Thursday, October 15, 2009

Identity Theft Prevention

By Matthew Maillet

Identity theft is a serious matter that affected over 10 million Americans in 2008 alone (up 22% from the previous year.) Subsequently, the government has taken some positive steps in recent months to slow down this recent trend. For example, laws have been enacted in over 44 states that require companies to disclose details when identities “private data” has been compromised. Efforts like this have backed consumers in the fight against identity thieves.

One preventative approach that has been effective at limiting the monetary damages incurred from identity theft is by being proactive as a consumer. Realizing you have been the victim of identity theft and responding appropriately can limit your total losses. Consumers are more aware of the dangers and have effectively cut down the “average total loss” per theft to less than $500 (Javelin Strategy & Research.) One way to limit your loss is by reporting the crime as soon as possible.

This however has been a problem for many victims. "There are 18,000 or so police departments in the U.S., and some of them won't take police reports (about identity theft)," said identity theft expert Rick Kam, "which puts the victims in a Catch-22." Because of this problem, it is important for Congress to react accordingly. There needs to be a formal “identity theft reporting” measure put in place that provides consumers with protection.

Source 1
Source 2
Source 3

No comments:

Post a Comment