Question: Why Are Stolen Health Records Worth 10 Times More Than Stolen Credit Cards On The Black Market?

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Mar 23, 2015
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Question of the Day, Identity Theft, Current Events, Financial Scams

From CSO:

“Cyber criminals are now going after health care records because they hold up to ten times more value on the black market over simple credit card numbers,” said Carl Wright, general manager at San Mateo, Calif.-based TrapX.

Electronic health record information can be used for billing scams that go as high as the value of the health insurance policy, to purchase prescription drugs for resale on the black market, and also for run-of-the-mill identity theft.

A good question for students to research online:  How can you protect your financial records?

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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