5 Shocking Facts About Identity Theft You Probably Didn't Know

For many years, the issue of identity theft has been debated as one of the fastest growing crime in the United States. A Federal Trade Commission database called Consumer Sentinel, which collects consumer complaints, has tangible evidence of the prevalence of this criminal act. In 2010 for instance, more than 70 million identities were compromised due to mishandling of personal information by companies.

Only about 30% of cases of identity theft result in financial fraud. Identity thieves have become sophisticated and use the stolen identities in more creative ways. Identities stolen are used to commit employment fraud, phone and utilities fraud, insurance fraud and many other forms of non-financial fraud.

Your credit card number is not necessary for identity thieves to steal your identity. Sophisticated identity thieves only need a single piece of information and they eventually fill the rest of the details. You may be shocked to know that a person can get almost all your information just by lifting your fingerprint! This is an indication of how technology serves to abet the illegal actions of ID thieves.

Identity thieves are usually not caught. People sophisticated enough to steal entire identities of others, and go ahead to commit crimes such as loan fraud, are very good at covering their tracks. In any case, a properly executed identity theft case will usually lead back to you since it is your details that come up in every step.

A Florida Grand Jury estimated that the average victim of an identity theft loses $17,000 to fraudulent activities. In addition to the losses suffered, an average victim may spend over $1,000 to clear their name.

An average of 700,000 cases of identity theft is reported each year. This translates to more than $1 billion dollars lost every year due to identity theft.

Identity theft is a menace that has become more rampant due to the technological advancements that are still being made. It has risen dramatically since the advent of the internet and is not showing any signs of reducing!

About the Author:
Miranda Davis is a writer who enjoys writing on a number of different verticals. For more on identity theft, Online Security Authority offers readers information on tips for job seekers concerned with identity theft.

Article Originally Published On: http://www.articlesnatch.com

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