Where stolen ID data goes
WHERE STOLEN ID DATA GOES
Quote:
Originally Posted by butterbean
This has all the information one would need to replace the original owners entire life. Everything! Birthdate, SS #, all Medical info from birth on, credit info. What more do they need to start a brand new life? Its eerie.
Hi Butterbean,
The world's largest clearing house for stolen identity data is Bangalore, India, where workers (who now have America's jobs) enjoy immunity from any laws forbidding such theft.
http://www.indiadaily.com/images/editorial/4198_320.jpg
Quote:
Originally Posted by Liz Weston
Your best friend may not know how much you made last year or whether you’ve been late with a credit-card payment -- but an office worker in India might.
Tax returns, mortgage applications, even credit-bureau files are among the sensitive financial data that cost-conscious American firms are quietly shipping overseas. Consider:
As many as 500,000 U.S. tax returns could be prepared in India next year, says tax outsourcing expert Gary Boomer of Boomer Consulting in Manhattan, Kan. That’s up from about 25,000 in the 2002 tax year and 100,000 for 2003. The individual and business returns come from a wide range of U.S. sources, from single-CPA offices to Big Four accounting firms, including Ernst & Young and Deloitte.
TransUnion, one of the three major credit bureaus, plans to send all consumer disputes to a processing center in India. The company expects a significant increase in such disputes as U.S. consumers take advantage of a new law requiring bureaus to provide free annual credit reports, and says outsourcing the work is its most cost-effective option. Rival bureau Equifax currently outsources some dispute work to Jamaica. Credit-bureau files contain some of your most sensitive financial data, including your Social Security number, credit account numbers, the amounts you owe and your payment history.
U.S. companies are expected to outsource $3 billion this year in such “business processing,” which also includes insurance-claims handling, transcription of personal medical files and credit-card processing, according to research firm Gartner. That total represents a 65% increase from the year before. India, the Philippines and China are among the countries taking on the bulk of this work.
The mighty buck vs. your privacy
The motivator is simple: Money. Overseas processors often can do the work for a fraction of what it would cost domestically. For example, an accounting graduate who would earn $3,750 a month working for a Big Four firm in the United States earns about $300 a month in India. That allows Indian companies to charge U.S. accountants $75 to $150 per return, Boomer said. The U.S. preparer can turn around and bill the client for two to five times that amount.
And there’s no law that requires the U.S. accountant or firm to tell you that your return was prepared by someone else, let alone someone overseas. Likewise, most of the other business processing that’s handled abroad is done without the consumer’s knowledge or consent.
Privacy experts are understandably concerned about the risks your data may face overseas. Some of their worst fears were realized last year when a Pakistani medical transcriber threatened to post on the Internet confidential patient files from a San Francisco hospital unless she was paid money she said she was owed. ...
Entire article:
http://moneycentral.msn.com/content/Ban ... P90682.asp
Gartner warning of ID thieft from India:
http://www.computing.co.uk/vnunet/news/ ... ndian-call
Horror of outsourcing to India - Indian call centers are illegally selling personal information
http://www.indiadaily.com/editorial/4198.asp
Lots of links to India's mis-handling of our identity information:
http://www.antioffshore.org/index.php?o ... 2&Itemid=2
Note: An American, who is victim to Identity Theft from India, "can" travel to India and sue the Indian firm. However, the lawsuit will take 10 years and the [American] victim is guaranteed to lose.