Identity Theft Facts
Some people respond to all the identity theft hysteria by taking all suggested precautions, and subscribing to a credit monitoring or identity theft protection service. Others listen to reports of identity theft and data breaches with skepticism, or even cynicism, believing the reports are hyped by the companies that benefit from it most – the companies that sell credit monitoring and identity theft services.
But these are the identity theft facts:
- Every two seconds someone identity is stolen.
- In 2006, there were 15 million victims of identity theft.
- The US Department of Justice says identity theft has surpassed drug trafficking, and is now the number one crime concern in the nation.
- All 19 government departments and agencies report at least data breach since 2003. The vast majority were caused by loss or theft of laptops or portable drives. Only a very small percentage was caused by hackers.
How does it happen?
- Most identity theft begins with a lost or stolen wallet.
- Many identity thieves search mailboxes or trashcans for information.
- Much identity theft is perpetrated by someone know by the victim—a relative, caregiver, employee, etc.
- Only 11.2 percent of identity theft occurs over the internet.
What are the associated costs of identity theft?
- Total cost in 2007 was $49.3 billion, down from $55.7 billion in 2006.
- Cost per victim decreased from $6,278 in 2006 to $5,720 in 2007.
- Average resolution time per victim is 25 hours.
What are the personal impacts of identity theft?
- Many victims report very strong feelings of violation, similar to a home invasion.
- Lingering emotional effects for some victims are similar to those of physical or sexual assault.
- Most victims report increased stress in their family relationships; a small percentage blame identity theft as the cause of divorce.
What can I do to protect myself from identity theft?
- Don’t carry unnecessary credit cards your wallet. Leave Social Security cards at home in a lockbox or safe.
- Don’t leave incoming or outgoing mail in an unlocked mailbox. Either buy a locking mailbox or consider getting a post office box.
- Shred all unnecessary mail. Put all other mail in a lockbox.
- Check credit reports frequently, at least once a year.
- Place fraud alerts on your credit records. Fraud alerts must be renewed every 90 days.
- Never give out personal or financial information over the phone or internet unless you initiated the contact.
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