Identity Theft

Up to 700,000 people in the United States may be victimized by identity bandits each year, according to the Justice Department (during press release- 2002 Federal Trade Commission Study). Recent reports now talk about 10,000,000 victims. A recent report on identity theft warned that there is likely to be "mass victimize" of consumers within the next two years. The report said consumers should be extra careful to monitor all their financial transactions for unexplained account activity, withdrawals, or fund transfers. Identity theft is the fastest growing crime in America. The average victim spends 175 hours and $1000 repairing the damage. The U.S. Federal Trade Commission says that identity theft is its number one source of consumer complaints - 42 percent of all complaints, in 2001. " Every 79 seconds, a thief steals someone's identity, opens accounts in the victim's name and goes on a buying spree." -CBSnews.com, 1/25/2001.
A study by Gartner Group reveals that 1 in 50 consumers has suffered identity theft. The survey also indicates consumers are so concerned about the problem that they are calling for changes in the way electronic transactions are performed. Identity theft is the most popular form of consumer fraud, in part because it is the most profitable. Thieves stole nearly $100 million from financial institutions last year, or an average of $6,767 per victim. Please take note of the above mentioned statistics!