Number Of Id Thefts Drops, Costs Rise

According to a new report from Javelin Strategy and Research and the Better Business Bureau, the number of individuals victimized by identity theft has fallen in recent years, but the amount of money lost to such malfeasance is climbing. Researchers found that about 8.9 million people suffered identity theft last year, compared to 9.3 million the year before. In 2003, the Federal Trade Commission estimated that identity thieves successfully targeted 10.1 million individuals. Experts said the decline in the number of victims indicates heightened awareness and better tools to combat identity crimes. Even as the number of victims has dropped, the total losses to such crimes has risen from $53.2 billion in 2003 to $56.6 billion last year. “Criminals are building up more expertise,” said James Van Dyke, founder and principal analyst of Javelin, “and they have to soak victims for more money.”

Wall Street Journal, 30 January 2006 (sub. req’d)