How Accurate Are Identity Theft Statistics ?

There are plenty of statistics surrounding identity theft from the number of victims to the amount that identity theft costs consumers and businesses annually. Internet websites offering identity theft protection services are quick to point out how fast the identity theft statistics are rising and how vulnerable every consumer in the world is to crafty identity thefts who know just how to get your personal information. But how accurate are the stats revealed on websites who profit from fear of identity theft? Are there other factors that could be considered when compiling identity theft statistics ? Most of all, how much stake should you put in these statistics when choosing identity theft protection?

Increased Consumer Awareness

Identity theft used to fly under the radar more often than it does now. People used to check their credit report only when an application for credit went denied due to poor credit, much to the bewilderment of the consumer. Occasionally someone would use your identity and the fraud wouldn’t be picked up for months or even years, at which point it was often too late to do anything but pay the debt or leave your credit ruined. With the increase in available identity theft statistics and customer awareness, more people know to regularly monitor their credit. Since each major credit reporting agency has to provide consumers with one free report per year, identity theft is caught more easily and more often. This could be one factor behind the dramatic increase in identity theft victims in the first few years we starting hearing about identity theft statistics.

Actual Cases Of Identity Theft Falling

In 2004 the number of people found to be victims of identity theft was 9.3 million. Only two years later, the number has dropped almost a million to 8.4 million victims of identity theft. While the situation is improving, it’s obviously still very out of control and requires every person to stay vigilant and take proper precautions. It’s also important to remember that many cases of identity theft are committed by people the victim knows, either a friend or family member who stole the identity out of desperation or greed. This information proves that identity theft statistics don’t always reveal the whole truth.

The Real Costs Of Identity Theft

Once upon a time, victims of identity theft had hours or phone calls, missed days of work and hundreds if not thousands dollars in costs to look forward to. Now the increased awareness has pulled the plug on companies earning money off of identity theft victims. Companies understand identity theft better; making phone calls less of a hassle. Most lenders won’t hold you liable for charges made through fraud, not even for the fifty dollars that the government allows. With all this newfound understanding, identity theft statistics show that the average victim of identity theft spends les than six hundred dollars to clean up their credit and only a few hours on the phone, depending on how many accounts the individual has.

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