FTC Releases ID Theft Report
The Federal Trade Commission released a report on the phenomenon of identity theft in the United States. The report is based on a survey of more than 4,000 U.S. adults on the topic and the related experience of victims. According to the FTC, 300 million hours and $5 billion were wasted last year by victims trying to clear their name of fraudulent actions done by others. Despite limiting the survey to credit card identity theft only, the FTC survey shows that in all 27.3 million Americans were affected by identity theft over the past five years, including 9.9 million people in the last year alone. Identity theft also hurt the corporate world, with businesses and financial institutions tallying losses nearing $48 billion. Although constantly reminded of the threat posed by ID theft by groups such as EPIC, the FTC have �never been clear as to the scale of the problem�, and were greatly surprised by the findings.
FTC, Businesses Renew Fight Against ID Theft
The Washington Post, September 3, 2003
