Fastest Growing Crime in America – Identity Theft

The US Department of Justice defines Identity Theft as: “Identity theft and identity fraud are terms used to refer to all types of crime in which someone wrongfully obtains and uses another person’s personal data in some way that involves fraud or deception, typically for economic gain.”

 

Experian Data Breach 2017

The data breach of the credit reporting agency Experian is the largest ever data breach in the history of the world affecting over 143 million consumers. This breach is sure to cause consumers problems for not only the rest of their life, but potential the rest of their children’s life. Identity Theft protection is no longer an option, it is a must have for American Consumers.

FTC Equifax Breach

Anthem Security Breach 2015

Analysis of open source information on the cybercriminal infrastructure likely used to siphon 80 million Social Security numbers and other sensitive data from health insurance giant Anthem suggests the attackers may have first gained a foothold in April 2014, nine months before the company says it discovered the intrusion. – Krebson Security

Anthem’s Response to Attack

Important identity theft facts:

  • Identity theft is the fastest growing crime in America.
  • The number of identity theft incidents has reached 9.9 million a year, according to the Federal Trade Commission.
  • Every minute about 19 people fall victim to identity theft.
  • Studies have shown that it’s becoming more common for the ones stealing your identity to be those closest to you. One study found 32% of identity theft victims discovered a family member or relative was responsible for stealing their identity. That same study found 18% were victimized by a friend, neighbor or in-home employee.
  • Financial institutions – like banks and creditors – usually only hold the victim responsible for the first $50 of fraudulent charges.
  • Only 28% of identity theft cases involve credit or financial fraud. Phone, utility, bank and employment, and health insurance fraud make up another 50% of cases.
  • It takes the average victim an estimated $500 and 30 hours to resolve each identity theft crime.
  • You may have to hire an attorney to clear up some matters. This could cost you an additional $200-$500 per hour!

*Information from Transunion

Protect yourself today by adding Identity Theft Coverage to your Homeowner Insurance Policy. This important coverage would provide you with:

  • 1 on 1 proactive assistance with a fraud specialist.
  • Credit Alerts placed with the Credit Bureaus & Free credit report sent to you.
  • Lost wages when you have to take off work to meet with law enforcement, legal council or related activities to Identity Theft.
  • Reasonable Attorney Fees to defend against lawsuits, remove criminal or civil judgements, or challenge the accuracy of your consumer credit reports.
  • Notarized affidavits, certified mail, and loan application fees.

Contact us today to add or inquire about this important coverage to your Homeowner, Renters, or Business insurance policy. Yes, even a business could fall victim to identity theft!

Other Articles

The Simple Dollar – Protecting Your Credit Cards

Cincinnati Insurance – Identity Theft

Cincinnati Insurance – Protecting your Identity

Auto-Owners Identity Theft

Facebook Twitter Email Pinterest Plusone Tumblr
Logan Insurance Agency Inc