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Identity Theft News
3.6 MILLION U.S. HOUSEHOLD IDENTITY THEFT VICTIMS
WASHINGTON, D.C. –– An estimated 3.6 million households, or about 3 percent of all households in the nation, learned that they had been the victim of at least one type of identity theft during a six-month period in 2004, the Justice Department’s Bureau of Justice Statistics (BJS) announced today. Forty-eight percent 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.
Households headed by young people (18-24 years old), those in urban or suburban areas and those with incomes of $75,000 or more were the most likely to experience identity theft. Victimization did not differ by race or ethnicity.
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.
About one-quarter of all victimized households said the misuse had not stopped. The misuse was more likely to have stopped for households experiencing credit card theft (78 percent) than those experiencing theft of other existing accounts (65 percent) or the misuse of personal information (54 percent).
Definition:
Thieves often steal personal checks and then dip it into acetone, which removes the ink and in order to write it for a higher amount.
Database fraud
Definition:
Hackers will easily find their way to any personal information stored on computer or marketing databases. Keep financial information off any marketing and billing databases.
Limit order
Definition:
Order to buy or sell a security at a customer-specified price.
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