Identity Theft StatisticsEveryone has heard about identity theft, but how prevalent is it? And how do identity thieves access private financial information? How many Americans have been victims of identity theft?According to the Federal Trade Commission’s “2006 Identity Theft Survey Report,” nearly 8.3 million Americans were victims of identity theft in 2005. Of those, 3.2 million reported crimes in which thieves used one or more of their existing credit cards; 3.3 million discovered non-credit card account information was stolen (such as bank or telephone accounts); and 1.8 million reported that their financial information had been used by identity thieves to open new, fraudulent accounts in their name. The types of new accounts opened by identity thieves ranged from telephone service accounts, credit cards, bank loans, checking or savings accounts, or auto or medical insurance. How long does it take to discover if you are an identity theft victim?The good news is that nearly 40 percent of identity theft victims discovered fraudulent activity resulting from identity theft within one week, especially if the theft involved the use of existing credit card accounts, bank loans, or personal checking or savings accounts. Unfortunately, one quarter of the victims didn’t discover the theft until up to six months after it had occurred which points to a need for greater education among consumers. Do identity theft victims know the thief?In the cases of identity theft that took place in 2005, 84 percent of the victims did not know the thief involved in the crime. The other 16 percent knew the thief personally either as a friend, neighbor, or in-home employee (8%), as a co-worker (2%), or as a family member (6%). How do identity thieves access personal information?Fifty-six percent of identity theft victims don’t know how thieves got their personal information. Identity thieves acquire private financial data in a number of ways, so an important element in prevention is recognizing how the crime is committed. Here’s a rundown of how thieves accessed information in the remainder of cases where the cause was known:
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Thursday, November 20, 2008
