Stolen Wallets Are Greatest Cause of ID Theft
Posted on June 25, 2008
Filed Under Identity Theft, Law, Theft |
Identity theft is a nightmare that can take months or even years to clear up. When thieves stole Gina Titus’ wallet she wasn’t prepared for the depth of the trouble it caused. “They used the checking account and credit cards before I could cancel them,” the San Francisco PR account executive complained. “Then several months later I get a letter from a collection agency and found they had opened a checking account in my name. I had a Discover card I never opened.” Then came the maternity bills for a woman who was using her identity.
“The extent of what they were able to do was astounding,” Titus said. It took hours on the phone with creditors for Titus to clear her financial record and reclaim her life. We worry about thieves using online purchase information and credit card payment slips to steal our identity. We forget that an astonishing number of identity theft crimes happen just like they did to Gina Titus — with the theft of a purse or wallet.
A survey by financial services consulting firm Javelin Strategy & Research of Pleasanton, CA reveals that one in three victims know how their information was stolen. In 75% of the cases, the theft was physical: a stolen wallet, stolen mail or via a mail order or phone sale. In many cases, the victim knew the thief. Only 14% of the identity theft cases involved in the study were the result of internet access.
“We are not saying (online access and data breaches) are not significant factors,” Javelin president James Van Dyke told Contra Costa Times reporter Eve Mitchell. “But the point is that it has really been overblown. I think it is to the detriment of consumers to focus exclusively on these electronic methods of communication. Criminals don’t have a (bias) toward technology. They will use any channel that works.”
-LegalPro
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