identity-theftIdentity theft and fraud happen far too often in this country. It’s also a growing problem around the world. Our modern era has many conveniences our ancestors didn’t have, such as air conditioning, television, automobiles, antibiotics, and electricity. However, we have some very modern problems they didn’t have to deal with, at least not to the extent we do, and identity theft is one of them.

The age of computers and easy access to information has made it exceedingly easy for thieves to get a hold of our most sensitive documents. These documents contain our Social Security numbers, credit card numbers, birth dates, driver’s license numbers and more. Thieves can then use this information to assume our identities and ruin our credit.

Here are some identity theft and fraud statistics that may surprise you:

The Better Business Bureau states that identity theft has been the top consumer complaint for 5 years in a row.

Over 9 million people became the victims of identity theft last year, and the number continues to rise.

The average victim of this crime spends over 600 hours recovering from it, and this recovery period is often spread out over a period of years.

The amount of time victims spend dealing with identity theft equals about $16,000 in lost income per person!

Over 50% of identity theft victims experience credit card fraud, in which the thief opens new credit accounts in the victim’s name and runs up huge balances on those cards.

Over 85% of victims discover the crime when they’re denied credit, sent a collection notice, or notified by the police.

Around 20% of victims report misuse of one of their existing credit cards due to that card’s loss or theft.

As you can see, identity theft causes a lot of inconvenience for the victims. Unfortunately, as criminals discover how easy it is to steal someone’s identity, more and more of them are doing it. The chances of you becoming a victim of this are quite high, unless you take measures to protect yourself. Fortunately, there are plenty of things you can do to lessen the chance that you’ll ever have your identity stolen.

First, you should always safeguard your personal information. Never write down your account or PIN numbers anywhere where they can be easily taken, such as on a piece of paper in your wallet. Never give out your Social Security number over the phone or write it down on any document unless legally required to do so. Cover keypads with your hand when entering your PIN number at the store or ATM, so other people can’t see you punching it in. Ask your bank to hold new checks for you at your local branch for pick-up, since checks can easily be stolen from your mailbox.

Once you’ve taken these precautions, identity theft and fraud shouldn’t be as much of a concern for you. However, no one is ever entirely immune from this crime. If you think you’ve been the victim of it, report it to your creditors, bank, and the police immediately. The sooner they know about the crime, the less hassle you’ll have to go through in the future straightening everything out again.

This is the fifth installment in our identity theft series. Be sure to check back for updates…

Filed under: Identity Theft

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