Identity Theft and Fraud

“The Greatest Threat”

53338163IW008_Biometrics_Co“… to consumers and far more insidious and harmful to our national welfare than many people realize.”

Those were the words of and If recent statistics are any indications former US Treasury Secretary John Snow’s words ring true more than ever. Case in point:

  • Identity Theft has ranked as the number one consumer complaint for nine years in a row
  • Last year close to ten million Americans were the victims of identity theft
  • The average out-of-pocket cost to the identity theft victim is about $1500
  • The leader of an international identity theft ring confesses to stealing forty million credit and debit cards. Authorities call it “…the largest and most costly identity theft in U.S. history.”
  • Credit card fraud accounts for one in of five of all identity thefts reported.
  • The average victim of identity theft spends 200-600 hours in restoring his or her identity.
  • The Federal Trade Commission estimates that each year nine million Americans have their identity stolen
  • The annual cost of identity theft to business and consumers is $45 billion
  • Identity theft was on the decline for a few years but whether due to the economic downturn or whatever other circumstances it has come back with a vengeance.

    There unfortunately is no iron clad guarantee that promises you will never be a victim of identity theft (especially when you find out who are some of the possible perpetrators) but you can do some things that will tilt the odds more in your favor or at least give you a heads up as to what you are up against.

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