PLEASANTON, Calif.-More US residents are becoming identity theft victims according to a recent survey released by Javelin Strategy & Research. But a spike in reporting rates has also led to more thieves being taken off the streets, the study suggests.
The 2010 Identity Fraud Survey Report showed that 11.1 million Americans were victims of ID theft in 2009, up 12% from 2008. The total annual fraud amount increased by 12.5% to $54 billion, both the highest on record since the first Javelin report was released in 2003.
Fraud increased for the second straight year and is at the highest rate since Javelin began this report in 2003.
"The good news is consumers are getting more aggressive in monitoring, detecting and preventing fraud with the help of technology and partnerships with financial institutions, government agencies and resolution services," said James Van Dyke, president and founder, in a statement.
The crime's prominence has led to quicker fraud resolution times, double the arrests, triple the prosecutions and double the percentage of convictions. The cost to the consumer to resolve the frauds has also dropped precipitously since the first report. In 2003, the mean consumer cost was $606 while that number was just $373 last year. Both the resolution time, an average of 21 hours, and consumer cost stood at record lows in 2009.
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