This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

25% of Data Breaches Turn Into ID Theft

NEW YORK ( MainStreet) -- So you got an email, text or phone call from your bank or credit card provider that includes the words "data breach."

If those words don't make the hair on the back of your neck stand up, they should. Once you hear the term, there is a good chance the words you hear next will be "identity theft."

So says a report from Javelin Research, which estimates that a quarter of all data breaches related to credit and debit cards lead directly to I.D. theft.

That means that of 16 million Americans warned that their credit or debit card had been compromised, about 4.4 million wound up losing money and fighting the ghosts that come part and parcel with ID theft.

That's no mere inconvenience. Javelin says U.S consumers lost $21 billion to identity theft last year, and it cost them up to 37 hours to fix the problem.

In addition:
  • 1.26 million Americans notified of a data breach involving their Social Security numbers were victimized by identity fraud.
  • 270,000 Americans notified by a data breach on their online banking accounts saw fraudulent activity on their checking and savings accounts.
  • 324,000 Americans contacted over a data breach involving their regular checking accounts were victimized by checking and/or savings account fraud.

"By breaching the data stores of businesses in the financial, health care and retail industries, criminals can obtain the fuel they need to execute various fraud schemes, and these crimes have crippling consequences," says Al Pascual, a senior analyst at Javelin.

If you're warned of a data breach involving your payment card, Social Security number or bank account, take immediate action. Contact any one of the three major consumer credit bureaus, TransUnion, Experian or Equifax (EFX), and request a fraud alert on your account (you only have to contact one; that firm will relay the fraud alert to the others).

A fraud alert lets potential creditors know not to approve any further credit in your name while the alert remains active.

Also, generate new passwords for your key financial accounts (if you have one password for all of your accounts, as many Americans do, it's that much easier for I.D. thieves to compromise your assets). Also, watch your bank account and credit card for any suspicious activity -- your bank or credit card firm will be doing the same thing, ideally, but don't take it for granted.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.29 1.80%
FB $117.64 -0.78%
GOOG $695.30 -0.42%
TSLA $234.27 -3.10%
YHOO $36.18 -0.96%


Chart of I:DJI
DOW 17,771.66 -119.50 -0.67%
S&P 500 2,063.80 -17.63 -0.85%
NASDAQ 4,773.2230 -44.3710 -0.92%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs