Hard Times Ahead

Entities Mentioned

• Javelin Strategy & Research
• Identity Force
• Steven Bearak

1. Monday's report by Javelin Strategy and Research confirmed what Identity Force has been predicting.  The number of Americans victimized by identity theft is on the rise. In 2008, the number of identity theft cases jumped 22 percent to 9.9 million, and the total damages exceeded $48 billion. 
   
   Much of the media coverage has centered on one finding in the report -- that the money lost per victim dropped a bit -- but that may well be driven by the fact that there also seems to be a significant increase in stolen wallets.  "Petty crime may drive down some of the statistics, but the fact is that more people are being defrauded, and more money is being lost overall," said Steven Bearak, CEO of Identity Force.
   
   Couple these facts with an increase in cyber crime and data breaches and the future is troubling.  Businesses and consumers should have proactive plans in place to prevent identity theft data breaches and protect customers and consumers.

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