Identity Theft: About 3.3 million American consumers had their personal information stolen and used to open fraudulent bank, credit card or utility accounts, or to commit other crimes, according to the FTC. These cases collectively cost businesses $32.9 billion and consumers $3.8 billion. On average, losses to businesses and financial institutions in were $10,200 a case, and the average cost to consumers was $1,180, in addition to 60 hours spent repairing their credit history. In contrast, theft involving a victim’s established accounts cost businesses $2,100 a case, and consumers $160 plus the average of 15 hours clearing up history. (NY Times 9/4/03)
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