Identity theft is the fastest growing criminal activity in the world. As communication and business becomes more remote, electronically dependant and sophisticated, so criminals have found new ways to exploit something as simple as a name. The identity theft statistics speak for themselves. Recently published data from the Identity Theft Resource Centre has shown some shocking figures in the United States alone.
Up to 18% of victims take longer than 4 years to find out that they have been victims of identity theft.
This in itself is a horrifying thought. Imagine the chilling realisation upon discovering that your credit record, family name and good reputation have been systematically destroyed for the last 4 years.
Victims lose up to $14340 and spend up to $1378 dealing with case related expenses and legal battles.
The threat to personal finances is very real. Not all companies, banking institutions and commercial businesses have insurance or “slush funds” to cover the illegal loss of funds of their customer base. Sometimes, when there has been a large security breech, smaller companies simply declare bankruptcy to avoid paying restitutions to multiple victims.
The long term ramifications are extremely damaging to individual victims. Up to 70% of victims never manage to shake the affects of the damage done to their names and credit records:
In addition, identity fraud statistics have shown that between 19% and 85% of victims struggle to acquire loans or credit after the incident and feel completely unprotected by the police who do not always believe their story when they initially try to report it. Victims experience very real and lasting pressure in their personal or family relationships due to sudden financial problems. The monthly insurance and credit premiums of victims are significantly higher as a result of the damage their reputations have sustained.
Apart from these shocking identity theft statistics, it has been reported that only 1 in 5 victims found it easy or simple to get in contact with a relevant reporting agency. As these figures show, the system is poorly set-up for a crime that is growing exponentially. The best way to avoid becoming a statistic yourself or discovering that your social security number has been used to nefarious ends is to guard the information of that and your family.
There is an unfortunate twist to the statistics that should be borne in mind. Up to 43% of victims believe they know the perpetrators. 16% of victims of identity theft are also victims of domestic abuse. The belief is that in these cases, the identity theft is part of the abusive cycle of power and subservience. That is why, based on the above quoted numbers, it is important to treat personally identifiable information with the same respect and care that you would with your credit card numbers, passwords and PIN codes. It is not information that should be left lying around at parties or near guests you don’t know very well. Similarly, do not tempt those who may have bad intentions by loudly giving sensitive information in public places or throwing utility bills and statements containing this information out in the trash.
