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Identity theft
statistics are quoted
frequently today, often
confusing and scaring more
than helping. At least part
of the complication is
created because government
statistics combine two
different problems:
payment fraud and identity
theft.
Payment fraud is what
happens when someone uses
your credit card, ATM or
bank account number without
your authorization. While
this is inconvenient, it is
usually quickly rectified
with a phone call to your
financial institution and
filling out a form or
affidavit.
Identity theft,
however, is an entirely
different matter, usually
involving new accounts
opened in your name that may
be difficult to track or
identify in the first place.
Here are the statistics on
identity theft:
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"New
account" identity theft
costs over $25 billion
in losses to the victims
each year. Source:
FTC
-
Of the
new accounts that get
opened by identity
thieves, approximately
half are credit card
accounts, but cell phone
accounts, utility
accounts, bank accounts
and apartment rentals
are also important
targets for identity
thieves. Source: FTC
-
Americans
between the age of 18-29
are the most likely to
be the victims of
identity theft.
Source: FTC
-
In cases
where individuals know
who stole their identity
info, it turns out to be
someone they know 50
percent of the time.
Source: Javelin Group
-
Identity
thieves get plenty of
lead time: Identity
theft victims typically
don't discover their
information has been
stolen until 12 months
after a thief first used
it. Source: Javelin
Group
-
Identity
theft victims who
detected the crime by
monitoring their
accounts online had
average loses of $551.
Identity theft victims
who relied on monitoring
paper statements had
average loses of $4,543.
Source: Javelin Group
-
Between
Feb 2005 and March 2006
more than 55 million
Americans were put at
risk by security
breaches, leaving them
vulnerable to identity
theft. Source:
Privacy Rights
Clearinghouse
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