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Identity Theft is Still On The Rise

August, 2017

By now we’ve all heard more than we’d like to about identity theft. Everywhere we turn there are advertisements and news stories about it. Many of us know someone  who has been affected or have been victims ourselves. The stories are ever present and awareness of identity theft is at an all time high. Unfortunately, the statistics are climbing and incidence of identity fraud is also at an all time high.

According to Javelin’s 2017 Identity Fraud Report, fraud incidence rose 16% in 2016 to affect a record-high 15.4  million victims. That is the largest number of victims since Javelin began tracking the incidence of identity fraud in 2003.

Despite high awareness leading many people to take precautions before giving out personal information, such as Social Security or credit card numbers, the incidence of all identity fraud types increased for the first time on record.

Technology and more sophisticated cyber criminals are finding new ways to intercept our personally identifiable information (PII). While we can take precautions to protect ourselves from these direct hijackings, there is little we can do when the institutions we trust with our personal and confidential data are breached. The numbers of people affected by these data breaches  are staggering.

While this is bad for business, as one in seven account holders experiencing a breach at their primary financial institution reduced their patronage of the institution after the breach, it is bad for nearly a third of the account holders as well. Close to one third (31.7%) of people notified that their information was compromised in a data breach in the past year experienced identity fraud themselves within the next 12 months. This is compared to just 2.8% of individuals not notified of a data breach.

For those who have an identity protection service in place there is some good news. In addition to the steps taken to help prevent identity theft in the first place, these services also result in measurably lower out-of-pocket costs if a fraud does occur. Fraud victims paid 42% less out-of-pocket if they owned an identity protection service such as SurePath Identity Theft Solutions at the time of the fraud event.

In addition to reducing the financial cost of recovering from an identity fraud, some of these services can also greatly reduce the time, emotional cost and stress of the recovery process. When considering an identity theft solution, it is worthwhile to check if the solution includes full service identity restoration. The plans to look for provide this service by certified identity theft risk management specialists.

To learn more about the identity theft solutions plans offered by Legal Club, browse this website or call us at 800-305-6816.

 

 

 

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