SAN FRANCISCO, Calif. – Credit unions need to know how costlyidentity theft can be to their members. A recent Identity TheftResource Center survey finds that identity theft has botheconomical and emotional long-term effects for victims. The survey,“Identity Theft: The Aftermath 2003″, finds that victims now spendan average of 600 hours recovering from the crime -marking anincrease of over 300%. In addition, that time spent equals nearly$16,000 in lost potential or realized income. Approximately 85% ofvictims discover the crime from being denied credit or employment,notification by police or collections agency and receipt of creditcards or bills never ordered. Only 15% found out they were victimsthough proactive steps taken by a business or financial institutionthat verified a submitted application or reported a change ofaddress. Identity theft victims also spend an average of $1,400 inout-of-pocket expenses- up 185% to “fix” their credit, whilebusinesses lose between $40,000 to $92,000 per name in fraudulentcharges. The survey also finds that what frustrates victims themost is the lack of responsiveness from those they turned to forhelp.
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