Orlando, FL — March 30, 2016 - Identity theft has been causing trouble in the lives of thousands of people. Anyone can be a victim anytime, and this is why authorities are always providing pertinent information that can help potential victims increase their protection against thieves.
The growing prevalence of identity theft gets more and more costly to victims. Stolen credit card data is being sold and bought in bulk in just a matter of clicks.
According to the U.S. Department of Justice, credit card theft cases have increased by 50 percent from 2005 to 2010. Millions of card numbers and information are sold for $10 to $50.
Monica Hamilton, marketing director at cybersecurity firm McAfee Inc. states that a no-limit American Express card number with good credit can be sold for hundreds of dollars. As a result, identity theft has turned into a huge business worldwide.
Hamilton also added that more and more malicious software programs are being created and sold to steal information. As a matter of fact, the growth of these programs is estimated to have reached 130 million, which used to be 1 million in 2007.
For each card number stolen, it could cost a loss of $150 to $250. Businesses experience this loss in the form of fees for consultants, legal settlements, and in hiring professionals to remove malware. Personnel also typically spend hours notifying customers.
Unfortunately, the costs are usually passed on to the consumers. This is done by business through raising their retail prices and credit card fees.
According to Mark Rasch, a cybersecurity specialist and a former federal cybercrime prosecutor, most businesses prefer to simply clean up the aftermath of an identity theft attack than pay for enhanced preventive measures.
Taxpayers are also victimized by identity thieves. Their stolen information is typically used by thieves to file fraudulent tax returns. There are certain parts of the United States where identity theft is extremely prevalent, such as Arizona.
The Federal Trade Commission data even reveals that Florida, California, Nevada, and Texas and leading states for identity theft. Individuals who are victimized by the crime often suffer from the inconvenience of going through the process of replacing their cards and clearing their names.
The good news is that there are preventive measures available nowadays that are inexpensive, effective, and affordable. One is the RFID blocking sleeves, which work by blocking thieves from stealing the information of credit cards. This set of sleeves is available at amazon.com (http://amazon.com/RFID-Blocking-Sleeves-Protector-Protection/dp/B0150T0AI2).
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