Identity Theft Less Common, More Costly
Fox Business reports Identity theft may be happening less often, but victims are paying a higher price. Last year, the number of identity thefts fell 28% to 8.1. million, from an estimated 11 million in 2009, according to a recent survey from Javelin Strategy & Research. This was the sharpest drop in the history of the eight-year study. It also found the odds of being hit by identity theft fell to 3.5% in 2010 from 4.8% in 2009. The total annual reported fraud also fell from $56 billion to $37 billion. Despite the drop in instances, those who suffered from identity theft last year faced higher consequences, the study found. The average out-of-pocket loss nearly doubled, going from $387 to $631 per incident. Consumers also reported spending an average of 59 hours recovering from a “new account” instance of ID theft, up from 41 hours in 2009.
