Identity Theft Reviewed

Each year, the number of potential victims to identity theft continues to grow – with the advent of electronic databases and consumer-information sharing across institutions, your identity is at greater risk than ever.

Estimates suggest that identity theft affects over 10 million individuals a year, and that rate continues to grow by over 20%. Official data from the FTC’s Consumer Sentinel Network, which collects data from various government institutions and law enforcement partners, reported over 1 million direct complaints from consumers over the period. Additionally, a wide range of consumers did not file complaints through formal channels or did not fully realize the identity theft during the year.

Working with programs from the Internet Crime Center, as well as the National Consumers League, the Better Business Bureau and the FBI, investigators recognized a growing number of incidents every single year, with over 7 million complaints since the program began formally a decade ago.

As a result of the program, consumers are able to take steps to opt-out of marketing lists and nearly 6 million have filed for do not call lists. Types of fraud from the survey were identified as credit card related, as well as utilities documentation and employment-benefits fraud. Fraudulent tax and benefits returns also represented a growing trend, with Arizona, California and Florida becoming the states hardest hit by the phenomena.

Additional reports from the Javelin Research Center showed that the average victim loses $500 directly with much higher costs attributed to impaired credit records. Over 2/3 of all identity fraud occurs within a week of identity theft, leaving consumers with little time to react to the potential risks. Consumer data is stolen through various methods, including database theft, stolen documents and online phishing.

Recent Trends in Identity Theft
As criminals become savvier they have resorted to advanced on-line data harvesting, which can impair even the most sophisticated computer users. Taking computer security precautions is a good first step, but consumer will also have to ensure that they can effectively respond to identity theft when it occurs. Since most consumers don’t actively monitor their credit, investing in an ID security service such as Life Lock becomes an effective way to ensure identity security.

The growing trend of identity loses shows no signs of slowing – indeed, government reports show the risk to theft is at an all-time high. Criminals are becoming more sophisticated in their means of ID theft, as well as their actions with the documentation – criminal networks now re-sell information to other networks, allowing international criminals to gain access to documents outside of the reach of law enforcement. To reduce your risk of becoming a victim, consider the Trusted ID service, which will keep you (and your family) safe from identity theft.