Identity Theft Statistics

Identity theft statistics from the US Federal trade Commission in 2001 indicate that 42% of complaints relate to identity theft. With nearly 90% of the American population featured in these files which are freely traded amongst marketing firms, the illegal access sought by identity theft criminals has been made remarkably simple. Identity theft statistics are used by insurance companies, banks and law enforcement agencies to study the consequences and methods of these crimes. There is evidence that the identity thieves will increase so there is great interest in this information. Identity theft statistics can be quite an eye opener for many individuals. Many of us know how to reduce the likelihood that we will become a victim of identity theft, but that is the extent of our familiarity with the subject.

Victims of the most serious form of identity theft, involving the creation of new accounts and other frauds, reported that they had spent an average of US$1200 to repair the damage from identity theft. Moreover, the survey indicated that identity theft victims as a group had spent nearly 300 million hours (an average of 30 hours per person) in the preceding year resolving problems relating to identity theft. Victims are often scarred emotionally. They feel violated and helpless -- and very angry. Victimization did not differ by race or ethnicity. About two-thirds of the households said they lost money.The estimated loss during the 6-month period was about $3.2 billion.

Someone with a bad credit rating may use your personal information to get a car loan, acquire phone, cellular service, or another utility service, or open a bank account in your name. Someone very close to you can be a suspect. Anyone around you can be suspect and they choose no one so you need to be very careful.

Fraud databases like CIFAS are also checked to ensure repeat offenders are identified. Fraudulent charges and cheque forgery may be part of it, but it also includes obtaining new identity documents, new loans, mortgages and the like.

CreditReport.com can help you immediately with their arsenal of Credit Monitoring and ID theft protection services, all for a low monthly fee. In 2003, approximately 7 million people became victims of identity theft in the prior 12 months. Credit Card Companies provide continuous fraud monitoring for misuse of credit cards. They also provide their clients with zero liability if they are a victim and if they contact them right away. Credit card fraud was reported as the most frequent type of theft, with 25% of all reported cases. Evenly distributed at about 16% were phone and utilities fraud, employment fraud and other such categories.

Law-enforcement agencies at the federal, state, and local levels work hard to find identity thieves and to prosecute them to the fullest extent of the law. Department of Justice uses federal statutes covering computer, mail, wire, financial institution, and credit card fraud to prosecute cases of identity theft. Laws in other states may vary. Overall, our information is applicable to consumers nationwide.

True name fraud occurs when an identity thief uses a victim?s data to open new accounts. Thieves usually use such accounts to make large purchases that they never pay off. True Credit offers credit monitoring, but with only one of the bureaus.

Federal Trade Commission reported earlier today that they received more than 255,000 complaints regarding identity theft in 2005. That’s up from 247,000 reported in 2004. Federal law limits your liability--$50 for credit cards; $500 for debit cards--if you report the fraud within 60 days. And most issuers offer even stronger protections, guaranteeing that you won't be on the hook for any of the bill.

LifeLock is a great identity theft prevention service at a great price. As a special offer for visitors to NextAdvisor.com, you can now get 30 days free AND $11 off the price of the service, paying just $9 per month or $99 per year after your free trial. LifeLock does a bunch of other clever things. They monitor the national address database, and alert you if your address changes. LifeLock works both ways. It works preemptively, preventing thieves from stealing your identity.