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Resource Group Inc.
111 East 85th St. Suite 14C
New York, NY 10028
(212) 779-9300

Resource Group of N.J.
65 Mechanic St. Suite 203
Red Bank, NJ 07701
(732) 842-4800

 

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Identity Fraud

What Is Identity Fraud?

Cases of identity fraud are dramatically on the rise. Consumers are usually alerted to an identity fraud when a merchant - or their collection agency - contacts the consumer seeking payment for a bill that the consumer knew nothing of. Or, worse yet, the consumer may be declined for a loan due to a credit report that recorded defaults on loans that were previously unknown to the consumer.

In cases of identity fraud, criminals assume the identity of the consumer/victim for the purpose of taking over the victim's accounts and/or obtaining and/or using credit in the name of the victim, usually with the goal of fraudulently obtaining financial gain.

The occurrence of identity fraud against U.S. consumers has increased dramatically in recent years. In 1992, credit-reporting agency Trans Union received 35,000 calls with questions or complaints about identity theft. In 1998, that number increased over 15 fold to 554,450 (over 1500 calls per day).

Further, in 1997 the United States Secret Service (USSS) alone reported $745 million in actual losses attributable to identity fraud (the USSS investigates financial crimes related to identification documents).

In such cases, banks and other credit grantors - not the consumer - absorb most of the losses. However, while generally not responsible for funds that criminals fraudulently obtain, victims of identity fraud are often left with ruined credit histories that can require hundreds of hours and sometimes significant expenditures to clear and restore.

In response to this increase in frequency, new federal laws passed in 1998 (The Identity Theft and Assumption Deterrence Act of 1998) allows victims to seek restitution from the criminal perpetrator for identifiable losses which includes expenses related to clearing their name and credit rating, such as attorney's fees. However, actually obtaining such restitution from the criminal is far from certain as the victim can be in a long line of parties (e.g. creditors) seeking restitution from the criminal that has committed identity fraud.

Resource Group Can Help

Does your current Homeowners, Coop/Condo or Tenants Renters Insurance cover identity fraud? Is the coverage comprehensive enough to help address the costs relative to any criminal judgments due to wrongful prosecution?

For answers to these and other questions regarding IDENTITY FRAUD or to receive a brochure on coverage, along with a free quote, contact us today or click here to complete an address form and register for our own newsletter Personal Perspectives.

 

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Resource Group is one of New York and New Jersey's fastest-growing insurance brokerage firms. With over 25 years of experience, we provide a full range of insurance, discount products, and related financial services at competitive rates, and coverages that fit your needs.

We offer a free, no-obligation review of your current insurance portfolio. Please contact us for a free quote request.

At Resource Group, it is our goal to stand behind a promise to provide customer service that is second to none. If you have any questions, please don't hesitate to call or email us.