Monday, March 25, 2019

Can Dodd-Frank endanger ordinary bank depositors and investors? It's a risk a little bit parallel to ID theft?

I’m not sure which blog to post this on.  It’s not really about identity theft, but it concerns a risk to consumers that is fundamentally parallel to identity theft.

That is, the “bail-in” process of the Dodd-Frank Reform Act of 2010, which Trump has said little about, well, except according to The Atlantic.  

Assets, other than savings and deposits insured under the FDIC up to $250000, can be “confiscated” by creditors in some circumstances with a failing bank, even by derivative creditors.  Ivestopedia explains here

The irony is that this risk seems to comport with moral criticisms of “predatory capitalism” from the far Left, as placing the blame on “the system” rather than individuals – except individuals with unearned capital.

Kitco has a similar explanation

A few companies have been sending emails (possible spam) trying to sell protection to consumers.

How Dodd-Frank Affects Checking Accounts
Nerdwallet has a tamer discussion (shown).

Tuesday, March 19, 2019

"Suprise medical bills" not covered by insurance can lead to granishments, liens

Tonight, NBC News reported the problem of “surprise medical bills”, resulting in liens and even garnishments in New Hampshire, Vermont, Colorado, Oklahoma, Nevada and Ohio.

Lindsey Bomnin and Stephanie Gosk provided the story.

In one case, a woman had a normal appendectomy, only to get an extra bill for over $4000 from a surgeon, who might have been out-of-network, even though she repeatedly checked in her insurance during the hospitalization.

With my acetabular hip fracture in Minnesota in 1998, I ran into problems with some of the after care, in the rehab, but eventually “won” the argument.  Ironically the surgical device at the University of Minnesota was “free” because it was brand new and experimental (it worked perfectly).

I worked for a debt collection agency, RMA, in St. Paul in the summer of 2003 and might have wound up working in medical collections had I stayed, because I knew a lot about health care.

The arguments posed by debt collectors were “you used to service ….” – personal responsibility carrued to an extreme degree.

Sunday, March 03, 2019

North Korea seems to be creating fake identity accounts on LinkedIn and other social media, and running phishing campaigns with them

North Korea still continues hacking, which persisted during the summit his past week.

Most if the targets seem to be infrastructure, oil companies, and banks.  There seem to have been some attempts at airgaps at electric utilities.

A common technique is to pose as a recruiter (essentially impostering a real person) on Linked in.

This is the first time I’ve heard of Linked-In as a target for identity theft connected to spam.

Nicole Perlroth has a story in the New York Times and MSN.

Social media impersonation may be a technique particularly coming into use now.  But there have been numerous cases of fake accounts for real people in the past on Facebook and Twitter.  It happened to me once, and a friend caught it and the fake account was deleted before I knew about it.

Loose personal information might enable the creation of fake social media accounts.  It’s conceivable a foreign enemy could write posts that resemble what the real person would write, but that would take a lot of effort.  Still, a proof-of-concept attack like that would be very disturbing.