Burglary cited as top reason for identity fraud

Home Security News > Articles > Burglary cited as top reason for identity fraud
Topic: Crime News
08/26/2010 03:00pm -- While much of the attention surrounding identity theft recently has focused on hackers and computer fraud, a new study shows that burglaries and stolen wallets are still the the biggest reason for a stolen identity.

The report, completed by Travelers Insurance, found that 76 percent of identity fraud was caused by either a burglary, a stolen wallet or purse. Just 9 percent of identity theft was caused by online data breaches.

"This study suggests once again that more traditional means of identity fraud are prevalent today and continue to pose significant risks to consumers," said Joe Reynolds, Identity Fraud Product Manager for Travelers. He added that it was "critical" for consumers to take steps to protect their property, such as adding a home security system.

After a consumers' identity was stolen, 74 percent of the time it was used to either open new credit card accounts or use existing cards to make purchases.

Identity theft continues to be a growing problem in the U.S. The Federal Trade Commission estimates that it affects as many as 9 million people every year.ADNFCR-3514-ID-19931617-ADNFCR

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