Coping With Identity Theft
May 11, 2001
Experts say there could be as many as three-quarters of a million cases of identity theft this year -- making it one of the fastest growing types of financial fraud in the nation.
Although victims of identity theft usually suffer little financial loss, it typically takes victims 14 months to discover the theft -- and often another two years to resolve it. The biggest loss is usually in time away from work while dealing with the problem.
Since many consumers are worried about identity theft, companies are beginning to offer products and services to help cope with it. Last year, for example, the Chubb Group began adding $25,000 in identity theft coverage to homeowner and renter policies at no additional charge. For $25 a year, Travelers Property and Casualty offers $15,000 in coverage.
Credit companies now offer services that monitor customers' accounts and credit reports, and notify them when there are unusual charges or transactions.
Source: Christine Dugas, "Identify Theft on Rise," USA Today, May 11, 2001.
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