Minneapolis (PRWEB) September 14, 2008
In March of 2007 revenue from trafficking stolen financial data surpassed that of drug trafficking.
- Identity Theft is the #1 and fasting growing crime in America (for the past 4 years)
- There are 29,000 new victims every day in the U.S
- Since Feb. 2005, over 226 million people's records have been lost or stolen
- As of today 1 of every 5 Americans are victims
What Is Identity Theft?
When most people think of Identity Theft they only think financial; however the other 4 types have the most severe and life altering consequences:
- You get pulled over for a routine traffic stop and it turns out somebody else received tickets in your name because they used your DL Information
- Someone gains employment in your name and didn't pay any taxes, or they have applied for Your Social Security benefits
- Someone uses your medical insurance and they have a diagnosis that prevents you from receiving treatment
- Someone commits a crime in your name and you could be arrested
- Loans, credit cards, cars, cell phones, utilities, home finance, etc. are purchased in your name
Forty-eight percent of households had experienced an unauthorized use of credit cards; 25 percent had other accounts, such as banking accounts, used without permission; 15 percent experienced the misuse of personal information and 12 percent experienced multiple types of theft at the same time. These findings represent six-month estimates based on interviews conducted from July through December 2004 for the BJS National Crime Victimization Survey.
About one-third of households that were identity theft victims discovered the loss by noticing missing money or unfamiliar charges on an account, and about one-quarter were contacted by a credit bureau. The estimated loss during the 6-month period was about $3.2 billion. This included losses that may have been reimbursed by credit card companies, insurance companies or other financial institutions.
About two-thirds of the households said they lost money. The average loss was $1,290. Some households for which misuse was still ongoing at the time of the interview may have continued to suffer losses.
One-third of the victimized households experienced one or more problems caused by identity theft. The most common problem was being contacted by a debt collector (34 percent), followed by problems with bank accounts (31 percent) and credit cards (26 percent)
About one in five households spent at least one month resolving their problems. One-third said the problems were resolved in one day. At the time of the interview about one-sixth said the misuse was still causing problems.
Electronic theft of sensitive information is a leading cause of certain types of fraud, including credit card, debit/ATM card and bank account transfer fraud. This is not the case with check forgery and new account fraud, where in-person data theft is the leading cause.
All sensitive electronic data needs to be protected, but enterprises should be aware that the low hanging fruit for the criminals is electronic card and checking account numbers, as well as user IDs and passwords for on-line financial accounts.
Identity theft can be devastating, and the process of restoring your name can be overwhelming and costly. You need more than "do it yourself" information if it happens to you. Fischbein Insurance provides Identity Theft Shield. When an Identity Theft has occurred a trained security expert will take the steps to restore your name and credit for you! Some of the services provided are:
- Help reduce your out of pocket expenses and time spent away from work with valuable services from detection to resolution.
- Fraud alert notifications will be sent on your behalf and applicable follow up will be done with affected agencies and institutions, including: credit card companies, financial institutions, all three credit repositories, Social Security Administration, Federal Trade Commission, Department of Motor Vehicles, law enforcement personnel, and the U.S. Postal Service.
- Proactive searches of applicable local and national databases will be made on your behalf to look for information you may not be aware of, including: criminal activity in your name in your county's records and certain federal watch lists, Department of Motor Vehicle records in your state, unknown addresses affiliated with your name, and banking activity in your name reported as fraudulent.
Additional information on Identity Theft is provided at Fischbein Insurance web Site: http://www.fischbeininsurance.com/Identity_Theft_Shield.php
About Fischbein Insurance Agency:
Fischbein Insurance is located in Minneapolis MN. Insurance services offered are: Home, Auto, Identity Theft, Pre-Paid legal, Office buildings, Restaurants, and Condos.