Fischbein Insurance

  • About
  • Comm. Insurance
  • Comm. Property
  • Apt. Owners
  • Newsletter
  • Contact
You are here: Home / Business / Identity Theft & Cyber Security

August 5, 2014 By admin Leave a Comment

Identity Theft & Cyber Security

Money_People_IdentityThiefHandsComputer

As businesses increasingly depend on electronic data and computer networks to conduct their daily operations, growing pools of personal and financial information are being transferred and stored online. This can leave individuals exposed to privacy violations and financial institutions and other businesses exposed to potentially enormous liability, if and when a breach in data security occurs.

The Consumer Sentinel database, maintained by the Federal Trade Commission, contains over 9 million consumer fraud and identity theft complaints that have been filed with federal, state and local law enforcement agencies and private organizations over the five years 2009 to 2013. In 2013 alone, over 2 million complaints were filed.

The increase in online shopping in recent years has created new avenues for identity thieves. However, a 2013 study by Travelers Insurance of its 2011 identity fraud claims found that burglary and theft of physical objects led to the majority of identity fraud claims. The study identified the following four top causes of identity fraud:

  • Stolen wallet or purse (44%)
  • Auto burglary (16%)
  • Online (15%)
  • Home Burglary (12%)

IDENTITY THEFT AND FRAUD COMPLAINTS, 2011-2013 (1)

id_theft_and_fraud_comp_11-13.gif

(1) Percentages are based on the total number of Consumer Sentinel Network complaints by calendar year. These figures exclude “Do Not Call” registry complaints.

Source: Federal Trade Commission.

View Archived Graphs

HOW VICTIMS’ INFORMATION IS MISUSED, 2013 (1)

Type of identity theft fraud Percent
Government documents or benefits fraud 34%
Credit card fraud 17
Phone or utilities fraud 14
Bank fraud (2) 8
Attempted identity theft 7
Employment-related fraud 6
Loan fraud 4
Other identity theft 24

(1) Percentages are based on the total number of complaints in the Federal Trade Commission’s Consumer Sentinel Network (290,056 in 2013). Percentages total to more than 100 because some victims reported experiencing more than one type of identity theft (16% in 2013).
(2) Includes fraud involving checking and savings accounts and electronic fund transfers.

Source: Federal Trade Commission.

View Archived Tables

IDENTITY THEFT BY STATE, 2013

State Complaints per 100,000 population (1) Number of complaints Rank (2) State Complaints per 100,000 population (1) Number of complaints Rank (2)
Alabama 74.7 3,610 14 Montana 50.1 509 40
Alaska 52.2 384 37 Nebraska 51.6 965 39
Arizona 91.2 6,043 7 Nevada 97.1 2,708 4
Arkansas 62.1 1,839 29 New Hampshire 51.9 687 38
California 105.4 40,404 3 New Jersey 80.6 7,176 12
Colorado 79.6 4,195 13 New Mexico 69.4 1,448 19
Connecticut 69.4 2,496 19 New York 86.9 17,072 9
Delaware 81.1 751 11 North Carolina 67.8 6,679 24
Florida 192.9 37,720 1 North Dakota 32.1 232 50
Georgia 134.1 13,402 2 Ohio 64.8 7,502 26
Hawaii 37.8 531 48 Oklahoma 60.0 2,309 34
Idaho 49.5 798 43 Oregon 60.3 2,370 33
Illinois 85.9 11,069 10 Pennsylvania 70.0 8,943 18
Indiana 58.5 3,845 35 Rhode Island 60.6 637 31
Iowa 40.4 1,248 46 South Carolina 70.7 3,374 17
Kansas 61.6 1,783 30 South Dakota 33.4 282 49
Kentucky 50.1 2,201 40 Tennessee 68.8 4,468 22
Louisiana 69.3 3,204 21 Texas 88.0 23,266 8
Maine 38.5 511 47 Utah 49.3 1,429 44
Maryland 95.5 5,660 6 Vermont 43.7 274 45
Massachusetts 63.3 4,237 27 Virginia 73.1 6,037 16
Michigan 97.1 9,606 4 Washington 68.0 4,739 23
Minnesota 53.8 2,917 36 West Virginia 60.6 1,124 31
Mississippi 74.7 2,233 14 Wisconsin 63.3 3,635 27
Missouri 67.0 4,052 25 Wyoming 49.6 289 42

(1) Population figues are based on the 2013 U.S. Census population estimates.
(2) Ranked per complaints per 100,000 population. The District of Columbia had 147.9 complaints per 100,000 population and 956 victims. States with the same ratio of complaints per 100,000 population receive the same rank.

Source: Federal Trade Commission.

View Archived Tables

See also the Identity Theft section of our Web site Click Here

CYBER SECURITY

In 2000 the Federal Bureau of Investigation, the National White Collar Crime Center and the Bureau of Justice Assistance joined together to create the Internet Crime Complaint Center (IC3) to monitor Internet-related criminal complaints. In 2013 the IC3 received and processed 262,813 complaints, averaging about 22,000 complaints per month. The IC3 reports that 119,457 of these complaints involved a dollar loss, and puts total dollar losses at $782 million. The most common complaints received in 2013 included auto auction fraud involving the sale of automobiles, real estate scams and FBI impersonation email scams.

CYBER CRIME COMPLAINTS, 2009-2013 (1)

cyb_crime_comp_09-13.gif

(1) Based on complaints submitted to the Internet Crime Complaint Center.

Source: Internet Crime Complaint Center.

View Archived Graphs

TOP TEN STATES FOR CYBER CRIME, 2013 (1)

Rank State Percent
1 California 12.13%
2 Florida 7.45
3 Texas 6.74
4 New York 5.29
5 Pennsylvania 3.32
6 New Jersey 3.21
7 Illinois 2.95
8 Virginia 2.84
9 Ohio 2.75
10 Georgia 2.58

(1) Based on complaints submitted to the Internet Crime Complaint Center via its website.

Source: Internet Crime Complaint Center.

View Archived Tables

Source: Insurance Information Institute, “Identity Theft and Cyber Security” http://www.iii.org website. Accessed October 10, 2014. http://www.iii.org/fact-statistic/identity-theft-and-cyber-security

© Copyright 2014. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Business, Cyber/Digital, Identity Theft, Theme 102

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

[footer_backtotop]

Copyright © 2023 Fischbein Insurance Services · All Rights Reserved · SITE DESIGN BY INTOUCH ·