Return to Virginia Business - May 2001

Minding Your Business
The Identity Safeguarders

You know to be wary of street muggers. You know what precautions to take. But what do you do against unseen, high-tech versions of these hooligans? After all, they can steal something a lot harder to replace than your wallet: your electronic identity.

Problem is, unless you are in the habit of regularly checking your credit rating, you might not know that a credit card thief has racked up thousands in purchases in your name until it is too late. "You generally find out about identity theft when you apply for a mortgage or a cell phone. At this point, you’re a victim and there’s a lot going on," says Bernie Brenner, president and CEO of PromiseMark Inc.

The Fairfax-based company might be able to help. It provides a hacker and identity theft protection plan that protects its clients from having their identities lifted. Its system includes preventative measures such as sending out credit monitoring alerts, which inform you anytime there’s a change in your credit program, and providing you with your own firewall. If, however, a clever thief managers to get past its defenses, PromiseMark will help repair the damage.

The sad truth is, once you’re the victim of fraud, "You’re presumed guilty," he says. When this happens, PromiseMark will put you in touch with an agent who will start the process of getting your life back. With identity theft, so many agencies become involved, on local, state and federal levels, that the red tape involved can take years to clear up. "On average, it takes two years to clean up your identity," Brenner says, adding that his company can give you your identity back in about two months. "If there’s any financial loss, we’ll assist with the recovery."

You may think that only Bill Gates could afford this kind of protection, but Brenner says it’s really designed for the average Joe. The initial software is available at Comp USA for $39.95. Each year, customers renew their membership online for an additional $39.95. Brenner says PromiseMark has about 1 million virus protection plan holders. The company’s newer hacker protection plan has several thousand clients.

"We don’t disclose our financial information, but we’re doing just fine," he says.

— Leila Marija Ugincius

Return to Virginia Business - May 2001