Identity theft what can be done to prevent it
Below is a MRR and PLR article in category Reference Education -> subcategory Legal.
Identity Theft: How to Prevent It
Summary:
Identity theft, prevention, and recovery.Article:
On November 28, 2007, the Associated Press reported results from a Federal Trade Commission (FTC) survey showing a 16% decline in identity theft cases, from an expected 9.9 million to 8.3 million victims among adults. However, some consumer advocacy groups questioned these findings, noting complications in accurately determining victim numbers, partly because people often aren't aware of what's in their credit reports.
Critics argued that the FTC's phone survey, using a small sample, lacked statistical significance. A separate study by the Gartner Group, employing web-based data collection through Synovate, saw an increase in identity theft victims from 10 million to 15 million in 2006. This method might not accurately represent non-web users, potentially skewing results lower.
Furthermore, banks and mortgage companies, typically the first contacts for such issues, aren't required to report fraud incidents, and many victims don't report to the government since they won't receive their money back or have their credit issues resolved.
Ultimately, identity fraud costs consumers at least $1.2 billion directly and businesses $55.7 billion annually. These business losses often translate into higher rates and fees for consumers. Whether directly affected or not, identity theft impacts everyone, either as a victim or through increased borrowing costs.
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