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Identity Theft Statistics

Latest Identity Theft Statistics

Id theft (ID theft or identification fraud) is the strategic appropriation of an individual’s personal data to impersonate that person in a legal sense. Stealing someone’s identity allows the thief to create a frightening number of economic and personal transactions in someone else’s name, leaving the victim responsible for what might turn out to be a mind-boggling turmoil in the or her life. The Federal Trade Commission (Federal trade commission) keeps records about identity theft, and, unsurprisingly, the number of incidents reported increase each year. The recent identity theft statistics reveal that ID theft affects as many as ten million Us citizens each year! According to FTC’s identity theft statistics, the loss to businesses and financial institutions total nearly 53 billion dollars annually.

These id theft statistics further demonstrate that the most common types of Identification thefts are credit card frauds, communications services scams (such as opening any cell phone or a energy services account making use of someone else’s information), financial institution fraud and loan scams. For years, the primary reason for identity theft has been excellent old-fashioned or low-tech analog crime. Impersonators rummaging though letterboxes, snatching purses or perhaps searching the trash for discarded financial institution statements or credit card invoices. Rapid advances in technology have seen the plague of sophisticated phishing attacks. Identity theft data expose phishing as the biggest of all ID robberies that uses both social engineering and specialized subterfuge.

Phishing can have serious monetary consequences. In a phishing strike, the victim is shipped an email that \”appears\” to become from a bank or another financial institution. The target is then told to be able to click a link and also verify his/her account information or supply personal identification data. The link is apparently a legitimate site, however is in fact a scam. As soon as he/she enters sensitive data, the identity thief gains access to username and passwords and can empty the bank account. Phishers can also take out credit cards in the individuals name, steal Web service provider account information and do other financial injury. In its latest set of identity theft statistics, the investigation group Gartner says that close to 60 thousand 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 billion in losses.