Identity Theft Statistics

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Current Identity Theft Statistics

Identity theft (ID theft or identity fraud) is the planned appropriation of an individual’s personal information to impersonate that person in a legal sense. Taking someone’s identity allows the thief to make a frightening number of financial and personal transactions inside someone else’s name, departing the victim in charge of what might grow to be a mind-boggling turmoil as part of his or her life. The government Trade Commission (Federal trade commission) keeps records upon identity theft, and, and in addition, the number of incidents noted increase each year. The current identity theft statistics demonstrate that ID theft affects as many as ten million Americans each year! According to FTC’s identity theft statistics, the deficits to businesses as well as financial institutions total almost 53 billion dollars annually.

These id theft statistics further reveal that the most common types of Identification thefts are credit card frauds, communications services scams (such as opening a cell phone or a utility services account making use of someone else’s information), financial institution fraud and loan fraudulence. For years, the primary cause of identity theft has been good old-fashioned or low-tech analog crime. Impersonators rummaging though mailboxes, snatching purses or searching the rubbish for discarded financial institution statements or credit card receipts. Rapid advances within technology have seen the plague of advanced phishing attacks. Identity theft figures expose phishing as the biggest of all ID thefts that uses both interpersonal engineering and technical subterfuge.

Phishing can have serious monetary consequences. In a phishing strike, the victim is distributed an email that \”appears\” to become from a bank or another financial institution. The target is then told to click a link and also verify his/her account information or even supply personal identity data. The link appears to be a legitimate site, yet is in fact a scam. The minute he/she enters sensitive information, the identity thief gains access to account information and can empty the lender account. Phishers can also take out credit cards in the individuals name, steal ISP account information and carry out other financial harm. In its latest report on identity theft statistics, the investigation group Gartner says in which close to 60 million Americans reported finding a phishing email, and 1.7 thousand people have been identity fraud victims, which cost banking institutions and credit card companies $1.2 million in losses.