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To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you
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Identity Theft Survey Report 2003 - The Costs of ID Theft.
* On average, victims of “New Accounts & Other Frauds” ID Theft indicated that the person or
persons who misused the victim’s personal information had obtained money or goods and
services valued at $10,200 using the victim’s information. This result suggests that the total
loss to businesses, including financial institutions, from this type of ID Theft was $33 billion
in the last year.
* Adding the costs that resulted from “Misuse of Existing Credit Cards and Credit Card Accounts Only” ID Theft and from “Misuse of Other Existing Accounts” ID Theft to those from “New Accounts & Other Frauds,” the total cost of this crime approaches $50 billion per year, with the average loss from the misuse of a victim’s personal information being $4,800.
Individuals whose information is misused bear only a small percentage of the cost of ID
Theft. Nonetheless, looking at all forms of ID Theft, victims estimated that they had spent $500 on average to deal with their ID Theft experience. Victims of the “New Accounts and Other Frauds” type of ID Theft estimated that they had spent almost $1,200 on average. Thus, the total annual cost of ID Theft to its victims appears to be about $5.0 billion, with victims of “New Accounts & Other Frauds” ID Theft bearing $3.8 billion of that total.
Victims of ID Theft also spend a considerable amount of their own time resolving the various
problems that occurred because of the misuse of their personal information. On average,
victims reported that they spent 30 hours resolving their problems. On average, victims of
the “New Accounts and Other Frauds” form of ID Theft spent 60 hours resolving their problems. This suggests that Americans spent almost 300 million hours resolving problems related to ID Theft in the past year, with almost two-thirds of this time – 194 million hours – spent by victims of “New Accounts and Other Frauds” ID Theft.
15 percent of ID Theft victims reported that their personal information was misused in nonfinancial
ways. The most common such use reported was to present the victim’s name and identifying information when someone was stopped by law enforcement authorities or was charged with a crime. 4 percent of victims reported that their information was misused in this way.
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