Ten Myths About Identity Fraud
FEBRUARY 12, 2008 | 5:38 PM
By Tim Wilson
According to new studies of the ID fraud space, some reports offer data that debunks many of the current myths about identity theft.
1. There is a higher incidence of ID fraud today than in past years - The trend is downward, not upward.
2. There are more victims of identity theft and fraud today than there have ever been before - Some estimates are that the number is down, not up, from the year before.
3. Identity fraudsters are stealing record amounts of money from their victims - the cost of identity fraud and theft underwent its most precipitous drop last year.
4. Most identity theft and fraud occurs online - criminals are moving to places where the pickings are easier: telephone and mail fraud due in part to better web defenses.
5. Online attackers are the greatest perpetrators of identity fraud and theft.
identity theft is often committed by someone you know, rather than a stranger - a surprising 17 percent.
6. Large security breaches are the most dangerous to users – Apparently criminals can only exploit so many identities regardless of the size of the “haul”.
7. Identity thieves distribute their booty widely, selling or publishing it wherever they can - no evidence found that fraudsters who misuse breach data were selling the data broadly or distributing it over the Internet.
8. Valid credit cards are an identity thief's primary target - There are many other ways to use personal data that can be just as dangerous to the consumer, researchers say.
9. Fraudsters steal as much personal data as they can, storing it up until they are ready to use it - in most cases, online fraudsters don't store up stolen ID information, but cycle through it quickly.
10. The incidence of identity fraud is pretty much the same from state to state - Consumers in California, Delaware, Idaho, Illinois, and West Virginia have experienced a higher rate of identity fraud and theft.
7:30:05 PM 
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