Identity Theft Protection Expert and One You Security: Usability of Social Security Numbers as Identifiers Enables Mortgage Fraudsters
The results of a research investigation revealed an upward trend in the incidence of mortgage fraud. The best way to combat the threat is to transform Social Security numbers into something useless to thieves, said the widely televised and quoted chief security analyst for One You Security.

/Fraud - Identity Theft News Articles/ - SARASOTA, FL, August 05, 2008 - The results of a research investigation by the Federal Bureau of Investigation recently revealed an apparent, significant upward trend in the incidence of mortgage fraud. Furthermore, homeowners who have Home Equity Lines of Credit (HELOCs) are prime targets for financial fraud, suggested a related statement from the Identity Theft Assistance Center (ITAC). The best way to combat the threat is to transform Social Security numbers into something useless to thieves, who use these universal identifiers to obtain financial identities, said Robert Siciliano, widely televised and quoted identity theft protection expert and chief security analyst for One You Security, LLC (http://www.oneyou.com/).

"Social Security numbers' de facto role as universal identifiers has fueled a massive increase in financial fraud—simply because these numbers allow criminals to assume others' identities," said Siciliano. "Given the scope of financial fraud, which costs billions of dollars every year, consumers need a way to deprive thieves of the ability to gain access to someone else's finances. They must implement measures that render those Social Security numbers useless to thieves."

Subscribers to One You Security receive newsletters and special alerts from Siciliano (http://www.youtube.com/watch?v=dLylU5xflx8). Through these, they get the latest information on data breaches and learn more about identity theft prevention. Chief security analyst for One You Security and a member of the Bank Fraud & IT Security Report's editorial board, Siciliano regularly discusses data security and consumer protection on CNBC, on NBC's "Today Show," FOX News Network and elsewhere.

Released in April of 2008, the FBI's 2007 Mortgage Fraud Report found that "Suspicious Activity Reports (SARs) from financial institutions indicated an increase in mortgage fraud reporting" in 2007:

http://www.fbi.gov/publications/fraud/mortgage_fraud07.htm

The year-over-year increase in SARs was 31 percent, according to the report, which went on to note that there is no central repository for mortgage fraud complaints in the U.S. Additionally, the report revealed that the total dollar impact of mortgage fraud is unknown, but that the losses associated with just 7 percent of SARs in 2007 was $813 million.

A July 8th news release from ITAC noted the FBI report's attention home equity credit fraud, an emerging, related crime:

http://www.identitytheftassistance.org/uploaded_files/fck/file/HELOCFINAL070308.pdf

Consumers with HELOCs should regularly check them for suspicious activity and unaccountable discrepancies in balances, according to ITAC, whose announcement was reported in The New York Times on July 27.

"How do thieves obtain credit?" asked Chris Harris, president and CEO of One You Security. "They do so by assuming the identity of another person, and it's largely the utility of Social Security numbers that allows them to do so. Financial fraud related to identity theft is in fact dependent on this, but the effect of One You's service functionally strips Social Security numbers of this utility, leaving criminals with nothing but a bunch of nine-digit numbers that no longer give them access to would-be victims' financial identities."

Consumers who choose One You Security do so in part because the company strives to transform their Social Security numbers into meaningless strings of digits of no use to thieves. The firm backs all its offerings with a 100 percent service guarantee.

YouTube video shows Siciliano on FOX News Network, where he explains how the ubiquity of Social Security numbers as universal identifiers helps thieves online and off-line:

http://www.youtube.com/watch?v=fqoHSACQ34U

A collection of videos at VideoJug features Siciliano sharing advice on how consumers can protect themselves from identity theft and fraud:

http://www.videojug.com/search?keywords=siciliano

Press Release Contact Information:

Robert Siciliano
One You Security, LLC
Chief Security Analyst
1990 Main Street, Suite 750
Sarasota, FL
United States 34236
Voice: 888-742-4542
Fax: 877-232-9669
Website: Visit Our Website