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Fast Facts On Identity Theft

The statistics on identity theft are alarming. The Identity Theft Data Clearinghouse, working with the Federal Trade Commission, produced an identity theft report in February of 2005 showing:

  • Identity theft and fraud losses totaled more than $48 Billion during 2008.
  • The number of id theft victims in 2008 grew 22%.
  • Internet complaints comprise more than 50% of all reported personal identity theft losses.
  • 28% of all reported identity theft is credit card fraud, followed by utilities, bank and employment fraud.
  • The number of victims of identity theft who have their money stolen via electronic funds transfer has more than doubled in recent years. As more people use the Internet as a means of commerce, more opportunities arise for thieves to steal confidential information.

What would you do if you found out that as a result of a hacker attack during the Christmas shopping season, your personal information had been stolen and now some company you never heard of is demanding immediate payment of an overdue $11,000 debt? According to Chris Swecker, Assistant Director of the Criminal Investigative Division of the Federal Bureau of Investigation, identity theft has emerged as one of the “dominant white collar crime problems of the 21st century.” The victims of identity theft may lose their ability to utilize their credit and their financial identity, the impacts of which may last for years after the initial crime is committed.

  • Identity thieves can literally steal thousands and thousands of dollars from an unsuspecting consumer in very little time, often before they even are aware of the ID theft.
  • 38-48% of victims find out about the identity theft within 3 months of it starting.
  • 9-18% of victims take 4 years or longer to discover that they are victims of identity theft.
  • Victims spend from 3 to 5,840 hours repairing damage done by identity theft.

Many experts think your chance of being a victim are 1 in 8. Next time you eat out look at your table of 4 and the group of 4 next to you – one of you is an identity theft victim.