Identity theft dropped in 2007

Identity theft actually dropped in 2007, by at least 300,000 cases, according to a new report by Javelin Strategy and Research. That's quite a surprise for all of us who have been reading the stories of doom and gloom in IT. Javelin's 2008 Identity Fraud Survey Report said the drop in identity theft represents a reduction of $6 billion in the amount of money stolen through such scams.

The survey actually reinforces similar findings from previous years, as the number of people affected by identity fraud has dropped significantly since Javelin began conducting the research in 2004. Just take a look at Javelin's research numbers. Roughly 4.25 percent of the adult population in the U.S. was hit by identity theft during 2004. In 2007, only 3.58 percent of adults were targeted by attacks. Javelin cited more public awareness of the problem and extra precautions taken by businesses with sensitive data as reasons for the declining numbers. Nevertheless, the criminal mind is hard at work figuring out new ways to steal data, the report said.

Another bit of bad news from the report is that those individuals who are being victimized by the schemes are getting fleeced out of more of their funds. The cost per consumer in 2007 averaged $691, an increase of 25 percent, over $554 reported in the 2006 report. "The 2008 Report confirmed what we believe to be true: that while fraud is declining, it is still a concern for the American public," James Van Dyke, president and founder of Javelin, said in a report summary. "The good news is the leadership role many businesses are taking in educating consumers about ID fraud risk factors is paying off. Still, fraudsters are getting creative and leveraging new techniques to commit fraud, so Americans need to be as diligent as ever in protecting their personal information." The moral of this story is simple: stay alert and keep working to protect your data.

For more ID theft:
- See this InfoWorld article [1]