The Cost Of Identity Theft Is Higher Than You Think

In the 21st century, we have all heard of identity theft and the consequences of having our private information stolen. Some of us may have even been a victim of the act ourselves.

Identity theft is the deliberate use of someone else's identity, usually as a method to gain a financial advantage or obtain credit. While this definition may seem more broad, many people are not aware of what the act entails, and just how high the cost of identity theft really is.

Before the internet, identity theft required criminals to dig through your trash for receipts and important documents. Today, these criminals have advanced alongside the technology. Massive breaches are constantly adapting to security measures put in place for a variety of platforms, meaning that something as simple as texting account passwords to a friend or emailing in financial documents to a trusted account can prove to be detrimental.

The U.S. Department of Justice’s Bureau of Justice Statistics revealed that in 2014 alone, over 17.6 Americans were the victims of at least 1 identity theft incident. For 86% of these cases, the incident involved unauthorized use of credit or debit cards. This cost of lost funds equalled over $15.4 billion in just the one year, and that is just the amount of the fraudulent charges.

Recovering from theft is another cost all in itself. Many people think that a simple call to their banking institution will clear things up, but the reality is that the process is long and grueling. Depending on the case, the victim may lose money to legal fees, late fees and penalties on bills if the account has been emptied or frozen, consulting services, insurance for future protection, and so much more. These costs quickly add up, proving that the cost of identity theft is skyrocketing.

On top of these monetary expenditures, the process of identity theft is extremely time consuming, causes emotional distress, and can even result in harassment from creditors and bill collectors.

With all this in mind, it is crucial to protect your money, credit score, and especially your sanity and protect yourself from identity theft as best you can. Manage and protect all your own login credentials and use unique passwords, as this is one of the top ways your information can be infiltrated. Securing your devices and remaining aware of potential cyber threats is equally important. Monitor your credit score and report anything that you notice is suspicious.

Take the first step toward identity theft protection today with the help of FORTR3SS! Contact us to see how our revolutionary technology may be of help to you.