Not as Bad as You Thought — It's Worse

If you've been hearing more and more about identity theft, there's a good reason. Recent evidence suggests that the damage this crime causes may be underestimated.

Victims can spend an average of 600 hours recovering from identity theft, up from estimates of 175 to 200 hours in 2000, according to one recent study. Out-of-pocket expenses to correct the problem averaged $1,400, a 185 percent increase from previous years' estimates.¹

One startling finding was that 62 percent of identity theft victims don't know how their personal information fell into thieves' hands.² In other words, you can't be too careful when it comes to protecting your personal information.

Stem the Information Tide
Perhaps the best line of defense is to keep your private information private – but not only from strangers. Ten percent of victims had personal information stolen by a friend or roommate, 11 percent by relatives, and 13 percent by employees of a business
that had their information.³

Here are some steps that may help you avoid becoming a victim.

· Shred private records or statements before throwing them away.

· Use cash whenever possible.

· Collect your mail as soon as possible or lock your mailbox.

· Check your credit report at least once a year.

· Resist giving your Social Security number to anyone except those with a legitimate need for it, such as motor vehicle departments, tax agencies, or certain financial institutions.

When someone uses another person's identity fraudulently, the cost can involve a staggering amount of time, money, and productivity. Protecting your personal information may help reduce your exposure to this costly crime.
 
1-3) Identity Theft Resource Center, 2003

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