Cost of US ID theft falling
A new Federal Trade Commission report estimates 4% of Americans were victims of identity theft in 2005, but the cost is going down
NEW YORK – A new Federal Trade Commission (FTC) report says US losses from ID fraud came to $15.6 billion in 2005, down from $47.6 billion in the 2003 report.
The study also says 8.3 million Americans, or 3.6% of US adults, were victims of identity fraud in 2005 – down from 4.6% in the previous study.
The survey was carried out between March and June 2006 and was based on 4,917 telephone interviews, although changes in methodology from the previous study made the FTC reluctant to embrace the significance of its own figures.
Some 56% of participants had no idea how fraudsters got hold of their personal details. Only 1% blamed computer hacking and another 1% phishing scams.
Results said a third of ID theft victims had suffered abuse of their credit card, with most of the remainder occurring on non-credit card accounts.
The FTC says most victims did not report any cost of ID theft, although 10% said it cost them at least $1,200.
The cost in time and money were higher for thefts where the fraudsters set up new accounts – with the average theft rising from under $500 to $1,350 where new accounts had been created.
The FTC highlighted the cost in time caused by ID theft – four hours on average and 130 hours for 5% of people.
Credit problems, inability to access accounts and harassment by bailiffs were reported by 37% of respondents.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
One year on, regulators still want a cure for bank runs
Broad support for higher outflow assumptions on uninsured deposits, but that won’t save insolvent banks
Watchlist and adverse media monitoring solutions 2024: market update and vendor landscape
This Chartis report updates Watchlist monitoring solutions 2022 and focuses on solutions for sanctions (name and transaction) screening and monitoring adverse media and its related elements
Basel Committee reviewing design of liquidity ratios
Focus on LCR and NSFR after Silicon Valley Bank and Credit Suisse, but assumptions may not change
Risk, portfolio margin, regulation: regtech to the rescue
A white paper outlining the complexity of setting the course for risk, margin and regulation
Prop shops recoil from EU’s ‘ill-fitting’ capital regime
Large proprietary trading firms complain they are subject to hand-me-down rules originally designed for banks
Revealed: the three EU banks applying for IMA approval
BNP Paribas, Deutsche Bank and Intesa Sanpaolo ask ECB to use internal models for FRTB
FCA presses UK non-banks to put their affairs in order
Greater scrutiny of wind-down plans by regulator could alter capital and liquidity requirements
Industry calls for major rethink of Basel III rules
Isda AGM: Divergence on implementation suggests rules could be flawed, bankers say
Most read
- Basel Committee reviewing design of liquidity ratios
- SG trader dismissals shine spotlight on intraday limit controls
- Too soon to say good riddance to banks’ public enemy number one