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Ohio, US (pte033/27.07.2005/14:48) - Vulnerable computer systems, security breaches, and online shopping in the high-tech industry are making it increasingly easier for fraudulent activity.
The industry maintains that only a small percentage of identity theft cases begin online, however a recent survey shows that such incidents are beginning to influence the confidence of online shoppers.
In a report released this week in the United States the Nationwide Mutual Insurance http://www.nationwide.com polled about 1,100 victims of identity theft and found that 28 per cent of victims have been unable to restore their reputation; that it took an average of a year to attempt to clear their name; and that an average of 81 hours is dedicated to attempting to remedy the ID theft.
An associate general counsel at Nationwide Mutual, Kirk Herath, said in a statement: "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."
More than 50 per cent of ID theft victims discovered that they were victims, after noticing fraudulent activity on credit cards, the report said. The average time it took these respondents to notice that they were victims was five-and-half months. Only 17 per cent were contacted by creditors or banks about the suspicious account activity.
According to the survey the average amount of charges made to victims' accounts was $3,968 (3,302 euros), and 16 per cent said they had to pay some or all of the cost.
Security breaches have been reported by major companies and institutions in the US, including data processor CardSystems Solutions, Citigroup's consumer finance unit CitiFinancial, the Bank of America and Wachovia, data brokers ChoicePoint and LexisNexis, and the University of California at Berkeley and Stanford University.
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