Identity theft is a fact: Try buying a pizza without it
In fact, in this case, it was the result of a pizza purchase that caused the consumer to become a victim of identity theft. The story is about a couple that purchased a pizza from a store and had their card unknowingly swiped twice. The first swipe pays for the pizza while the second swipe retrieves the data from the magnetic strip making the information available to would-be criminals.
With the digital age progressing faster than someone breaking their diet, opportunities for identity theft are becoming more and more prevalent. At one point in our electronic history it seemed the only way you could lose your identity was through online credit card transactions and many scared consumers would steer clear of these purchases. In today's marketplace you can be scammed through so many channels that keeping vigilant is like trying to kill cockroaches - as soon as you kill one another super-cockroach comes back bigger and stronger and far more resilient.
The Justice Dept in the US recently released a study from 2004, which painted a fairly gruesome picture of the rise of identity theft. The study showed that more than 3% of US households had become a victim of identity theft in some form within a six-month period. That would make the average about 6% annually.
Who were the victims?
Households headed by young people (18-24 years old), those in urban or suburban areas and those with incomes of $75,000 or more were the most likely to experience identity theft. Victimization did not differ by race or ethnicity.
How did these consumers find out they were victims of identity theft? It was usually from missing money (the average was $1,290) or altered details on banking or social security accounts. The concerning factor is this theft is usually only ever found out after the event. So while victims get their money back or the details are usually insured, it is costing society, as insurance premiums will eventually accelerate to keep up with costs.
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