Kentucky Banker Magazine, August 1st, 2007
Identity theft is the fastest-growing white collar crime in the United States, according to the Federal Trade Commission (FTC). This $56.6 billion problem1 affects seven to 10 million people annually.2 Losses continue to climb: the per victim average is $6,3833, up from $5,249 in 2003.
Regularly overlooked is the damage to financial institutions as they lack the emotional element of consumer fraud. Consumers shoulder only 7% of the financial burden4, leaving businesses to cover the remaining 93%.
If fraud-related financial write-offs aren't enough, financial institutions also lose productivi...
HighBeam Research, Free Preview: 'Financial Institutions: The Hidden Victims of Identity Theft'... Full Membership required for unlimited access. Free 7-day trial.
Subscribers: HighBeam content is only available to HighBeam subscribers. Click the link above for more information.
