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The Red Flags Rule is coming soon. Not sure if it is real?

Check out these ID Fraud and Theft Statistics:


Surprising and Interesting Statistics

The Red Flags Rule is addressing a much needed issue called Identity Fraud. Most people are aware of ID Theft and Fraud as it relates to cyber crimes. What most people do not realize is how large of an issue and the length that the thieves go to in order to perpetrate their crimes. Everyone knows someone who has had a credit card purchase made over the internet by someone else, although the actual cyber crime portion of ID Fraud is not nearly as damaging as the "in person" portion. It is because of these statistics that FACTA enacted the Red Flags Rule and the FTC is enforcing by requiring businesses to have a written Identity Theft Prevention Program as part of their Red Flags Rule Compliance Policy.

Stolen wallets and physical documents accounted for 43% of all identity theft, while online methods accounted for only 11% (javelin resource)

In a 2006 audit conducted by the U.S. Government Accountability Office, authorities were ABLE to use fake IDs in 18 out of 18 cases to enter the country — despite qualified forensic document inspection.

9.9 Million Adults or 4.3% of Adults in the US are now victims of ID Fraud and Theft – (generally accepted numbers – the low end of what we know about – real numbers are expected to much higher)

7% of victims or 1 in 332 Adult Americans had identity fraud happen using some sort of legal services. (per Synovate research)

5.3% of victims or 1 in 438 Adult Americans experienced identity fraud via a tax return filed fraudulently on their behalf (per Synovate research)

Businesses across the world lose $221 billion a year due to identity theft (Aberdeen Group)

More than 35 million data records were compromised in corporate and government data breaches in 2008 (ITRC)

31% Of ID Thieves have a driver’s license that passes scrutiny (ITRC)

Average cost to a business that was affected by ID Fraud was $90,107 (per Synovate research)

38-48% of victims discover someone has stolen their identity within three months, while 9-18% of victims don't learn that their identity has been stolen for four or more years (ITRC Aftermath Study)

71% of fraud happens within a week of stealing a victim’s personal data (ITRC Aftermath Study)

In 2007, of the victims who discovered a criminal activity on their identity, 62% of ID fraud victims reported thieves had committed financial crimes that resulted in warrants being issued in the victim’s name, more than 2 ½ times higher than in 2006 and double the amount from 2004. (ITRC Aftermath Study)





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