Identity Theft Resources

Identity Theft Statistics – Reasons For Concern

The latest official identity theft statistics are out and they are disturbing, alarming and frightening. Most people usually wait until something happens to them before taking action. This is usually the case all over the United States when it comes to victims of this crime. By taking a proactive stance and the defensive position on a crime like ID theft, you limit the thieves from ever being able to rob you of your identity as well as protect yourself from any future attempts. It is always best to be prepared for the storm rather than to wait until it hits to find shelter. Here are some of the most recent statistics on this ever growing and popular crime.

Victims

• In 2008 there were about 10 million victims who fell prey to identity theft in the United States. (Javelin Strategy and Research 2009)
• It is estimated that 1 out of every 10 American has already been a victim of ID theft someway or another.
• 1.6 million Families went through bank account fraud or had their debit cards breached and exposed. These were NOT related to credit cards. (U.S. Department of Justice 2005)
• Families whose Household income was $70,000or higher were two times more likely to encounter identity theft than households whose salary and income were under $50,000 (U.S. DOJ 2005)
• 7% of people who had their identity stolen had it done in order for the thieves to commit medical identity theft.

The next section of statistics we focus on is discovery. This part is one of the hardest since it is when people normally find out they have become a victim of ID theft and by then it is already too late.

Discovery

• Between 38 to 48 % of ID theft victims find out about their identity being stolen within the first three months of the crime. About 9 to 18% of the victims never really know their identity has been stolen until well over four years or later. (these statistics come from the Identity Theft Resource Center Aftermath Study)
• Between 50.2 Million Americans are now using some kind of credit monitoring service to protect themselves. (As of Sept 2008 provided by the Javelin Strategy and Research 2009)
• Around 44% of American consumers view their reports using credit report agencies online while one in seven receive their credit report at home.

Focusing on recovery takes tremendous tolls on ID theft victims. Countless hours and a lot of money are spent trying to undo the damage this horrendous crime has caused in the victims lives Some people spend years doing this. But by then it is too late for anything other than trying to return your life back to normal.

Recovery

• Depending on the seriousness of the case, victims of ID theft take about 5,840 hours trying to counter and correct the effects and damaged caused by the crime. This equals to almost working a full-time job for two whole years by the way. (ITRC Aftermath Study 2004)
• The average victim of ID theft will spend 330 hours fixing the harm and damage caused by the crime. (ITRC Aftermath Study 2004)
• 26 to 32% of ID theft victims take about 4 to 6 months to fix the problem. 11 to 23% of the victims take anywhere between 7 months to a full year trying to resolve their cases. (ITRC Aftermath Study 2004)
• 46% of victims involved in having their identity stolen ended up installing an antivirus, firewall or a anti-spyware program or software on their computer after the fact.
• 23% ended up switching their primary bank while 22% ended up switching their credit card company as well. (Javelin Strategy and Research 2009)
• Identity theft victims have to contact several different agencies while attempting to resolve the fraud committed against them.
• 66% must work together with financial institutions.
• 40% must contact credit bureaus.
• 35% have to get help from their local law enforcement agencies.
• 24% have no choice but to deal with debt collectors.
• 20% need to work together with assistant services for identity theft.
• 13% must contact the Federal Trade Commission. (Javelin Strategy and Research 2009)

When people look at the overall cost ID theft has on the world, the numbers are quite shocking to say the least. With the usage in Internet rising daily and people all over the word having access to computers, this crime and numbers can only rise. If that is the case, many consumers out there will be in for a costly, time consuming journey when trying to regain their identity and life back.

Overall Cost

• 31 billion dollars was the current account fraud total in 2008. (Javelin Strategy and Research 2009)
• 221 billion dollars a year are lost by businesses all over the world due to identity theft. (Aberdeen Group)
• Identity thefts victims lose around $851 to $1,378 of they own money while trying to regain their identity and resolve the problem. (ITRC Aftermath Study 2004)
• The average cost of ID theft victims is $500 (Javelin Strategy and Research 2009)
• 47% of identity theft victims come across problems when trying to qualify for a new loan. (ITRC Aftermath Study 2004)
• 70% of Identity theft victims encounter serious hurdles when attempting to remove negative information on their credit reports which resulted from the Identity theft. (ITRC Aftermath Study 2004)
• Average amount of money lost per household amounted to $1,620. (U.S. DOJ 2005)

Culprits

• 43% of ID theft victims knew the culprit and perpetrator of the crime. (ITRC Aftermath Study 2004)
• The most likely culprit involved in case of child identity theft were the children’s parents. (ITRC Aftermath Study 2004)

This section which covers the methods use by identity theft thieves is one that most people need to focus on since it can very well help them to avoid falling victim to this crime and ending up here as a statistic.

Methods

• 43% (Almost half) of every identity theft crime is due to physical paperwork or wallets being stolen. (Javelin Strategy and Research 2009)
• Online activity was to blame for 11% of methods used for this crime. (Javelin Strategy and Research 2009)
• A stolen credit card number or a debit card accounted for 38% of the methods used for identity theft. (Javelin Strategy and Research 2009)
• A stolen Social Security number was to blame for 37% of identity theft victims. (Javelin Strategy and Research 2009)
• 36% of all identity theft victims report having their phone number and name endangered. (Javelin Strategy and Research 2009)
• 24% of the ID theft victims financial account numbers were endangered and compromised due to the ID theft crime. (Javelin Strategy and Research 2009)
• Well over 35 million data records of corporate and government data were breached and compromised in 2008. (ITRC)
• In 2008, much of the 59% of new account fraud reported was due to Perpetrators opening up new stolen credit cards and store branded credit card accounts. (Javelin Strategy and Research 2009)

The numbers paint a compelling truth and serve as a warning to all of us; protect yourself before you become the next victim of identity theft. Unless people take a defensive and proactive approach to this crime, they may end up being another number added to the many victims already on this list. Remember that ID thieves never take a day off, never cease to stop doing anything other than to try and strip you of your identity and all they can get out it in return. Protect yourself today.

About the Author

I love helping people find many answers to questions about Internet security, identity theft proctection as well as identity theft solutions and many other security issues that concern consumers today. There are many useful tips, hints and information available in our site. Please visit us today for a free trial to an Internet security program.

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