Current Identity Theft Statistics

Id theft (ID theft or identity fraud) is the planned appropriation of an individual’s personal data to impersonate that person inside a legal sense. Robbing someone’s identity enables the thief to create a frightening number of monetary and personal transactions inside someone else’s name, departing the victim in charge of what might turn out to be a mind-boggling turmoil in the or her life. The Federal Trade Commission (Federal trade commission) keeps records upon identity theft, and, and in addition, the number of incidents documented increase each year. The recent identity theft statistics demonstrate that ID theft affects as many as ten million Us citizens each year! According to FTC’s id theft statistics, the deficits to businesses and financial institutions total nearly 53 billion dollars annually.

These identity theft statistics further reveal that the most common types of ID thefts are credit card scams, communications services fraud (such as opening a cell phone or a energy services account making use of someone else’s information), bank fraud and loan fraud. For years, the primary cause of identity theft has been great old-fashioned or low-tech analog crime. Impersonators rummaging though mailboxes, snatching purses or searching the trash for discarded financial institution statements or credit card receipts. Rapid advances inside technology have seen a plague of superior phishing attacks. Identity theft statistics expose phishing as the most dangerous of all ID thefts that uses both social engineering and specialized subterfuge.

Phishing can have serious financial consequences. In a phishing attack, the victim is sent an email that “appears” being from a bank or any other financial institution. The victim is then told to click a link and also verify his/her account information or supply personal identity data. The link seems to be a legitimate site, yet is in fact a scam. The minute he/she enters sensitive information, the identity thief gains access to username and passwords and can empty the lender account. Phishers can also take away credit cards in the victim’s name, steal ISP account information and perform other financial damage. In its latest report on identity theft statistics, the study group Gartner says in which close to 60 million Americans reported receiving a phishing email, and 1.7 thousand people have been identity fraud victims, which cost banks and credit card companies $1.2 million in losses.

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