Identity Theft Dominates FTC Complaint List

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Identity Theft Statistics and other Identity Theft topics.

How prevalent are identity theft crimes?

Identity Theft Dominates FTC Complaint List

The Federal Trade Commission (FTC) works to eliminate unfair or deceptive practices in the marketplace and serves as a clearinghouse for consumer complaints. Topping the list for the seventh year in a row, 2006 identity theft and fraud complaints reached a total of nearly 250,000. This is more than one-third (36 percent) of the total number of complaints for the year.

The statistical breakdown of facts about identity theft in the 2006 report shows credit card fraud in the lead at 25 percent, followed by utilities and phone fraud at 16 percent, bank fraud at 16 percent, and employment fraud at 14 percent. Total losses reported due to identity theft exceeded $1.1 billion.

Individual losses are greatest when victims are not quick to discover unauthorized activity on accounts and credit cards. Here are three recommendations to reduce potential losses:

  • When given the option, pay bills online and monitor your account activity at least once each week, checking statements for any discrepancies.
  • Know your monthly statement cycles for bank accounts and credit cards and review them promptly. If you do not receive a statement, or you notice suspicious transfers or charges, contact the bank or credit card institution immediately.
  • When possible, use email-based “alerts” that immediately notify you of payments, transfers, withdrawals, and any other activity on your account(s).
For more identity theft statistics and prevention information, visit the FTC online.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Identity Theft Tip Site? Request a Tip Now!


Guru Spotlight
Carma Spence-Pothitt