Medical ID Theft The New Threat To Your Privacy Health And Finances

Identity theft an on going threat to everyone privacy & finances has resulted numerous calamities for thousands citizens. Many safeguards have been instituted to stop its spread but continues. And now new ID theft has surfaced which presents worse problems. Medical identity theft the new id theft problem is growing at an alarming rate. Daily 1000″s accounts privacy health & finances improprieties due to medical identity theft are reported.

Medical identity theft can create life-threatening problem especially for senior citizens. Because this local & federal law makers are considering drafting legislation which will make the criminal punishment for medical id theft far more harsh than current id theft laws. New proposed laws will go beyond just slapping hands & firing employees. New laws are to include significant fines & sentencing the guilty party to substantial jail time. You will need to announce medical id theft won”t be tolerated with stricter message to deter this kind crime.

Like standard id theft medical identity thieves steal the victims name insurance information & Sn & employ without its real owner”s knowledge. Medical ID identity thieves have the prospect to endanger not only the victims finances but their health along with they utilize the stolen information to get medical services obtain fraudulent prescriptions or more commonly to get credit.

In the last ten years the economy for personal information has really matured. The institutions which had the most to lose from negative reports about wide spread id theft like banks & online merchants started doing better job protecting data.

Today”s identity thieves go where the cap on resistance is the least & where the financial opportunities are the greatest. Consumers” medical insurance information is their new venue & electronic medical records are the road they use to benefit from this new opportunity. Individual medical information is quickly becoming as valuable as their financial information counter part ” according to Scott Mi tic CEO for Trusted ID an # keyword # company.

According to market research firm Javelin Strategy & Research new report data theft related to exposure medical records rose one year more than 100% from 3% 2008 to 7% or 275 000 cases last year.

Once the hands these crooks there isn”t any shortage ways the hijacked medical information may be used to use. In lot cases employees with access to this personal information steals patient credit card information & go on shopping spree. Other cases involve obtaining & falsifying prescriptions for abuse & resell & more seriously use stolen identity to submit bogus claims to insurers & falsify medical records to support those claims.

“In situations where the intention is to defraud the insurance companies the medical id thieves are usually more sophisticated traders who are part networked effort. But the origin the information theft usually remains low-tech & originates from person-to-person communication ” Mi tic added.

Seniors who generally use health care services more frequently & will not be as aware identity theft risks have been the most likely victims medical identity fraud. Their lack knowledge this fraud also make them more susceptible to the deceptive persuasion used to obtain their personal information.

A recent Medicare phone scam conducted several states targeted elderly consumers by pressuring them to divulge personal details on the pretext they were being issued new Medicare cards. An official sounding organization calls on the phone saying they are updating the victims Medicare data information prior to issuing the new card.

One Medicare scheme reported the New York Daily News involved 72-year-old woman from Grahams ville NY. She learned she had become the victim medical ID theft when she began receiving strange insurance bills. The paperwork showed Medicare had been billed her name for pregnancy test prostate exam semen analysis & other medical services she had not had performed. Bureaucratic hurdles prevented her from stopping the fraud despite that she repeatedly called Medicare to alert the agency. At the conclusion her three-year ordeal with Medicare the total fraud her name amounted to close to $50 000.

Consumers most be vigilant to prevent medical ID theft both proactively & re actively. All information including medical insurance information Social Security information dates birth & PIN numbers should be treated equally valuable & never shared unless you are thoroughly familiar with the source you are giving to. It”s essential that you check your medical benefits statements as diligently as you do your credit card statements. Also be aware you have the authority to request an annual disclosure record from their insurer & do so. Medical id theft is growing. In the wrong hands this information has the potential to endanger not only your finances but your health.

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