Identity Theft Is On The Rise
According to data revealed in a recent report released by the Bureau of Justice Statistics, since 2005 identity theft has increased by 33%. In the United States, approximately 8.6 million households had a minimum of one person over the age of 12 who was a victimized by an identity thief.
The U.S. Department of Justice concluded in a recent study that an increasing number of American citizens are falling victim to identity thieves. In 2005, there were 6.4 million households across the country that had one or more members experience some sort of identity theft while last year in 2010 that number rose to 8.6 million households. The cost of 2010’s portion of identity theft crimes is roughly $13.3 billion, averaging about $2,200 per person.
While unauthorized credit card charges are being blamed for the bulk of the increase, the term “identity theft” also refers to crimes involving the fraudulent use of Paypal accounts, as well as other kinds of financial accounts such as banking or savings accounts.
The holiday shopping season – November and December – sees an average 19% rise in reports of lost and stolen credit cards, according to PNC Bank. Because shoppers are often frenzied and overburdened, it’s easy for them to be distracted while out spending. This is something thieves take advantage of.
One of the ways shoppers can protect themselves against identity theft is to use cash or credit cards as opposed to debit cards when making purchases. Credit cards offer consumers a higher level of protection against fraudulent charges, while debit cards are directly linked to a checking account and can lead to greater losses. Consumers should keep a sharp eye out for skimming devices attached to gas pumps and ATM machines. Thieves install those devices in order to steal payment card information and corresponding PIN numbers.
Also contributing to the rise in identity theft is the ever-growing use of mobile devices. One-third of Americans utilize their mobile phone for activity related to shopping.
“Shopping remotely on unsecure networks, making purchases at unfamiliar websites and failing to check your account statements – behaviors like these can put consumers at risk,” said Christine El Eris, the director at PrivacyGuard.
Some other interesting findings in the Department of Justice report are: households that are headed by an individual 65 years of age or older had only a 3.3% rate of identity theft, the lowest rate of all while households in the highest income category – $75,000 or higher annually – have a greater likelihood of suffering identity theft than less affluent ones.
Latest Other Card News
A student loan refinancing typically involves taking out a new loan to pay off your existing debt. Refinancing student loans can potentially lower your interest rate, fees, or/and allow you to get better repayment terms, helping you save money. However, it is important to consider whether your loan is private or federal and what benefits […]
2020 has definitely been a very unusual and challenging year. Many of us have been waiting for its end more than ever. And now, when there is less than a week left until the beginning of the new year, it’s time to sum up the outgoing one and find out the results of the annual […]
Walmart is finally ready to introduce a new subscription service offering free same-day delivery and fuel discount. Walmart+ was supposed to go live back in July, however, it was delayed due to the COVID-19 outbreak. Now the launch is planned to take place on September 15. The new product will help you order any goods […]
This month, American Express introduced its new tool called MyCredit Guide. The Amex website says: “We believe everyone should know their credit score and have the tools to understand it better.” That’s why the new feature was developed. Using the tool, you can find out your credit score and take a look at your credit report, […]
A virtual credit card is a unique credit card number that is linked to your main credit card account but is different from the physical card number. The virtual credit card number allows to shop online or over the phone without using your physical credit card. The numbers can usually be used once and expire if not used. The cardholders can also delete the numbers if they want or need to.