Illuminate the frequency of fraud

ID theft affects 19 people each minute.

by: Lora Bray

The prevalence of economic fraud has increased markedly in recent years.

One visible threat is identity (ID) theft, named the nation’s fastest-growing crime by TransUnion. ID theft affects about 19 people each minute, and according to one study, 32% of identity theft victims discovered that a family member or relative stole their identity.

Also, only 28% of identity theft cases involve credit or financial fraud. Phone, utility, banks, and employment fraud make up another 50% of cases.

Therefore, consumers need to be aware of many illicit activities.

The Identity Theft Resource Center defines an ID breach as “an event in which an individual’s name plus Social Security Number … driver’s license number, medical record, or a financial record/credit/debit card is potentially put at risk.”

Interesting facts of note:

  • As of Sept. 9, 2014, 533 total breaches had been identified for this year, with 18,721,149 records exposed;
  • In the banking/credit/financial category, the number of records at risk is 172,320; and
  • Most breaches thus far have occurred in the business category, at 36.2% of events.
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