The latest identity theft research study released February, 2010 by Javelin Strategy & Research found that the number of identity fraud victims in the United States increased 12 percent to 11.1 million adults in 2009, while the total annual fraud amount increased by 12.5 percent to $54 billion . The report found that protection of data by consumers and businesses and enlisting assistance in resolution are helping consumers and businesses resolve fraud more quickly, and are also reducing or eliminating costs for the consumer. Average fraud resolution time dropped 30 percent to 21 hours, and nearly half of victims now file police reports, resulting in double the reported arrests, triple the prosecutions, and double the percentage of convictions in 2009.
Now in its seventh consecutive year, the comprehensive identity fraud survey report is independently produced by Javelin Strategy & Research and co-sponsored by leading companies in financial services and identity fraud prevention technology and resolution. The survey is the nation’s longest-running study of identity fraud, with more than 29,000 U.S. respondents over the past seven years.
“The 2010 Identity Fraud Survey Report shows that fraud increased for the second straight year and is at the highest rate since Javelin began this report in 2003 ,” said James Van Dyke, president and founder, Javelin Strategy & Research. “The good news is consumers are getting more aggressive in monitoring, detecting and preventing fraud with the help of technology and partnerships with financial institutions, government agencies and resolution services. Through IDSafety.net and our free consumer report, Javelin and our co-sponsor partners are working to educate consumers and provide guidelines and tips to help them safeguard their personal information.”
The above is excerpted from a recent press release by Javelin Strategy & Research.