Identity theft is something we often hear about on the news and in the media. Even though this isn’t a new concept, it is constantly evolving. Often, I believe we don’t realize how far reaching and severe the problem of identity theft is. Each year, millions of people lose their identity. In fact, Identity theft is the number one consumer complaint filed with the FDC for fifteen years in a row. You might say that at that rate, it’s not a matter of if – but when.
Here are some interesting facts to consider regarding identity theft:
- ID theft isn’t just financial. In fact, only 28% of cases involve financial or credit fraud. It can be theft of your driver’s license number, social security number, medical information, or character and criminal information.
- Did you know that your child’s social security number is also at risk? Child I.D. theft is becoming more and more common, and it often remains undetected because parents spend virtually no time monitoring it.
- The average time spent physically or mentally “away from work” to deal with an I.D theft issue is about 200 hours.
- The average financial loss per I.D. theft issue is over $5000.
- Imagine this: nearly 85% of all victims find out about their identity theft problem in a negative manner. For example, being denied a credit or debit card transaction.
Do the above statistics sound scary? Are you wondering how to protect yourself? Then look no further. Did you know that your homeowners insurance can provide protection for you and your family? Talk to your personal insurance advisor to understand how your homeowner’s policy will respond to help rebuild your life and your credit if you’ve been a victim.