Networking

07:50 PM
Connect Directly
RSS
E-Mail
50%
50%

Identity Theft: Costs More, Tech Less

With the help of a Secret Service case review, a Utica College study finds the median actual dollar loss for identity theft victims was $31,356.

Identity theft may be far more costly to victims than previously believed.

A study released Monday by Utica College's Center for Identify Management and Information Protection (CIMIP) found that the median actual dollar loss for identity theft victims was $31,356.

This figure is based on 470 cases out of 517 where loss data was available to Utica College researchers.

The CIMIP study is significant because it's the first time the U.S. Secret Service has allowed researchers to review its closed case files on identity theft and fraud. It is intended to provide empirical evidence that law enforcement agencies can use to combat identity theft.

A 2007 study by the Javelin Strategy and Research cited an average (not median) fraud amount of $5,720 per victim that year. A 2003 Privacy & American Business survey put the average cost per victim at $740.

Previous
1 of 5
Next
Comment  | 
Print  | 
More Insights
Cartoon
Hot Topics
6
VMware NSX Banks On Security
Marcia Savage, Managing Editor, Network Computing,  8/28/2014
4
Real-World SDN, Lesson 2: Conquer The Enemy Within
Symon Perriman, Senior Technical Evangelist, Microsoft,  8/25/2014
3
How To Survive In Networking
Susan Fogarty, Editor in Chief,  8/28/2014
White Papers
Register for Network Computing Newsletters
Current Issue
2014 Private Cloud Survey
2014 Private Cloud Survey
Respondents are on a roll: 53% brought their private clouds from concept to production in less than one year, and 60% ­extend their clouds across multiple datacenters. But expertise is scarce, with 51% saying acquiring skilled employees is a roadblock.
Video
Slideshows
Twitter Feed