FTC: 10M Americans Victims Of ID Theft

Credit Union Journal, The, September, 2003

Identity theft victimized nearly 10 million Americans last year, and cost businesses and financial institutions almost $48 billion in losses and expenses, according to a survey released by the Federal Trade Commission (FTC) last week.

In addition, another $5 billion was spent by those individuals as they sought to rectify the problem, according to the FTC, which said approximately 27-million Americans have been hit by ID theft over the past five years. The FTC data was based on a new survey of some 4,100 adults conducted by Synovate.

Over the past year, the FTC said, approximately 3.23-million consumers were surprised to find out accounts were being opened in their names, or that someone had obtained medical care, apartments and homes, and even jobs while assuming...

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