Friday, December 30, 2005

Facts and Statistics as Repoted by Equifax

Below are just a few recent facts and statistics about credit fraud and identity theft.

"More than 27 million Americans have been victims of identity theft in the last five years.... To deal with the problem, consumers reported nearly $5 billion in out-of-pocket expenses."
- The New York Times

"Stealing someone's identity to acquire -- and use -- new credit cards has become one of the most popular white-collar crimes today, according to fraud investigators from across the country."
- Knight Ridder/Tribune Business News

"This year alone more than 500,000 Americans will be robbed of their identities…with more than $4 billion stolen in their names."

"In one notorious case of identity theft, the US Department of Justice reported that the criminal incurred over $100,000 of credit card debt, obtained a federal home loan, and bought homes, motorcycles, and hand guns in the victim's name all the while calling his victim to taunt him."
- US Department of Justice Web site

"The number of identity thefts in the U.S. has skyrocketed during the past 15 months."

"According to a convicted ID thief in Denver, CO, 'On a good day I could make $5,000 in cash and another $7,000 to $8,000 in merchandise . . .' "

"A recent report on identity theft warned that there is likely to be "mass victimization" of consumers within the next two years. The report said consumers should be extra careful to monitor all their financial transactions for unexplained account activity, withdrawals, or fund transfers."
- The Gartner Group, a technology research group

"Every 79 seconds, a thief steals someone's identity, opens accounts in the victim's name and goes on a buying spree."

"Experts report that a victim can spend anywhere from six months to two years recovering from identity theft."

"Most people don't find out they have been a victim of a stolen identity until they are turned down for a loan or credit card. A copy of their credit report explaining the denial may unveil weeks or months of fraud."

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Behavior Management Expert and Maximizing Your Potential Mentor™ Etienne A. Gibbs is a life-observing author, engaging talk show host, humorous speaker, and successful trainer who teaches small business owners, managers, and employees how to speak, think, and perform in ways that will help them shine. In the end, they maximize their critical thinking, speaking, and management skills.

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