About 9 million Americans become victims of identity theft every year, the Federal Trade Commission (FTC) says. Educating the public about ID theft sheds light on the problem.
Individuals
A lot of time, money and effort is spent to clear victims' names and fix ruined bank accounts and credit reports. Some are turned down for loans or jobs and others discover their names on police records. The U.S. Committee on Ways and Means reports that in 2003 a victim spent about $500 and 30 hours confronting the issue.
Economy
Credit card companies, businesses and banks all record huge losses due to fraudulence. MasterCard and Visa losses totaled $114 million in 2000, the committee reports. The FTC reports businesses lost nearly $50 billion in 2003.
Society
Identity theft is a hard crime to investigate. According to the committee, police are not notified about many identity thefts. These criminals are often charged for other crimes--not for unlawfully stealing someone's identity.
Seniors
Seniors are easy prey for thieves. The FTC reports that in 2001 ages 60 and older represented about 10 percent of ID theft victims. This is an alarming number since the 2001 U.S. Census Bureau reported that age group made up 16 percent of America's population.
Emotional Impact
Identity theft happens to all ages. Many people live under the assumption that it will never happen to them. People must be aware that they are vulnerable and knowingly prevent the stress, frustration, embarrassment and anger that accompany identity theft.
0 comments:
Post a Comment