A recent survey estimated that last year identity theft affected over 13.1 million Americans. That would equate to a new victim of fraud every two seconds. This is the second highest number of estimated victims in one year and can be attributed to a spike in the number of existing card fraud cases. The estimated fraud amount increased to over $18 billion in damages last year.
In 2012, 12.6 million American adults fell victim to identity theft. Daily news headlines include data breaches at organizations such as LinkedIn, Twitter, Facebook, and more; even former President Bush has been impacted! What’s worse, a recent study has revealed that one in four people involved in a data breach where personal information is exposed will end up becoming an identity theft victim; this is the highest correlation between data breaches and identity theft since 2010.*
Some common information to be compromised in data breaches includes credit card numbers, Personal information such as online banking login, user name and password and Social Security numbers. Consumers who had their Social Security number compromised in a data breach were 5 times more likely to be a fraud victim than an average consumer.
Unfortunately, it is not uncommon for consumers to be notified that their information may have been breached. Forty-six states have legislation in place that requires companies to notify customers when their personal information at risk of a data breach and data breaches impact millions of Americans each year.