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FTC Releases Updated ID Theft Stats
A recent FTC survey found that 27.3 million Americans have been victims of identity theft in the last five years, including 9.9 million people in the last year alone. Losses from those thefts were nearly $48 billion and consumer victims have spent more than $5 billion in out-of-pocket expenses as a result of that theft.
The survey also revealed that 52 percent of all ID theft victims discovered the theft by monitoring their accounts. Another 26 percent reported they were alerted by companies such as credit card issuers or banks.
Of those that were victims, 67 percent reported their credit card accounts were misused and 19 percent reported misuse of checking or savings accounts. More than half of the victims knew how their personal information was obtained. While most of the theft was conducted to allow criminals to make purchases, the survey also reported that 15 percent of victims said their personal information was misused in nonfinancial ways to obtain government documents or for tax forms.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 1, 3/05
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