The monetary cost of identity theft grows exponentially as time passes before the theft is discovered! (According to a Federal Trade Commission Survey, prepared by Synovate.)
“Where discovery of the misuse occurred more quickly, victims reported lower out-of-pocket losses and thieves obtained less:12 Thirty percent of those who discovered that their personal information was being misused 6 months or more after it started had to spend $1,000 or more, compared to 10% of those who found the misuse within 6 months.
Sixty-nine percent of those who discovered the misuse within 6 months spent fewer than 10 hours compared to 32% of those who took 6 months or more to discover it. Thirty-one percent of those who discovered the misuse of their information 6 months or more after it started reported that the thief obtained $5,000 or more, compared to 10% of those who found out in less than 6 months.”
See the full report at (http://www.ftc.gov/os/2007/11/SynovateFinalReportIDTheft2006.pdf)
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