It has been difficult to recover from identity theft. But, a Nationwide Insurance survey shows that the current economic climate has made it even more challenging.
Nearly half the respondents said that if their identity was stolen today, they would not be sure if they have enough money to handle the recovery process.
Ten percent of identity thieves polled claimed that they had missed bills as a result. Four out five of those victims suffered severe consequences including credit loss, utilities shutoffs and vehicle repossession.
“With so many Americans losing their savings and investments, people have less money to fall back on during the time it takes to stop the bleeding,”Kirk Herath is the chief privacy officer at Nationwide Insurance. “If the identity theft involves your credit cards, you can often resolve the problems quickly. However, if the fraud involves a debit card, a loan or your health insurance, the impact can be time-consuming and costly.”
The number one crime in America is identity theft. The Federal Trade Commission has received the most number of identity theft complaints for eight years. This includes an estimated 9,000,000 victims each year. Nationwide’s survey found that victims of identity theft are Caucasian and female between 35 and 54 years old, with a college education, married, and work full-time. The general population is more vulnerable to identity theft than those who are divorced or separated and those earning $75,000 per year.
Apart from the financial loss, identity theft can cause other serious consequences, such as family problems and lost time at work.
“Identity theft not only takes a financial toll on its victims, but an emotional one as well,”Herath added. “It’s the only crime where the victim is generally presumed guilty until he or she can prove their innocence.”
The poll showed that 91% of respondents are taking at minimum one step to protect themselves. This includes frequent checks of bank statements and financial statements, shredding sensitive documents, limiting the use of credit cards, and monitoring your credit report.
Identity theft protection coverage is another protection option for consumers. Nationwide’s ID Theft Assist coverage provides immediate fraud assessment, notification of major credit bureaus and assistance in replacing important documents. It also includes free credit monitoring, identity tracking, and credit monitoring. For more information about identity theft insurance, or to locate an agent please visit www.nationwide.com.
