Identity Theft StatisticsIdentity theft statistics are quite alarming and make us aware of the possibility of having to deal with this very serious crime. Credit repair is needed to correct the damage should ID theft happen to you. Since most consumers probably do not file complaints with the Federal Trade Commission, identity theft statistics are probably much higher. The main cost to the victim of identity theft is time and stress. It takes the average victim 40 hours of effort to restore his or her reputation and record. If your time is worth $10.00 per hour, 40 hours can be considered a $400.00 cost. If your time is worth more, as is the case for many of us, this will be an even larger cost/frustration than the actual money lost.
As for the most common methods-- identity theft statistics tell us that among victims who could identify the source of ID theft, 30% blamed a stolen or lost wallet, checkbook or credit card. Less than 1% of cases could be attributed to dumpster diving, in which personal information is taken from documents that have been thrown out. That figure is down from previous years because at least 70% of people now shred sensitive paper files. Identity information is stolen out of mailboxes in about 8% of ID theft cases before you even have an opportunity to shred. Since it is still easy to open a credit card in someone else's name, you should call 888-5-OPTOUT to stop unsolicited credit card applications. Fraudulent accounts opened in your name are the most difficult type of identity theft to detect. It takes an average of 152 days for an ID theft victim to realize that a new account has been opened in their name. Only a credit bureau report or notice from the lender or collection agency will let you know about the new account in your name. This is why it is important to check your credit reports regularly. Contrary to popular belief, identity theft on the Internet is NOT increasing, according to a CNN/Money survey that showed online fraud as 9% of ID theft cases in which the source was known in 2005, down 11.6% in 2004. Online banking customers discover fraud in 22 days as opposed to more than a month for paper bank statement account holders. The FTC issued the "Consumer Fraud and Identity Theft Complaint Data" report in February 2008. The report covers consumer complaints submitted to the Consumer Sentinel database during January through December 2007. Here are some identity theft statistics from this report: * The 5 leading complaint categories were Identity Theft (32%), Shop-at-home/Catalog Sales (8%), Internet Services (5%), Foreign Money Orders (4%), and Prizes/Sweepstakes/Lotteries (4%) * The payment methods in these complaints included credit cards (33%), wire transfers (28%), bank account debit (17%), personal checks (10%), money orders (7%), and cash advances (3%) * Total complaints by the age of the consumer: 40 - 49 (23%), 30 - 39 (21%), 50 - 59 (20%), and 20 - 29 (16%) * During 2007, the FTC received 813,899 consumer fraud and identity theft complaints; up 21% over 2006 * During 2007, consumers reported losses of $1.2 billion, slightly more than in 2006 * 3% of consumers lost more than $5,000. About 10% lost between $1,001 and $5,000 * Identity theft complaints by age of the consumer: 18-29 (28%), 30 - 39 (23%), 40 - 49 (19%), and 50 - 59 (13%) Surprisingly, identity theft statistics reveal the age group most susceptible to identity theft is 18-to 39 year olds. Younger people go out often and freely post personal information on social networking sites like Facebook and MySpace, creating more opportunity for identity thieves. Senior citizens actually have the lowest rate of identity theft. Two disturbing aspects to this report are the lack of involvement by consumers, and the lack of response by law enforcement. 65% of victims did not file a police report, 27% of victims did file a police report which was accepted by local law enforcement and 8% of victims tried to file a police report and it was not accepted. Almost two-thirds of victims don't both filing a police report, which could aid in the arrest and prosecution of identity thieves. The fact that 8% of victims tried to get help from local law enforcement and couldn't get that help is very disturbing and can only encourage identity thieves. The FTC report also provides 2007 statistics for identity theft victims by state: 1. Arizona - 137.1 (identity theft complaints per 100,000 population) 2. California - 120.1 3. Nevada - 114.2 4. Texas - 107.9 5. Florida - 105.6 6. New York - 100.1 7. Georgia - 91.6 8. Colorado - 89.0 9. New Mexico - 87.5 10. Maryland - 85.8 Identity theft statistics illuminate the growing problem of ID theft and remind us that we must be constantly aware of the possibility it can happen to anyone at anytime.
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