Monday, September 15, 2003

Identity theft... a new multimillion industry...?

Ron Onrust provided me with a link to this remarkable column by Robert X. Cringely on identity theft.

What we do know is that there is somewhere between 250,000 and 750,000 identity theft victims every year. While many cases are small, the U.S. Secret Service reported in one year investigating more than 7,000 cases with an average cost to victims and financial institutions of $217,000 or a total cost of about $1.5 billion. The American Banking Association reports identity fraud losses to its members of around $1 billion per year and the credit card companies absorb around $1.5 billion per year in such fraud losses.