About Identity Theft
By:Rick Hazeltine
Staff Editorial Writer
With so much attention being spent telling consumers about identity theft, it's easy to dismiss the information as another case of the media blowing a rare occurrence into a pandemic.
But when it's about identity theft, this attitude could not be further from the truth. You may think, "if I'm the victim of identity theft, I can just call my bank and cancel my credit cards. How tough can it be?"
Not only can it be tough, it can be devastating.
The Federal Trade Commission, which oversees consumer protections, among many other economic issues, reports that people who have been the victim of identity theft can spend months or years and thousands of dollars cleaning up the financial and personal mess created by identity theft.
This is why it is important for you to know about identity theft.
Knowing about identity theft is the first step in protecting you financial and personal wellbeing. Case studies and statistics about identity theft show that it is not the figment of an overactive television producer.
A 2009 study by Javelin Strategy & Research Center, which has studied identity theft since 2004, shows that identity theft is still on the rise with nearly 10 million people affected by the crime. This is a 22 percent increase from their 2007 report.
The report also shows that despite advances in technology, low-tech methods are still the most popular with identity thieves. According to the research firm, 43 percent of all identity theft comes from stolen wallets and physical documents. Only 11 percent of identity theft was attributed to Internet methods.
Other statistics gleaned from the report show that 71 percent of fraud occurs within the first week of someone's information being stolen. This is why one of the most important aspects about identity theft is the value of being aware of your credit cards, debit cards and other financial accounts.
On the plus side, the company noted that the out-of-pocket cost of identity theft decreased to about $500. This is because most accounts have fraud protection. But the cost in aggravation and impact on your day-to-day life can be much more damaging.
The FTC says that identity theft victims can lose job opportunities and be refused loans for education, housing or cars. They can even be arrested for crimes they didn't commit.
Can you think of any better reasons for taking the time to learn about identity theft?
