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February 11, 2008
New id theft study out
The research firm Javelin has a new id theft study. Here's a key excerpt from the story Identity thieves turn to paper and plastic: Fraud most likely in case of lost wallet, credit card or checkbook, not online by AP reporter Eileen Alt Powell via the Albany Times Union: James Van Dyke, president of Javelin, said in an interview that many Americans are too trusting on the phone. "In a typical situation, unsuspecting consumers receive phone calls from parties claiming to represent nonprofit organizations, billing institutions or other financial institutions," Van Dyke said. "Far too many of these consumers provide the callers with personal information, such as Social Security numbers, bank account numbers and credit card numbers." Powell also reports that the report finds that while the number of victims (from 8.4 to 8.1 million) and cost to society (from $51 billion annually to $45 billion) have both dropped slightly, the average out-of-pocket cost for each victim to clean up their names has increased "to $691 in 2007 from $554 a year earlier" because the thievery has grown more sophisticated especially in new account fraud (that's where the bad guys open accounts at places where you do not have accounts of your own rather than simply commit fraud on your own accounts). A free summary of the $3,000 report is here.
Posted by Ed Mierzwinski at February 11, 2008 06:23 PM
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