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Identity Theft - A Growing Concern

Identity theft is one of the fastest growing crimes in the country today, impacting several million people per year. The Federal Trade Commission released a report in January of 2006 stating that almost 9 million Americans were victims of identity theft in 2005. They also report that identity theft losses to businesses and financial institutions totaled nearly $53 billion in the last year alone, and individual victims reported $5 billion in out-of-pocket expenses. Most individuals are under the belief that their bank or credit card company will bear the burden of their loss with no consequences to themselves. However, they should be aware that they will not be reimbursed for the hundreds of hours and thousands of dollars in out-of-pocket expenses they may incur to re-establish their credit and clear their name.