Protecting identity

Identity fraud is down in the US, according to a survey which throws up many surprises.

Identity fraud victims as a per cent of the US adult population have declined slightly from 4.7 per cent to 4.0 per cent, between 2003 and 2006 (identity fraud is defined as access to personal account information that leads to fraud).

Consumers need to be aware that potential identity fraud is under their primary control, reveals the 2006 Identity Fraud Survey Report released by the Council of Better Business Bureaus and Javelin Strategy and Research.

The research states that consumers are not helpless to protect themselves. In fact, they detect almost half (47 per cent) of identity fraud cases. Moreover, it is interesting to note that consumers do not bear the brunt of the financial losses arising from identity fraud.

The research also notes that Internet use does not increase the risks of identity fraud given that the data compromise through the Internet has statistically remain unchanged from last year.

In fact, use of the Internet can lead to lower damages from identity fraud. Electronic account monitoring is the fastest way to detect fraud and leads to lower losses "" at 22 days and $3,806.

Contrary to popular perception, senior-citizens are not the most-frequent targets of fraud operators. In fact, it's the younger Generation X (ages 25-34) that has the highest rate of identity fraud at 5.4 per cent.

The average fraud amount for this demographic is $6,270 as compared to the average fraud amount for the senior citizen (65+) segment which is $2,665. Will Indians now address the same issue before it snowballs?