Identity Theft In America

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Identity theft is defined as an individual using another’s social security number, driver’s license or other personal information and using it for their own personal gain. It is a growing white collar crime in America and can be prevented. Identity theft is on the rise, affecting almost 10 million victims in 2008, a 22% increase from 2007. (Javelin Strategy & Research Center) There are several types of identity theft. Someone could open up a credit card in your name with your social security number, someone could be arrested and lie to authorities and say that they are you, someone could apply for a job in your name or go to a bank and apply for a loan. Here’s a brief overview and description of each type of identity…show more content…
Recovery • It can take up to 5,840 hours (the equivalent of working a full-time job for two years) to correct the damage from ID theft, depending on the severity of the case (ITRC Aftermath Study, 2004). • The average victim spends 330 hours repairing the damage (ITRC Aftermath Study, 2004). • It takes 26-32% of victims between 4 and 6 months to straighten out problems caused by identity theft; 11-23% of victims spend 7 months to a year resolving their cases (ITRC Aftermath Study, 2004). Costs • Businesses across the world lose $221 billion a year due to identity theft (Aberdeen Group). • On average, victims lose between $851 and $1,378 out-of-pocket trying to resolve identity theft (ITRC Aftermath Study, 2004). • The mean cost per victim is $500 (Javelin Strategy and Research, 2009). • 47% of victims encounter problems qualifying for a new loan (ITRC Aftermath Study,…show more content…
They also can give you alerts when there has been a change in your credit report. You also should buy a shredder and shred any papers that have your name and address. You should never print your social security number or driver’s license numbers on your checks. You should never carry your social security card or birth certificate. If your driver’s license number and social security number are the same then you should have it changed. There are a lot of ways to prevent this disaster from happening to you. It can happen to anyone, even the most careful, so check your credit report for free at least once a year and be careful! It can cost more to you to try to fix the problem then it would cost to prevent the problem! References Official Identity Theft Statistics. http://www.spendonlife.com/guide/identity-theft-statistics. Retrieved November 8, 2009. Reporter Resources: Identity Theft. http://www.ftc.gov/opa/reporter/idtheft.shtm. Retrieved November 6, 2009. Collins, Jim. Business Journal (Central New York), 8/1/2008, Vol. 22 Issue 31, p10-13, 2p. The Computer & Internet Lawyer 26.8 (August 2009):

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