Business Services Industry
Report Say U.S. Consumers' Price Tag for Identify Theft Swelled to $5 Billion.
Knight Ridder/Tribune Business News, September, 2003
By Andy Vuong, The Denver Post Knight Ridder/Tribune Business News
Sep. 4--Identity theft and credit-card fraud cost an estimated 10 million Americans about $5 billion last year, according to a Federal Trade Commission survey released Wednesday.
"Identity theft is a big-ticket item in terms of money and time," said Howard Beales, director of the FTC's Bureau of Consumer Protection.
In the past year, about 3 million Americans were victims of more complex identity theft, in which Social Security numbers were stolen and used to open new accounts, rent homes or obtain loans. The remaining 7 million were the victims of traditional credit-card fraud, the FTC estimates.
In the past five years, some 27.3 million Americans have had...
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