It’s something that can happen
to anybody, although most of us think about identity
theft as something that happens to the “other
guy.” The reality is that this particularly
nasty crime is growing, and what’s worse, according
to a new study conducted by Nationwide Mutual Insurance
Co., recovering from such a theft may not be as easy
as some would like to believe.
The study surveyed over a thousand adults who have
suffered from identity theft in ten major metropolitan
areas and what they found surprised some: if a person
has their identity stolen, it can takes years and
a lot of money to recover from the damage.
Identify theft happens when a thief gains access
to someone’s personal information, such as credit
card numbers, social security number and other personal,
pertinent data. That thief then begins to open credit
card accounts in the person’s name, take out
loans they never intend to repay, and have even gone
as far as selling their house right out from under
them—although cases this extreme are rare. But
even in the mildest form, a stolen identity can result
in ruined credit reports, the inability to make major
purchases as planned, or thousands of dollars out
of pocket to pay for unauthorized charges, lost wages
and attorney fees.
Here are some specific findings from the survey:
- 28 percent of those who experienced identity theft
still hadn’t resolved the case after more than
one year.
- The average out-of-pocket expenses for the victims
was $587
- The average amount of time someone spent trying
to resolve their case was 81 hours
- The average amount of unauthorized charges to the
victim’s credit cards was $3968
- A full 16 percent of the victims ended up having
to pay a portion or all of the false charges out of
their own pocket.
- It took an average of five-and-a-half months for
the victims to realize that their identity had been
stolen.
- Only 16 percent of the people surveyed were notified
by their credit issuers that there was suspicious
activity happening on their accounts.
- Finally, an amazing 92 percent of those surveyed
said that they experienced frustration trying to reclaim
their identity.
If you’d like to find out how to protect yourself
from becoming the victim of identity theft, check
out the Federal Trade Commission’s site here
and learn more: http://www.consumer.gov/idtheft/
|
