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Misunderstandings of Identity Theft Leave Americans Vulnerable
The statistics are familiar, but still frightening: identity theft is America's fastest growing crime, with nearly nine million victims of the crime in 2005 1 . We may know the hard facts, but what do Americans really think about identity theft? Do we feel vulnerable? Do we understand what makes us vulnerable? Are we taking the right precautions?
A national survey sponsored by the nonprofit Identity Theft Resource Center and Fellowes, Inc. set out to understand the perceptions, confusion and behaviors of Americans as it relates to protecting themselves from identity theft.
The result: Americans are keenly aware of and concerned about identity theft, but they have tremendous uncertainty and misunderstandings regarding the crime. This confusion ultimately leads to the feeling of vulnerability to identity theft. Below is a snapshot of the research findings:
Americans are aware of the problem and taking precautions:
The Myths and Facts:
How does identity theft happen?
Nearly 40 percent believe identity theft is most likely to occur through online exchanges, when in reality, online exchanges only represent nine percent of the crime 1 . The majority of identity theft crimes occur through paper documents and stolen information
Less than one-fifth of Americans believe identity theft is most likely to occur through stolen personal items such as credit cards or wallets that contain personal financial information, when it is actually the most common form of identity fraud nationwide 1
Is there a threat from within? National statistics show that 15 percent of identity fraud cases involve family and friends, yet only 6 percent of the American public believes family and friends are likely to steal identities.
Who is most vulnerable?
Americans vastly overestimate the risk to the elderly and vastly underestimate the risk to the young, as respondents believe that those 60 years and older are most vulnerable to the crime. In reality, 8 percent of the crime involves senior citizens, and the most vulnerable group is actually 18-29 year olds 2 .
How often does the crime occur?
Nearly half of respondents believe there are less than 10,000 cases of identity theft reported each day in the United States. The fact: there are more than 24,000 reports of identity fraud every day 1
Are we doing all we can to prevent the crime?
Less than half of Americans order a current credit report at least once every two years, despite the fact that this is one of the most effective ways to ensure that no one is misusing your credit .
Responses showed similar confusion when it came to the terms of "tearing up by hand" and "shredding" for document disposal -- respondents felt safe with just tearing up personal information as a way to safeguard themselves, when in reality the only true way to keep personal documentation out of the hands of would-be identity thieves is to destroy all information with a confetti-cut shredder
Age, Gender and Education
He said, she said
Women are more likely than men to agree that identity theft can happen at anytime
Women are more likely than men to agree that they shred unsolicited credit card offers before they throw them in the trash
Education equals concern?
Americans with a high school education or less are more likely to agree that identity theft will never happen to them (44 percent) than adults with some college education or more (24 percent)
Americans with more education and higher income were more likely to shred their documents (80 percent)
College graduates are more likely to order credit reports at least every two years (55 percent) than high school graduates and those that have attended college but did not graduate (44 percent)
Age and technology
Adults ages 18-24 are more likely to say that identity theft is most likely to occur through online exchanges (48 percent)
###
Sources
1 . Source: Javelin Strategy and Research, 2006 Identity Fraud Survey Report
2 . Source: Federal Trade Commissions Top 10 Consumer Fraud Complaint Report
*The survey interviewed 1000 random citizens living in the United States during a two-week period in early June 2006. Phone interviews were conducted via KRC Research, a leader in market and opinion research. The results have a margin of error of ± 3.1 percent.
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A national survey sponsored by the nonprofit Identity Theft Resource Center and Fellowes, Inc. set out to understand the perceptions, confusion and behaviors of Americans as it relates to protecting themselves from identity theft.
The result: Americans are keenly aware of and concerned about identity theft, but they have tremendous uncertainty and misunderstandings regarding the crime. This confusion ultimately leads to the feeling of vulnerability to identity theft. Below is a snapshot of the research findings:
Americans are aware of the problem and taking precautions:
- The problem of identity theft is well known, with 81 percent of Americans agreeing that identity theft can happen at any time
- Half of Americans feel vulnerable to identity theft
- Two-thirds of Americans say they are currently using tools or solutions to protect themselves from identity theft
- Seventy-three percent of Americans say they shred documents that may have personal information on it
- Eighty-two percent regularly monitor bank accounts and credit card statements
The Myths and Facts:
How does identity theft happen?
Nearly 40 percent believe identity theft is most likely to occur through online exchanges, when in reality, online exchanges only represent nine percent of the crime 1 . The majority of identity theft crimes occur through paper documents and stolen information
Less than one-fifth of Americans believe identity theft is most likely to occur through stolen personal items such as credit cards or wallets that contain personal financial information, when it is actually the most common form of identity fraud nationwide 1
Is there a threat from within? National statistics show that 15 percent of identity fraud cases involve family and friends, yet only 6 percent of the American public believes family and friends are likely to steal identities.
Who is most vulnerable?
Americans vastly overestimate the risk to the elderly and vastly underestimate the risk to the young, as respondents believe that those 60 years and older are most vulnerable to the crime. In reality, 8 percent of the crime involves senior citizens, and the most vulnerable group is actually 18-29 year olds 2 .
How often does the crime occur?
Nearly half of respondents believe there are less than 10,000 cases of identity theft reported each day in the United States. The fact: there are more than 24,000 reports of identity fraud every day 1
Are we doing all we can to prevent the crime?
Less than half of Americans order a current credit report at least once every two years, despite the fact that this is one of the most effective ways to ensure that no one is misusing your credit .
Responses showed similar confusion when it came to the terms of "tearing up by hand" and "shredding" for document disposal -- respondents felt safe with just tearing up personal information as a way to safeguard themselves, when in reality the only true way to keep personal documentation out of the hands of would-be identity thieves is to destroy all information with a confetti-cut shredder
Age, Gender and Education
He said, she said
Women are more likely than men to agree that identity theft can happen at anytime
Women are more likely than men to agree that they shred unsolicited credit card offers before they throw them in the trash
Education equals concern?
Americans with a high school education or less are more likely to agree that identity theft will never happen to them (44 percent) than adults with some college education or more (24 percent)
Americans with more education and higher income were more likely to shred their documents (80 percent)
College graduates are more likely to order credit reports at least every two years (55 percent) than high school graduates and those that have attended college but did not graduate (44 percent)
Age and technology
Adults ages 18-24 are more likely to say that identity theft is most likely to occur through online exchanges (48 percent)
###
Sources
1 . Source: Javelin Strategy and Research, 2006 Identity Fraud Survey Report
2 . Source: Federal Trade Commissions Top 10 Consumer Fraud Complaint Report
*The survey interviewed 1000 random citizens living in the United States during a two-week period in early June 2006. Phone interviews were conducted via KRC Research, a leader in market and opinion research. The results have a margin of error of ± 3.1 percent.
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// posted by Factory Express @ 8:53 AM 
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