Javelin Strategy & Research, a group that does studies on identity theft and fraud, released its 2010 Identity Fraud Survey Report toward the beginning of the year. It found that the top two types of personal identification being compromised in a data breach were:- Victim’s full name (63%)
- Physical address (37 percent).
- Social Security numbers being compromised in data breaches decreased from 38 percent in 2008 to 32 percent in 2009.
It also reported that the number of identity fraud victims in the United States had increased by 12 percent to 11.1 million adults in 2009, the annual fraud amount increased by 12.5 percent to $54 billion.
But the study also found that an increasing number of consumers are fighting back against identity theft and taking necessary precautions to preserve their personal information.
The average fraud resolution time dropped 30 percent to 21 hours, and nearly half of all victims were reported to have filed police reports that ended up doubling the reported arrests, tripling the prosecutions, and doubling the percentage of convictions in 2009.
“The 2010 Identity Fraud Survey Report shows that fraud increased for the second straight year and is at the highest rate since Javelin began this report in 2003,†said James Van Dyke, president and founder of Javelin Strategy & Research.
“The good news is consumers are getting more aggressive in monitoring, detecting and preventing fraud with the help of technology and partnerships with financial institutions, government agencies and resolution services.â€
Javelin researchers believe the increase in fraud is due in part to the economic downturn, when historically fraud increases.
Robert Siciliano, a researcher with McAfee Inc., identified the top 10 riskiest places for people to lose their Social Security numbers, with colleges and universities coming in at number one. Banking and financial institutions were second and hospitals were third.
According to identitytheftlabs.com, younger adults and small business owners tend to be the victims of identity theft because they often engage in “risky activities†that can lead to them being victimized more frequently.
Read more: The Daily Home – Fight back against identity theft
The statistics have already proven that incidents of identity theft have shockingly increased in the past years. Despite the fact that the public has been fully aware of this terrorizing form of fraud, these numbers are certainly depressing. Knowing that identity theft has numerous ill effects, people should keep their guards up against identity theft without fail.
The statistics have already proven that incidents of identity theft have shockingly increased in the past years. Despite the fact that the public has been fully aware of this terrorizing form of fraud, these numbers are certainly depressing. Knowing that identity theft has numerous ill effects, people should keep their guards up against identity theft without fail.