Mar 18 2009 |
Finding good stats on identity theft and credit card fraud are surprisingly difficult. Here is a basic summary of the best statistics I could find. I tried to separate between American stats and Canadian stats, but they're fairly similar.
One of the best Canadian studies I have seen is the Measuring Identity Theft in Canada report 2008 from McMaster University. Here are a couple of their more interesting results:
- 6.5% of Canadian adults, or almost 1.7 million people, were the victim of some kind of identity fraud in the last year.
- These victims spent over 20 million hours and more than $150 million to resolve problems associated with these frauds.
- More than half of these were unauthorized purchases made with credit cards.
Types of credit card fraud in Canada (from the RCMP):
- Counterfeit credit card: Makes up for 37% of all funds lost through credit card frauds. To make fake cards criminals use technology to "skim" information contained on magnetic stripes of cards and to pass security features such as holograms.
- Lost or Stolen Cards: Cards stolen from their cardholders or lost by them account for 23% of all card frauds. Often, cards are stolen from the workplace, gym, and unattended vehicles.
- No-Card Fraud: Comprises 10% of all the losses and is completed without the physical card in hand. This can happen by giving your credit card information on the phone to shady telemarketers and deceptive Internet sites that are promoting the sales of their non-existent goods and services.
- Non-Receipt Fraud: Is responsible for 7% of all losses. It occurs when new or replaced cards mailed by your card company are stolen during the process of being mailed. However, this type of fraud is on the decline with the card-activation process that most companies use.
- Identity-Theft Fraud: Accounts for 4% of all losses, and occurs when criminals apply for a card using someone else' identity and information.
Amounts charged for the bulk purchasing of credit cards by organized criminals according to Symantec during the first six months of 2007 were: 10 credit card numbers for $20 USD; 50 credit card numbers for $70 USD; and 100 credit card numbers for $100 USD
- It only costs $1 to purchase your credit card number online
Some US stats in 2008 (from trustedid.com):
- Over 10 million identity theft victims in the US.
- An identity is stolen every 4 seconds in the US.
- The average cost to restore a stolen identity is $8,000.
- Victims spend an average of 600 hours recovering from this crime.
2007 (Federal Trade Commission U.S. 2007):
- ID theft has already cost consumers over $5 Billion
- 21% of consumers will not conduct online transactions due to fears of ID theft and/or fraud

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