Cost of identity theft – A Thriving Business?

With identity theft on the rise, a few agencies conducted inverted analysis that looked into the cost of identity theft. What does it cost to set up an identity theft company? The results were shocking to say the least – the cost comes to $30-$300. This is all it costs to set up a fake online store engineered to steal information about credit cards, passwords, and other such sensitive information.

The cost of identity theft ring start-ups is next to nothing when you consider that each individual victim might lose a minimum of $5,000, when they fall into such traps. Since the potential for profit far outweighs the initial cost it is no wonder that identity theft crime statistics show this type of crime is on a steady uphill climb.

The only way to ensure that you stay safe from this type of fraud is through education. Do not dismiss any news or education material on how to prevent identity theft. Given the cost of identity theft business set up, you will need to stay on the top of the latest news and technology developments to protect yourself from this crime. Identity theft criminals work tirelessly to find ways around security measures put into place by financial institutions and government agencies; you must work twice as hard to keep your financial information private and secure.

Source:   Cost of identity theft – A Thriving Business?

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