Originally published October 9 2005
New data protection standard established by major credit reporting companies
by Mike Adams, the Health Ranger, NaturalNews Editor
Following record highs in data-loss and identity theft, credit reporting companies like Equifax, Experian and TransUnion have created a "data-cloaking code" to ensure sensitive information is safe.
In a statement, the companies insisted they have "long employed information security tools and programs" to ensure the information they compile from third parties isn't intercepted by thieves.
But they said that by creating and adhering to a single, beefed-up industry standard, they would "further assure the protection of sensitive consumer data when transmitted between data furnishers and credit reporting companies."
The coordinated effort by the three traditional rivals is the latest proof of the serious threat posed by identity thieves and Internet-enabled crooks--and the unprecedented lengths business is going to in order to fight back.
According to a report released earlier this week by Symantec, the world's biggest maker of security software, programs designed to steal confidential information accounted for three-quarters of viruses during the first half of 2005, up from 54 percent in the last six months of 2004.
The credit reporting agencies aren't alone in seeking strength in numbers.
Visa and MasterCard said the unity was required given the growing sophistication of the thieves, who, they said, were increasingly acting in concert and hiring former Soviet KGB cryptographers to help crack security codes.
Among the challenges the financial services industry faces is the emergence of highly sophisticated "sleeper crimeware" programs that infect a computer and then wait--quietly--for the user to log into a highly secure site such as an online banking or brokerage account.
Once the infected user has run the gauntlet of passwords and authentication hurdles and is inside, the sleeper program wakes up and swings into action, launching what is known as a man-in-the-middle attack.
"We're making it tougher and tougher for the bad guys," John Shaughnessy, senior vice president for fraud prevention at Visa USA, told the Memphis conference on Monday.
All content posted on this site is commentary or opinion and is protected under Free Speech. Truth Publishing LLC takes sole responsibility for all content. Truth Publishing sells no hard products and earns no money from the recommendation of products. NaturalNews.com is presented for educational and commentary purposes only and should not be construed as professional advice from any licensed practitioner. Truth Publishing assumes no responsibility for the use or misuse of this material. For the full terms of usage of this material, visit www.NaturalNews.com/terms.shtml