Identity Theft Losses Climbed to $56.6 Billion in 2005

600 hours

Average time spent by Id theft victims to recover from the crime. (ITRC Study) 

 

Identity Theft affected about 9.3 million people in 2004, causing $52.6 billion in losses in the U.S. alone, according to Javelin Strategy & Research (report in BusinessWeek - The Boomig Biz of Id Protection). The losses for 2005 climbed to $56.6B. 

Approximately 85% of victims found out about the crime due to an adverse situation - denied credit or employment, notification by police or collection agencies, receipt of credit cards or bills never ordered, etc, according to ITRC study. Only 15% found out through a positive action taken by a business group that verified a submitted application or a reported change of address.

James Taylor has some suggestions for companies and individuals, posted to Identity Theft - some stats and suggestions.

FTC has a dedicated web site on Id Theft.

 

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