Identity Fraud Reaches New High

by Erin on February 18th, 2010 in Industry and Security News.

A new study released by fraud analysis firm Javelin Strategy & Research found that identity fraud rose to record rates this past year. According to Javelin’s “2010 Identity Fraud Survey Report”:

  • In 2009, identity fraud increased by 12 percent, hitting 11.1 million adults in the US
  • Total costs from identity fraud reached $54 billion (an increase of almost 13 percent compared to the previous year)
  • Each case costs an average of $4,841

How can you keep from becoming one of these statistics? Running security software is an important step to take to protect yourself online, but you also need to use caution and common sense with your personal information. Following a few simple strategies can help.

On a positive note, the report also found that consumers are fighting back by doing more to protect their data, and with more taking action when identity fraud occurs. “Average fraud resolution time dropped 30 percent to 21 hours, and nearly half of new victims file police reports, resulting in double the reported arrests, triple the prosecutions, and double the percentage of convictions in 2009,” according to Javelin's press release.