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Source: SecurityDegreeHub.com

Understanding Identity Theft

It’s one of the most common crimes in the U.S., with millions of Americans falling victim every year. It’s identity theft. It causes billions of dollars in damage every year, but taking simple steps can help ensure you don’t become one of the millions of victims.

Identity Theft and Its Costs

Identity theft is common, costly and continuing.

34.2 million

Americans who have experienced identity theft (1)

That’s 14% of people 16 and older (1)

$24.7 billion

Losses due to personal identity theft in 2013 (2)

Total financial losses attributed to ID theft, by year (2)

2010: $13.2 billion

2012: $21 billion

2013: $24.7 billion

$4,930

Average financial loss per ID theft incident (3)

Identity theft is the most common consumer complaint (and has been for the past decade-and-a-half).

Top 10 consumer complaints, 2014 (4)

Complaint: Number

Identity theft: 332,646

Debt collection: 280,998

Imposter scams: 276,662

Telephone and mobile services: 171,809

Banks and lenders: 128,107

Prizes, sweepstakes and lotteries: 103,579

Auto-related complaints: 88,334

Shop-at-home and catalog sales: 71,377

Television and electronic media: 48,640

Internet services: 46,039

Only 9% of victims reported the incident to police. (1)

Nearly 90% contacted their credit card company or bank to make the report. (1)

How Does ID Theft Happen?

Most victims say they don’t know how a thief obtained their information, but there are some common methods fraudsters use.

2 in 3 victims didn’t know how the thief obtained their information. (1)

9 in 10 didn’t know anything about the identity of the offender. (1)

Most common identity theft methods (5)

Internet

Online “phishing” has become a go-to fraud method for many thieves, as they send emails that seem to be from legitimate companies asking for contact or credit card information, or even asking potential victims to send them a check.

Records

Thieves can hack records through computers, and they’ll even pay off employees to gain access or simply steal records directly from companies. They can also sift through trash to find records that have been tossed away.

Mail

Fraudsters can easily gain access to many types of mailboxes and simply take what they want — credit card statements, checks, tax information and more. They can also fill out a change of address form in your name, redirecting your mail before it even gets to you.

ATM

Skimming, in which thieves attach a data storage device to an ATM, allows fraudsters to get your information when you swipe your card.

Direct theft

Thieves can also secure your information by snatching your wallet or purse or finding documents in your home.

How Can You Protect Yourself?

The best defense is a good offense. Here are some of the tried-and-true ways to keep your information safe. (6, 7, 8)

Clear your logins and passwords, especially if you’ve been working on a public computer or through a public Wi-Fi.

Change logins and passwords each month.

Pay for online purchases with a credit card. Credit cards have stronger protections because of federal law than debit cards.

Before entering any personal information on a website, check that you are on a familiar site with security controls.

Monitor your credit report, which you can receive for free once a year from each of the three major bureaus (Equifax, Experian and TransUnion).

Shred any sensitive documents before tossing them into the trash — even junk mail often contains some personal details.

Audit all your passwords to ensure they are secure. The strongest passwords:

Are at least eight characters long

Don’t contain your user name, a real name or a company name

Don’t contain a complete word

Contain a mix of uppercase and lowercase letters, numbers and symbols

Don’t carry your Social Security card in your wallet or purse.

Monitor your bank and credit card statements so you’ll know right away if a purchase shows up that you didn’t make.

Have any expected checks delivered to your bank rather than your house. Similarly, don’t place any mail with enclosed checks in your mailbox — take them to the post office.

Sources:

1. http://www.bjs.gov

2. http://www.statisticbrain.com

3. https://www.forbesid.com

4. https://www.ftc.gov

5. http://www.creditreport.com

6. http://windows.microsoft.com

7. http://www.identitytheft.org

8. http://guides.wsj.com