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Identity Theft: Costs More, Tech Less: Page 2 of 5

One reason for the cost discrepancy between the CIMIP study and past ones may be that the previous cost figures focused on consumer losses.

But the CIMIP study shows that identity theft affects companies as well as individuals: "The findings show that the financial services industry was just as likely to be victimized as an individual," the report states.

"Most studies have focused on the individual victim," explained Gary R. Gordon, executive director of CIMIP and professor of economic crime at Utica College, in a phone interview. "In this case, we're seeing a wider range of victimization.

Because the cases examined by CIMIP were investigated by the Secret Service, the loss amounts involved are likely to be large; the Secret Service simply doesn't get involved in minor scams.

"What we're trying to do here is challenge some of the convention wisdom and provide empirical evidence rather than anecdotal evidence in looking at identity theft crimes," said Gordon.