Identity Fraud and Consumer Theft

Identity Theft Statistics

Some remarkable statistics about identity theft

 

There have been many studies conducted over the past few years about identity theft and its impact on victims. The results of these studies are astounding. Just a few of these studies include surveys by the Better Business Bureau, a study by the Identity Theft resource center, a study by the Federal Deposit Insurance Corporation, and surveys by Gartner. Here are some of the findings these studies and surveys show about identity theft:

  • The total fraud amount rose to 56.6 billion in the year 2006. This is an increase over the 53.2 billion that was related to fraud in 2003 and the 54.4 billion in the year 2005.
  • Here in the United States, it is estimated that 9.3 million Americans found themselves to be the victims of identity theft in just the last twelve months!
  • Up to 27.3 million Americans have been the victims of identity theft in the last five years!
  • Identity thieves are more likely to find personal information to complete their identity theft by conventional means as opposed to online. In studies where the method of stealing personal information was known, 68.2% of identity thieves found their information by other means than the computer, while only 11.6% found personal information for their crime online.
  • Lost and stolen wallets, stealing paper mail (like unused credit card offers and similar paperwork), and family and friends taking personal information are still the most common ways of performing identity theft.
  • In as high as 85% of the case, the victim of identity theft finds out about it in a negative manner. Only about 15% hear that their identity has been stolen through proactive action plans instituted at various businesses.
  • In 2002 alone, businesses and financial institutions reported a staggering 47.6 billion in identity theft losses, while the consumers who were victims of identity theft reported another 5 billion in out-of-pocket expenses.
  • On average, about half of the people who were victims of identity theft (49%) did not know how their personal information was obtained.

    This list represents only a small percentage of all the findings of the mentioned surveys and studies. However, this list does demonstrate just how serious identity theft can be!