There have been a lot of news reports lately about identify theft occurring at major retailers, banks, and other institutions. In light of this, it is important to educate both professionals and consumers on what identify theft is, how it can occur, and what you can and cannot control about it. at its core, identify theft is a personal problem. This is because it focuses on personally identifiable information about individuals. Despite it being focused on individuals, identity theft can become a company’s nightmare when it is targeted. While many companies put policies in place to prevent identity theft from occurring, they often miss a simple truth that will help them protect their customers’ identities. The fact is, it is not about how you control or secure the flow of information and what information FEATURE sTOrY The fact is, it is not about how you control or secure the flow of information and what information you have within the organization; instead, it is more about what you cannot control – namely, the actions of others outside of your company’s purview. THe jOurNal OF THe HealTHCare BIllINg aND maNagemeNT assOCIaTION 13 you have within the organization; instead, it is more about what you cannot control – namely, the actions of others outside of your company’s purview. There are some sobering realities about identity theft. a 2013 survey conducted by javelin strategy & research and the us Department of justice revealed that 11.5 million people per year are victims of identity theft, representing 7 percent of us households. The average economic loss is $5,000 per incident – which can be experienced by many victims over the course of 20 years or more. Finally, the total loss from identity theft was $21 billion for the first six months of 2013, versus $13 billion in all of 2010. additionally, stealing an identity is easy to do and difficult to resolve. It is more lucrative than illegal drugs. It costs $20 to purchase information about you on the Internet. stolen identities have a street value of $100 per sale and the information can be sold over and over again. These realities mean that companies are often targeted for their customers’ information. Whether it be through verbal, electronic, or written means, companies are at risk every time they transmit and move around information. To wait for it to “happen to you” before doing something about it only puts you at greater risk. Because identity theft is a repetitive crime that can last for years, it has the capability of destroying individuals and families as well as putting someone’s life at risk. as such, it exposes criminal and civil liabilities on all companies – making it crucial that you understand the rules surrounding identity theft. There is no statute of limitations under the Federal Trade Commission regulation on identity theft for civil liability. Your state also defines identity theft and identity fraud with its own set of penalties. also, recent HIPaa legislation expanding liability to business associates and their subcontractors will reduce identity theft liability, but it will not eliminate it. When addressing identity theft within a company, look at it from the perspective of the employer, board of directors, company officers, employees, clientele, business associates, partners, and outside threats. Identity theft is not just about credit reports and credit cards. It is not prevented by obtaining credit monitoring services. In fact, it is generally 90 days too late when information is reported, since it takes just seconds to transmit identities around the world. according to the Office of the attorney general in Nevada, fifty percent of identity theft is done by someone you know. Forty percent of identity theft is cyber related. and one of four identity theft incidents involves medical identity theft, whereby someone is obtaining expensive services or drugs. Indeed, medical identity theft is rising. as a healthcare billing and management professional, it is important to know what you can do to prevent this rise from affecting you. First, you must understand that the nature of theft has changed. Thieves are more interested in the files left in someone’s car than they are in stealing the car. They want the usB stick, the smartphone, and the laptop you carry around more than trying
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