright refuse to comply with
efforts specifically designed to close the loop holes
credit reporting and law enforcement
has been frustrated with
for years.

Get your medical identity theft & personal information profile
checked out today.

Finally, make sure to tell a friend or family member of this
important new
development in identity theft fraud prevention.