Identity Theft Statistics

Federal survey: Identity theft statistics show 1 in 4 hit in U.S. households

By Christine Dugas
USA Today
Sept 4, 2003


Identity theft statistics now show that one in four U.S. households has been a victim of identity theft in the past five years, according to a report released Wednesday in which the federal government for the first time measures the full extent of the crime wave.

In the last year alone, identity theft statistics show 10 million people were victimized, according to a survey of 4,000 adults sponsored by the Federal Trade Commission.

Identity theft statistics show the cost to victims was $5 billion in out-of-pocket expenses and nearly $48 billion in losses to businesses and financial institutions last year.

A Summary of the Identity Theft Statistics in 2003:

• Number of victims: 9.9 million
  
  
• Average loss to businesses per victim according to identity theft statistics: $4,800
  
  
• Loss to businesses: $47.6 billion
  
  
• Average out-of-pocket loss for victims: $500
  
  
• Total loss to victims: $5 billion
  
  
• Hours spent per victim resolving the problem as shown by identity theft statistics: 30
  
  
• Hours spent resolving problem: 297 million
  
  
(Source: FTC identity theft survey report)

Identity theft statistics show that it can range from fraudulent charges on an existing credit card account to the use of a person's identity to open a new account, take out a loan, rent an apartment or commit a crime.

"This report serves as a reality check by confirming that millions of consumers each year are falling victim to identity theft," says Beth Givens, director of the Privacy Rights Clearinghouse, a non-profit consumer information and advocacy program givin feedback on recent identity theft statistics.

Measuring the extent of identity theft has been difficult, in part, because people don't always report the crime to authorities. According to identity theft statistics, only about 25% of the victims who participated in the survey said they had filed a report with local police.

"We've been using estimates from identity theft statistics of 500,000 to 700,000 cases a year," Givens says. "You can toss those out the window."

More Identity Theft Statistics Among the Report's Findings:

• According to identity theft statistics, nearly 25% of all victims said their personal information, such as credit cards, checkbooks and Social Security cards, had been lost or stolen, according to the report.
  
  
• Just 11% of the survey respondents said they were aware that their personal information had been taken before discovering they were victims of identity theft.
  
  
• The incidence of identity theft was highest in the South and West and lowest in the Midwest.
  
  
• One-quarter of the victims said the misuse of their information occurred in one day, and 12% said the crime occurred over a period of more than six months.
  
  
• Many experts and privacy advocates say the FTC report underscores the need for tougher legislation to combat the epidemic.
  
  

"Why is identity theft at epidemic proportions?" Givens says. "It's because lenders are making it too easy to get credit, and they're not doing a good enough job of examining applications."

Givens says that credit-reporting bureaus need to alert consumers of possible suspicious activity, such as a change in address. "Early detection is the key to recovery," she says.

Consumers also can report ID theft to the FTC by calling the agency's toll-free number: 877-438-4338. This will assist in making identity theft statistics more accurate.

The secure database of identity theft statistics can be accessed by local law enforcement agencies.


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