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I.D. Theft Affects One in Four HouseholdsLast year, one in four American households fell victim to identity theft, one of the fastest-growing crimes in the United States.1 Estimates from previous years ranged from 500,000 to 700,000 cases annually, but the latest research suggests that nearly 10 million people were affected in 2002 alone.2Identity theft occurs when a perpetrator uses an individual’s name and/or personal information to make fraudulent charges on an existing credit card, open a new account, take out a loan, rent an apartment, or commit a crime. Once an individual discovers that he or she has been victimized, resolving the issue can be both expensive and time consuming. In 2002, victims of identity theft lost a total of $5 billion and spent an average of 30 hours each clearing their names.3 One of the most alarming characteristics of identity theft is that it can go undetected for months or even years, destroying an individual’s good credit during the time he or she remains oblivious to the crime. Nearly 90% of those victimized in 2002 didn’t even know their personal information had been stolen.4 In an age when personal data is readily accessible to any number of individuals through medical, financial, and employer records, experts say people must take greater responsibility for safeguarding their identity. The Federal Trade Commission suggests the following tips for keeping your identity private and for quickly detecting suspicious activity.5
© 2003 Emerald Publications
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