Consumers Show Increased Concern about Identity Theft

62% of Consumers Surveyed by IdentityTruth Said They are More Concerned about Identity Theft in Today’s Economic Climate

IdentityTruth, the leading provider of a new breed of services to help consumers safeguard their privacy and identity, today announced results of a survey that addressed consumer concerns about identity theft. Conducted in mid-October, the survey shows that a majority of consumers are more concerned today than a few months ago about protecting their identity. These are not times to skimp on consumer security and digital safety. During economic downturns, historically there is a noticeable increase of fraudulent activities.

62% of IdentityTruth subscribers say they are more concerned now about employees of banks and businesses stealing their identities as a result of the banking crisis. The majority of those surveyed believe their personal data is sold to the new bank when one bank buys another. Only 33% state they are concerned about what happens with their private information when their bank is acquired. The implication that can be garnered from the data is that many consumers perceive that identity theft occurs on an individual rather than institutional level. The risk is real and identity and privacy can be compromised at all levels.

Identity theft is the fastest-growing crime in the U.S., with millions of people being impacted each year by this form of fraud. However, many consumers are still under-informed about the issues that impact privacy and identity in today’s data rich world. The survey also shows that approximately 40% of consumers remain apathetic about the risk presented by the proliferation of personal data. This puts them at greater risk, as economic downturns provide an ideal time for an identity thief to strike. Confusion and anxiety make consumers prime targets for fraud scams and the lure of accessing funds illegally will only continue to grow as the economy flounders.

With the failures of Wachovia and Washington Mutual, many consumers are unsure of where their personal banking information is stored and are not sure who to trust with data. Consumer’s information is being shipped around from one organization to another and consumers are anxious about credit and banking. Ongoing mergers create further murkiness in the banking world. Consumers are wondering who owns the data and is it safe as well as who they should speak to about their money.

“The risk is real when it comes to identity theft,” said Steven Domenikos, CEO and founder of IdentityTruth. “Now is not the time for consumers to skimp on security when it comes to protecting their personal information. Consumers should be more proactive in gaining understanding about what is happening to their personal information from bank account numbers, social security numbers, etc.”

“I chose to sign up for IdentityTruth's premium service because it's the only identity theft solution that protects my entire identity from the earliest possible moment,” said Erin B., an IdentityTruth subscriber. “IdentityTruth provides me with the service and support I need to keep my identity safe. They not only watch my credit report, but their unique technology analyzes information from many different online and offline sources. For example, they continuously look at public records and watch Internet chat rooms--so I am alerted to suspicious activity before it's too late. I feel safe knowing IdentityTruth is looking out for me."

IdentityTruth’s unique Faster than Fraud™ technology combines data from many different sources--going beyond simple credit-based protections. The service monitors the Internet for suspicious activities that might indicate identity fraud, notifies members of company breaches where sensitive personal data such as Social Security numbers and dates of birth were lost, offers Social Security verification, fraud prediction, and much more. Armed with precise, actionable information these consumers can proactively reduce their risk of identity fraud.