Recent Identity Theft Statistics and Ways to Prevent It

Jack Prot

One of the biggest financial concerns facing consumers today is identity theft. If someone’s identity is stolen, they are vulnerable to other people opening up loans or credit cards in their names, which can permanently tarnish someone’s credit score and cost them a lot of money. With so much personal information stored electronically, stealing an identity has become even easier for those looking to steal information.

Recent IT statistics prove that it is becoming more of an issue. In 2008 10 million people were victims of identity theft; this represented a 22% increase over 2007. The most popular forms of stealing an identity are still the lowest technological methods. 43% of identity theft stems from a stolen wallet or purse. If someone feels their information has been stolen, they should act quickly to protect their identity. 71% of fraud related crimes occur within a week after the victim’s data is stolen.

While recent statistics on this subject prove it is on the rise there are still many ways to prevent it. Various IT protection companies are available for hire by a consumer. These companies provide a number of services which can help keep a consumer safe from identity theft.

The first service provided by these companies is the monitoring services they provide. These companies keep their customers constantly updated by frequently reviewing their credit reports, credit card statements, and bank accounts. If a new account is opened under someone’s name, the protection service will contact the consumer immediately. The service will also look out for unusual spending and will contact the consumer if an odd big ticket item is purchased.

Another key service provided by identity theft protection companies is that they will help the consumer recover the lost funds. While they will not reimburse the consumer, the fraud protection companies will negotiate with creditors to have fraudulent charges expunged from bank statement. The protection services will also negotiate with the credit bureaus to ensure fraudulent accounts are taken off of the consumer’s credit report.

While these protection services can be proved to be invaluable, consumers should also take steps on their own to protect their identity. For example, consumers should limit the amount of personal information that they carry around. Social security cards and unneeded credit cards should be left at home. Consumers should also frequently review their credit reports to ensure that no fraudulent information exists.

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