The High Cost of a Stolen Identity

It is said that Identity Theft is the fastest growing crime in the new millennium!

Statistics reveal that identity theft victims number in the millions each year 

The High Cost of a Stolen Identity: Statistics

In the  U.S., anywhere from 7 to 10 million people are affected in some way by identity theft annually. According to a July 5, 2005 article in Newsweek, it was reported that “crooks rack up $53 billion a year…[c]onsumers get stuck with $5 billion directly; and the rest is paid by retailers and businesses—which pass it on in higher prices.”

In the UK, it is estimated that more than 120,000 people are affected by identity theft each year, costing the British economy over £1.3 - £1.7 billion annually.

In Canada, the economic losses are an estimated CAN$2.5 billion per year and in Australia…just over AUD$1 billion due to stolen identity-related crimes.

An Identity Theft Story

A Stolen Identity is More Costly than Money

According to the U.S. Federal Trade Commission (FTC), “people, whose identities have been stolen, can spend months or years and thousands of their hard earned dollars trying to clean up the mess that thieves have made of their good name and credit record. Some victims have lost job opportunities, been refused loans for education, housing, cars or even arrested for crimes they didn’t commit.”

On an emotional front, it is said that the reactions to identity theft victimization closely parallel that of a violent crime - anger, pain of loss, helplessness, betrayal, isolation and even embarrassment. By some reports, identity theft victims can experience a form of post-traumatic stress. Needless to say, this crime triggers deep fears about safety, financial security and the ability to ever trust again, among other things.

Although the road to recovery for an identity theft victim is arduous, thankfully, there is Help along the way. 

Want to Know... What the Identity Thief Wants ?