Business Services Industry
Identity Theft Costs Billions in U.S.
Knight Ridder/Tribune Business News, September, 2003
By L.A. Lorek, San Antonio Express-News Knight Ridder/Tribune Business News
Sep. 4--Identity theft cost businesses and financial institutions nearly $48 billion and consumers $5 billion in losses last year, according to a Federal Trade Commission survey released Wednesday.
An estimated 27 million people in the United States have been victims of identity theft in five years, including 9.9 million last year, the FTC reported.
"A fair number of thieves have discovered this is a fairly easy way to make money," said Howard Beales, director of the FTC's bureau of consumer protection.
Identity theft is one of the fastest-growing crimes. Last year, more than 14,000 Texans reported being victimized by identity theft, making it the...
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