Business Services Industry
Survey Puts Nation's Costs for Identity Theft at $48 Billion in 2002.
Knight Ridder/Tribune Business News, September, 2003
By Paul Wenske, The Kansas City Star, Mo. Knight Ridder/Tribune Business News
Sep. 4--More than 27 million Americans were victimized by identity theft in the last five years--nearly 10 million in just the last year, according to a new federal survey.
The report, released Wednesday by the Federal Trade Commission, said business and consumer losses totaled approximately $48 billion. The FTC said consumers had $5 billion in out-of-pocket losses and expenses.
Howard Beales, director of the FTC's Bureau of Consumer Protection, said during a teleconference with reporters that the survey is the most definitive evidence of how big the problem has grown.
"For the first time we think we have a reliable estimate of what it is," Beales...
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