The cost of ID theft, Part 1: Beyond dollars and cents
The ultimate cost to ID theft victims varies across industries, Uriel Maimon, senior researcher for the software firm RSA, told the E-Commerce Times. This series of reports relates to the United States, but it has lessons for South Africa.
"In the banking and electronic commerce industries, the end user is usually indemnified, and most of the damage is done to the business. The end users are usually affected by the trauma and paperwork of the experience but can usually recuperate most of their losses."
Private, personally identifying information is everywhere, from portable computers and digital devices, to the Internet and private networks. This data can be obtained so easily -- either through technology or more mundane means -- and its theft is so often glamorized on film, that it is starting to attract a younger generation to criminal ranks.
The scope of ID theft has grown so quickly that it now takes up a substantial - and growing - portion of law enforcement resources. Personal ID theft more than tripled in the U.S. in 2007, according to USA Today.
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