A group of 10 advocacy organizations, including the Identity Theft Resource Center and the Better Identity Coalition, have called on Congress to pass the Improving Digital Identity Act of 2022, mandating the government to develop federal digital ID infrastructure.
The bill has advanced through committees in both the House and Senate, but it is yet to be put to a vote.
In the letter, the organizations noted that in 2021, 293 million people were affected by data breaches, and that there has been a 333% rise in losses from identity fraud since 2017.
The letter further notes that the FTC estimated that there was a 3,000% increase in identity theft for public benefits from 2019 to 2020. And, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has identified abuse of components of digital identity, like personally identifiable information, as the main cause of cybercrime and fraud in the country.
According to the Federal Reserve, synthetic identity fraud causes losses of $20 billion annually.
“The lack of an easy, secure, reliable way for entities to verify identities of people they are dealing with online creates friction in commerce, leads to increased fraud and theft, degrades privacy and hinders the availability of many services online,” the organizations wrote in the letter to Congress.
The organizations argue that digital identity infrastructure could contribute 4% to the GDP by the year 2030. The National Institute of Standards and Technology (NIST) said a digital identity infrastructure could save one agency over $300 million annually.
“By prioritizing digital identity infrastructure, we will prevent costly cybercrime, help ensure Americans never become identity theft victims, give businesses and consumers new confidence, and foster growth and innovation across the economy,” the letter states.
Article cross-posted from Reclaim The Net.
At Last, a Company With Integrity in the Gold IRA Industry
For several years, I’ve been vetting out precious metals companies in search of the best. I believe in gold and silver but it’s hard to find integrity in the Gold IRA industry. The vast majority operate with shady tactics and gigantic spreads that take advantage of Americans who simply want to protect their life’s savings.
I’ve found a handful that I like and I’ve worked with some of them. By no means would I “unrecommend” them because, again, I vetted them out and found them to be above the fold. Unfortunately, it isn’t hard to be better than the rest when the rest are so darn awful.
After years of searching, I finally found a company that truly operates with integrity. Augusta Precious Metals has three important attributes that set them far above the competition:
- Non-Commissioned Sales Team: I cannot stress how important and unique this is. With just about every other company in the Gold IRA industry, the sales teams make commission from every account they open. This means they steer their clients toward the gold and silver products with the highest commission. With Augusta Precious Metals, the team is solely focused on putting the best gold and silver for their clients into their IRA. They get paid to serve the best interests of the Gold IRA client, NOT their own commission pay.
- Incredibly Low Fees: Most Americans would be shocked if they knew the spread other Gold IRA companies charge. Augusta charges just 5% versus up to 45% elsewhere.
- No Pressure, No Gimmicks: There’s an understanding among most in the Gold IRA industry that fear and pressure is the way to go. Augusta Precious Metals takes a sober approach when working with clients because they hold integrity in the highest possible regard. This is why they don’t offer gimmicks like “free” or “bonus” silver. It’s also why they do not apply pressure tactics to get quick sales. Their educational and transparent approach to doing business is exceedingly rare in the Gold IRA industry.
