WASHINGTON-Identity theft is increasing and is much more of a problem than the government expected, according to the Federal Trade Commission. The FTC estimated that during the last year 9.9 million people and during the last five years 27.3 million people have been victims of identity theft.
As mobile-phone carriers transitioned their networks from analog to digital technology, identity theft overtook cloning as the major fraud concern of carriers.
The FTC commissioned a random telephone survey of 4,057 adults taken in March and April. By extrapolating the 4.6 percent of respondents who said they were victims of some form of identity theft, the FTC said 9.9 million Americans had been victims of identity theft.
Of some comfort to carriers, only 1.5 percent of people surveyed said they have had accounts created in their names. The creation of fraudulent telephone accounts is about 9 percent of identity theft cases, said the FTC. Most carriers have said this is where identity theft hurts them the most.
The average victim lost $500 and spent 30 hours to solve the problem. Victims of complex identity theft, such as new mobile-phone accounts, lost nearly $1,100 and 60 hours.
