CHANTILLY, Va.-New data indicate that the number of identity theft fraud victims rose 22% to 9.9-million adults in 2008. The study, conducted by Javelin Strategy & Research and funded by Intersections Inc., showed the largest increase in such thefts since it was launched in 2004.
"As this latest Javelin report demonstrates, ID theft is back on the rise," says Intersections Chairman and CEO, Michael Stanfield. "We typically see upswings in identity theft linked to downturns in the economy. Today's difficult economic climate is likely contributing to this spike in identity theft. Now more than ever, consumers must be vigilant, and take a more holistic approach to protecting their identities from being compromised by fraudsters. Also, new markets bring ineffective charlatans into the market."
The company stated that most identity threat offerings on the market today focus on detection, or what steps to take once a person's identity has already been compromised. As more sophisticated methods emerge from both hackers and organized crime syndicates, consumers need to better protect themselves earlier in the process by focusing on prevention.
"There is a shift underway from detection to prevention," adds Stanfield. "There is a misperception in the market that fraud alerts and free credit reports are enough to keep consumers safe, and they're not. Consumers must go beyond fraud alerts and credit reports and take a more holistic approach."
For info: www.intersections.com and www.javelin strategy.com
