Identity Theft

• FAQ

The crime is identity theft - and thieves perpetrate their crime in a variety of ways, including dumpster diving, internet phishing, or simply by having your residential mail delivery temporarily redirected. More than ever, the information explosion, aided by an era of easy credit, has led to the expansion of this crime, which feeds on the inability of consumers to control who has access to sensitive information and how it is safeguarded. Identity theft remains the #1 concern among consumers - their fears are not unfounded.. The facts on identity theft speak for themselves.

1. Victims now spend an average of 600 hours recovering from this crime, often over a period of years. Three years ago the average was 175 hours of time, representing an increase of about over 240%!

2. Based on 600 hours times the indicated victim wages, this equals nearly $16,000 in lost potential or realized income.

3. While victims are finding out about the crime more quickly, it is taking far longer than ever before to clear their records and recover from the situation.

4. Even after the thief stops using the information, victims struggle with the impact of identity theft. That might include increased insurance or credit card fees, inability to find a job, higher interest rates and battling collection agencies and issuers who refuse to clear records despite substantiating evidence of the crime. This "tale" may continue for more than 10 years after the crime was first discovered.

5. The emotional impact on victims is likened to that felt by victims of more violent crime, including rape, violent assault and repeated battering. Some victims feel dirty, defiled, ashamed and embarrassed, and undeserving of assistance. Others report a split with a significant other or spouse and of being unsupported by family members.

6. Today victims spend an average of $2,000.00 in out-of-pocket expenses, an increase of 85% from years past.

7. Approximately 85% of victims found out about the crime due to an adverse situation - denied credit or employment, notification by police or collection agencies, receipt of credit cards or bills never ordered, etc. Only 15% found out through a positive action taken by a business group that verified a submitted application or a reported change of address.

8. According to 2 studies done in July 2003 (Gartner Research and Harris Interactive), approximately 7 million people became victims of identity theft in North America in the prior 12 months. That equals 19,178 per day, 799 per hour, 13.3 per minute.

Care to read about a true to life testimonial from a victim of Identity Theft ? (courtesy of CTV’s W5 broacast)- click here

• Learn More

How to Protect Yourself from Phishing

Credit Card Fraud - Steps to protect yourself

Six Key Steps to Reduce the Risk of Identity Theft

What is Wireless Identity Theft?

Privacy Legislation in Canada

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