Identity Theft Articles

Identity Theft Is Up, But Resolution Time Is Down

The number of people falling victim to identity theft increased 12 percent in 2009

According to a recent report from Javelin Strategy & Research, the number of identity theft victims in 2009 went up 12 percent to a total of 11.1 million adults. Fraud amounts also increased 12.5 percent to $54 billion.

James Van Dyke, president and founder of the firm, said that this marked the second year that the amount of this type of fraud increased in the country.

"The good news is consumers are getting more aggressive in monitoring, detecting and preventing fraud with the help of technology and partnerships with financial institutions, government agencies and resolution services," Van Dyke said.

While fraud was up, the amount of time it takes to get it resolved went down. The average time required to resolve fraud declined 30 percent and totaled 21 hours per case.

One way that a consumer may be able to reduce the amount of time it takes to resolve fraud is to make sure they check their credit reports. Doing so may alert them to accounts opened fraudulently in their name.