The fastest growing crime in the United States is identity theft. A new victim is claimed every 79 seconds. I'm sorry to say, but chances are if it hasn't already happened to you, or a member of your family, it probably will in the not so distant future. For the 5th straight year the FTC (Federal Trade Commission) has reported that identity theft tops its list of consumer complaints.
The FTC states that according to a study of their 2005 statistics, a full 37% of the complaints filed involved identity theft. From the 686,683 complaints received, 255,565 were directly related to identity theft. While the latest statistics available are from 2005, experts agree that identity theft now affects well over 10 million Americans per year and continues to grow. |
Contrary to what the name might suggest, identity theft does not mean that there is someone out there masquerading as you. The term identity theft encompasses a much broader spectrum, which also includes credit fraud. The illegal use of your credit card, for example, is now classified as an identity theft crime. To get a better understanding of what identity theft includes, let's break it down:
Credit Cards - As you may have guessed, credit card fraud leads the way. Approximately 26% of identity theft crimes involve credit cards.
Phone or Utilities - In approximately 18% of all reported identity theft cases, the criminal uses the victim's existing accounts, or opens up new ones using the victim's name.
Banks - 17% of all identity theft cases target banks and financial institutions.
Employment - 12% of identity theft cases involve employment related fraud in one form or another.
Government and Benefits - This wide ranging category makes up 9% of all ID fraud cases. It includes tax returns, social security numbers, drivers licenses, etc.
Loans - Loan fraud represents approximately 5% of all identity theft crimes and comes in many forms. |
By Age
- 5% under age 18
- 29% between 18-29
- 24% between 30-39
- 20% between 40-49
- 13% between 50-59
- 9% 60 and over
Race & Ethnicity
There appears to be no significant statistical differences with regards to race and ethnicity among identity theft victims.
Income
Those individuals, or households, with incomes in excess of $75,000 per year are more likely to be victimized by identity theft.
Geographical
There is a substantial difference between the number of identity theft cases reported in urban areas, compared with those reported in rural areas. In fact, individuals living in or around cities are twice as likely to be victimized by identity theft than those living in the country.
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