Federal Trade Commission Launches New Education Campaign on Identity Theft

By Carolyn Shanoff
Director, Division of Consumer and Business Education, Federal Trade Commission

Forty-two different names. Sixty-five different addresses. One hundred seventy accounts. One hundred forty accounts in collections. That’s what Nicole M. Robinson found in 2000 when she checked her 54-page credit report. There was also $35,000 in bounced checks and unpaid bills—none of which were hers. An identity thief, Nicole A. Robinson, had stolen Nicole M. Robinson’s Social Security number from her employer and was using it to open accounts.
 
According to Nicole M., the damage to her personal finances, quality of life, and sense of security continues to haunt her. In less than a month, the thief destroyed the good credit Nicole had worked to establish for 15 years.

Identity theft is a serious crime; its impact on consumers and businesses is staggering. Current estimates by the Federal Trade Commission (FTC) indicate that there may be as many as 10 million victims of identity theft each year. Studies estimate that victims of identity theft spend $5 billion to undo its harm, while businesses lose nearly $50 billion in revenue annually.

Did you know?
In 2005,credit card fraud was the leading form of identity theft reported to the FTC, with 26 percent of complaints.
 
Other identity theft categories include phone or utilities fraud (18%), bank fraud (17%), and employment fraud (12%).
 
Source: FTC Consumer Sentinel