All Affected but the Crime and Response Varies by Ethnicity
COLUMBUS, Ohio, Feb. 15 /PRNewswire/ -- A new identify theft survey, one
of the first to examine how the crime affects both African Americans and
Hispanics, confirms that no minority group in the U.S. is safe and that all
struggle equally to recover when their identity is stolen. The consumer poll,
released today by Nationwide Mutual Insurance Company, uncovered unique
differences in how the crime impacts the daily lives of different populations.
In a crime where time is of the essence to prevent further loss of assets,
the survey shows it took minorities on average one and a half months longer
than the general population to discover they were a victim.
"Educating the entire population is key to early detection and ultimately
prevention of the crime in the first place," said Kirk Herath, chief privacy
officer and associate general counsel for Nationwide. "In addition, providing
support in the identity recovery phase can speed response time, protect assets
and preserve an individual's integrity."
The survey results show African-American and Hispanic victims were more
likely than victims from the random sample to have the crime target their
checking or savings account.
There also were other slight differences. African-American victims spent
an average of 54 hours trying to resolve their case. Hispanic victims average
42 hours and victims from the random sample average 53 hours. Thieves racked
up an average of $2,914 in charges using an African-American victim's identity
and $2,406 using a Hispanic victim's identity. The general population averaged
$3,240 in fraudulent charges.
"While there are interesting differences among the various ethnicities,
the survey shows identity theft is a crime with the potential to impact
anyone," Herath said.
It takes minorities just as long as other victims to restore their
identity. One in four African-American and Hispanic financial identity theft
victims have not been able to restore their identities despite averaging
nearly a year trying, according to the new survey. These findings mirror a
survey of the general population conducted by Nationwide last July. The new
survey also shows 95 percent of all victims - regardless of ethnic background
- say they were frustrated or had difficulty trying to restore their identity.
According to Herath, there are things that anyone can take to protect
their identity:
- Always sign the back of your credit cards and watch your card when
transactions occur. Or, instead of signing the card write, "Ask for
Photo ID." Check your statements with receipts to make sure the charges
are correct. Notify all card companies of address changes.
- Avoid leaving cards out for others to see the numbers and don't let
others borrow your credit cards.
- Buy a shredder and shred any papers with personal information before
throwing the papers away.
- Participate in the annual free credit report program to verify all
transactions on your credit report. (http://www.annualcreditreport.com)
- Keep a record of all your account numbers, company names, expiration
dates and toll free numbers in a location separate from your cards in
case they become stolen.
- Avoid giving your account number out on the phone or Internet unless
you are certain you are dealing with a trustworthy company.
- Never respond directly to an e-mail asking you for personal
information. Instead, go to your web browser and contact the company
to determine the e-mail's authenticity.
"You need to take all these steps to protect yourself, but you also need a
safety net," Herath concluded. "The survey clearly illustrates that most
victims had to find out about the crime themselves and are on their own when
dealing with it. Most recognize that recovery can be hard work, and very time
consuming and that is why it is helpful for victims to have someone working on
their behalf that will treat the crime like an emergency."
The survey also provides a statistical snapshot of identity theft victims.
According to the survey, the most common African-American victim is a 38-year-
old woman who is a college graduate or has some college education. The most
common Hispanic victim is a 36-year-old married woman and a college graduate.
The most common general population victim is a 46-year-old white male, who is
married and a college graduate or has some college education. Victims in each
group had an average household income between $50,000 and $75,000.
The survey of 600 adult identity theft victims from 11 selected U.S.
markets was conducted in December using MarketTool's(R) ZoomPanel, an online
consumer panel. The survey targeted 200 African-American victims, 200 Hispanic
victims and 200 victims from a random sample representative of the U.S.
population in total and across age, ethnic and geographic segments. The survey
has a margin of error of plus or minus 5 percentage points.
About Nationwide
Nationwide, based in Columbus, Ohio, is one of the largest diversified
insurance and financial services organizations in the world, with more than
$157 billion in assets. Nationwide ranks #99 on the Fortune 100 list. The
company provides a full range of insurance and financial services, including
auto, homeowners, life, health, commercial insurance, administrative services,
annuities, mutual funds, pensions and long-term savings plans. For more
information, visit http://www.nationwide.com.
Nationwide and the Nationwide Framework are federally registered service
marks of Nationwide Mutual Insurance Company. On Your Side is a service mark
of Nationwide Mutual Insurance Company.
Contact:
Charley Gillespie (614)249-5701
gillesc1@nationwide.com
SOURCE Nationwide
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Related links:
http://www.nationwide.com
http://www.annualcreditreport.com
Company News On-Call:
http://www.prnewswire.com/comp/607050.html
CONTACT:
Charley Gillespie of Nationwide,
+1-614-249-5701, or gillesc1@nationwide.com
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