COLUMBUS, Ohio (07/27/05) --
Victims of identity theft spend an average of 81 hours
trying to resolve their case, while many victims have been
unable to restore their legal identities, even after a
year of trying, according to a new survey released by
Nationwide Mutual Insurance Co.
"The survey shows that recovering from identity theft can
be difficult, costly and stressful,
but what is most alarming is that despite the time, money
and personal duress victims go through, resolution is not
always achieved," said Kirk Herath, associate general
counsel for Nationwide.
The survey of 1,097 identity theft victims found the
average amount of charges using their name was $3,968.
While most victims were not held responsible for the
fraudulent charges, 16% of victims said they had to pay
for some or all of the thieves' purchases. More than
half of all victims discovered the identity theft
themselves, while only 17% were notified by a creditor or
financial institution of suspicious activity on their
account. It took those surveyed an average of
five-and-a-half months after the crime occurred to realize
they were a victim.
About the ICFE:
The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation). The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely.
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and Resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.
The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org). CASDRAP disbanded in 2010, shortly after the web site project was completed. In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.
The ICFE is also an on-line help for consumers who spend too much. ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.
Visit the ICFE's other web sites at: www.financial-education-icfe.org and studentdebthelp.org. Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G, a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.