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Identity Theft Statistics

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Latest Identity Theft Statistics

Id theft (ID theft or id fraud) is the planned appropriation of an individual’s personal information to impersonate that person inside a legal sense. Stealing someone’s identity enables the thief to make a frightening number of financial and personal transactions in someone else’s name, leaving behind the victim responsible for what might turn out to be a mind-boggling turmoil in his or her life. The Federal Trade Commission (FTC) keeps records upon identity theft, and, unsurprisingly, the number of incidents noted 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 identity theft statistics, the loss to businesses and financial institutions total practically 53 billion bucks annually.

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

Phishing can have serious economic consequences. In a phishing strike, the victim is distributed an email that \”appears\” to be from a bank or any other financial institution. The target is then told to click a link and verify his/her account information or perhaps supply personal identity data. The link is apparently a legitimate site, yet 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 financial institution account. Phishers can also take out there credit cards in the person’s name, steal Internet service provider account information and carry out other financial injury. In its latest set of identity theft statistics, the investigation group Gartner says in which close to 60 thousand Americans reported finding a phishing email, and 1.7 million people have been identity fraud victims, which cost banking institutions and credit card companies $1.2 thousand in losses.