The New Identity Theft
Law: Will It Work?
By
Garrett Sutton, Esq.
Identity theft
is now a pandemic, and a scourge for its victims. Is
the federal government finally ready to fight back?
The Identity
Theft and Restitution Act of 2008 was recently signed
into law by President Bush. The new law is supposed to
make it easier for the government to convict those
charged with pursuing computerized identity theft.
Supporters tout this legislation as allowing federal
prosecutors to be more aggressive in cracking down on
identity theft cyber crime. But will it work to protect
millions of future victims?
The new law
provides for the following:
-
Discarding the
requirement that damage to a victim’s computer
exceed $5,000 over a one year period before charges
can be asserted for unauthorized access to a
computer.
2. Eliminating the
interstate jurisdictional requirement, thus allowing
prosecution of those who steal personal information
from a computer, even when the victim’s computer is
located in the same state as the thief’s computer.
3. Allowing victims of
identity theft to seek restitution for an amount equal
to the value of the time reasonably spent to fix their
problems.
4. Adding the charge of a
conspiracy to commit cyber crimes. (The prior law only
allowed for charges related to the actual crime, and
made no provisions for conspiracy to commit the
underlying charge.)
5. Adding the remedies of
civil and criminal forfeiture to better allow federal
prosecutors to combat cyber crime. Individuals found
guilty of violating the act can be forced to forfeit
both property used in commission of the cyber crime, as
well as property obtained from any proceeds gained from
the cyber crime.
6. Making it a felony to
electronically damage ten or more computers no matter
the value of the damage caused.
7. Making it a crime to
threaten to steal or release information from an
individual’s computer. (Prior law only permitted the
prosecution of those who seek to extort companies or
government agencies by explicitly threatening to shut
down or damage a computer.)
It is intended
that the new law will allow federal prosecutors to be
much more aggressive in prosecuting identity theft
criminals. Elimination of both the $5,000 damage
requirement and the interstate jurisdictional
requirement should make it easier for prosecutors to
bring charges.
But will it
really help?
The federal government has
tried to keep up with identity theft for years with few
results. If the feds are truly interested in stamping
out the pandemic, it is with the enforcement of the
laws, and not just new laws, that will turn the tide.
Still, there are
encouraging signs that a wide ranging effort is being
made. The IRS is helping out by allowing in this next
year all but the last four digits of taxpayer ID numbers
to be blocked out on 1099’s, W-2s, and other
informational returns. There is privacy in that move.
But it is not
over. Stay tuned for more on this battle.
About
the Author:
Garrett Sutton, Esq. has over twenty years experience
assisting and advising entrepreneurs, families and
business in selecting the appropriate corporate
structures to limit their liability, protect their
assets and advance their personal and financial goals
through real estate investments and other means of
wealth creation.
A
best-selling author, speaker and a member of an elite
group of "Rich Dad's" advisors, hand selected by author
Robert Kiyosaki, Garrett speaks to investors and
entrepreneurs on a variety of topics including asset
protection, liability limitation, wealth creation, as
well as various business and real estate issues. As an
advisor for Robert Kiyosaki, Garrett has authored
Own Your Own
Corporation,
How to Buy & Sell a
Business, and co-authored Real
Estate Loopholes. These titles are included in the
"Rich Dad, Poor Dad" wealth-building book series.
Additionally, under the SuccessDNA Publishing label,
Garrett has authored and co-authored numerous books
including, How to Use Limited Liability Companies and
Limited Partnerships. Visit
www.CorporateDirect.com for more information.
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