Study Puts Identity Theft Cost at $54B in 2009

Identity theft isn’t cheap. And it’s not going away. A new study from Javelin Strategy and Research found that more than 11.1 million Americans were victims of identity theft last year, a crime wave that cost consumers and businesses more than $54 billion.

eSecurity Planet has the story on the alarming study, which also carries some good news on the identity theft front.

More than 11.1 million adults in the U.S. were victims of identity theft and fraud in 2009, a record number that illustrates both the volume and sophistication of online hackers and phishers, according to financial services researcher Javelin Strategy & Research.

This 12 percent surge in new identity theft incidents translated into a loss of more than $54 billion by consumers and businesses, a figure that security experts predict will only increase this year and through the rest of the decade.

On the bright side, the Pleasanton, Calif.-based company’s report found consumers and businesses are doing a much better job of responding to these crimes when they happen.

According to Javelin, the average fraud resolution time dropped 30 percent last year to right around 21 hours and nearly half of all identity theft victims are taking the time to file reports.

Read the full story at eSecurity Planet:

Identity Theft Cost Victims $54B in 2009

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