TEMPE, Ariz., July 5, 2011 (GLOBE NEWSWIRE) -- A faster, less expensive recovery in case of identity theft can come from a little advanced planning.
The Problem
That's just as well, considering the Federal Trade Commission reported that more than 1.3 million consumers filed complaints with that agency-and the No. 1 complaint was identity theft. A survey by criminologists at Florida State University estimates identity theft can affect one in four U.S. households and found that two-thirds of respondents would be willing to pay for a government program aimed at preventing identity theft.
A Solution
Another recently released study, conducted by Harris Interactive, examined U.S. consumers' awareness of and habits regarding protecting their identity. It found that identity theft victims who subscribed to an identity theft protection service (ITPS) reported spending less time and money to resolve the issue than did victims who were not covered at the time of the incident.
"We've been telling people for several years that hiring companies to help them protect their identities is something that they may want to consider and that having an ITPS on their side if they do become victims of identity theft can save them countless hours and headaches associated with trying to restore their credit. These results simply bear that out," said Jim Malmberg, managing director of American Consumer Credit Education Support Services (ACCESS), a nonprofit consumer advocacy group focused on disseminating credit education information to the public.
The Advantages
When compared with those who do not subscribe to an ITPS, subscribers reported:
- Significantly higher levels of confidence in their protection from identity theft issues, such as credit card fraud, Internet security in general, identity theft, and credit report tampering (64 percent of current ITPS subscribers are confident in their protection vs. 38 percent among nonsubscribers);
- Significantly higher agreement that an ITPS can "protect their customers from identity theft in ways they cannot do themselves" (79 percent vs. 44 percent). There are indications that this greater peace of mind may be justified.
People who had an ITPS reported:
- Spent significantly less time to resolve issues;
- Experienced significantly less time until their identity was recovered;
- Had to personally spend less money.
ITPS subscribers say their service further enhances their peace of mind by providing prevention and detection capabilities. In fact, nearly seven out of 10 said the ITPS notified them of potentially fraudulent use of their personal information and prevented a potential identity theft issue.
One ITPS, LifeLock, has been leading the way in helping to protect consumers from the threats of identity theft and has a strong focus on educating consumers and law enforcement on the growing trends of the crime.
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