Why shred paper?Tuesday, October 18, 2011 by Justa Monkey
In the United States, as many as 12 million Americans are victims of identity theft per year.
- 40-50% of identity theft victims are made aware of identity theft within 3 months of the illegal action. 10-20% of the victims; however, take 4 years or longer to discover the illegal infiltration of their personal and financial information.
- Victims of identity theft spend from 3 to 5,840 hours repairing damages realized through identity theft. This wide range is due to the varying levels of severity present in the crime—a lost credit card, for example, will require less time repairing than a compromised social security number. The total average of time spent repairing the damages realized through identity theft is approximately 330 hours.
- 26-32% of victims will spend a period of 4 to 6 months dealing with their particular case, while 11-23% of victims will take over 7 months to repair and resolve the consequences of their particular case.
- Nearly $250 billion a year is lost by businesses who are victims of identity theft. On average, a victim of identity theft will lose between $2,000 and $14,000; victims will subsequently spend an average of $851 to $1,400 in expenses related to their case.