Identity theft drops 12 percent

Jeff Tyler Feb 2, 2007
HTML EMBED:
COPY

Identity theft drops 12 percent

Jeff Tyler Feb 2, 2007
HTML EMBED:
COPY

TEXT OF STORY

SCOTT JAGOW: Some good news about identity theft this morning. A new report says the number of ID thefts has dropped 12 percent. Three years ago, this was the country’s fastest growing crime. Jeff Tyler tells us what may have changed.


JEFF TYLER: Although the report by Javelin Strategy and Research found a big decline in fraudulent new accounts, company president James Van Dyke says identity fraud still costs companies roughly $50 billion a year.

JAMES VAN DYKE: We just took the total down by about $6 billion.

Banks have gotten better at authenticating clients.

Also helping: the shift toward online business.

Van Dyke recommends using the Internet to both receive and pay your credit card statements. Thieves, he says, will steal your outgoing payment right out of your mailbox.

VAN DYKE: Right around the 10th of the month. There’s a little flag telling them they’re there. Those are called “steal-me” flags by local police forces. There’s your outgoing check.

The Internet also allows consumers to monitor their financial accounts closely. According to the study, half of all identify fraud cases are spotted first by the victim.

I’m Jeff Tyler for Marketplace.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.