By: Javelin Strategy & Research

Weak economy, rise in identity theft puts individuals at risk
With the holidays around the corner, many of us are thinking about spreading holiday cheer, decorating the house, buying just the right gift. Identify thieves, on the other hand, are hard at work scheming about how to steal your identity to fund their own shopping sprees.

Consider these alarming statistics:

* The number of victims of identity theft skyrocketed 22% to nearly 10 million Americans in 2008, or 4.3% of the US population. (Javelin Strategy & Research Center, 2009 Identity Fraud Survey Report). Probing deeper:
* In 2008, the average fraud amount per victim was $4,849 taking an average of 30 hours to resolve.
*13% of victims personally knew the perpetrator of the fraud.
* Social security numbers are the top compromised data among victims; debit card debt (72%) generates greater concern than credit card debt (52%).
* Contrary to media reports, traditional access is widespread: 43% of incidents stemmed from lost or stolen wallets, checkbooks and credit cards.

* Identity theft costs victims and businesses nearly $50 billion each year; victims are burdened with an average cost of $600 to clear their name. (Better Business Bureau)

* More people report lost and stolen wallets between November and January than at any other time during the year. (Identity Theft Resource Center)

"Given that an economic downturn historically results in increased domestic fraud, it's not surprising that experts predict identity theft will continue to rise throughout 2009 due to the bleak economic outlook," Andrea Sinisi of Bensinger DuPont & Associates, a Chicago-based employee assistance program provider. "And while much of the focus is placed on the dollar losses identity fraud generates, the emotional impact on the victims cannot be overlooked."

Having your identity stolen can be compared to having your home burglarized. Once you get over the initial shock and anger, feelings of fear, anxiety, and confusion set in quickly. By providing ready-access to counseling services, employers can help victimized employees manage the emotional aspects of the experience through:

* Professional clinical support and stress relief via comprehensive case management services.

* Addressing underlying family issues that may have contributed to the crime, including substance abuse, problem gambling, and domestic violence.

* Comprehensive follow-up services to assure victims receive the information and support necessary to resolve the difficult issues associated with restoration following an identity theft occurrence.

The first line of defense is education. Employers need to make sure they understand how best to safeguard their personal information. Sinisi suggests these steps as presented in Javelin's study:

* Be Vigilant: Monitor your accounts regularly online at bank and credit card websites, ATMs, or by phone, and set up alerts that can be sent both online and to a mobile device.

* Keep Personal Data Private: Do not provide sensitive financial information over the Internet or phone unless you initiated the interaction to a verified, trusted location.

* Online is Safer than Offline When Consumers Use Available Security Controls: Consumers should install and regularly update anti-virus and anti-spyware software and keep operating systems and browsers updated.

* Be Aware of Those Around You: Be mindful of your environment and others who may be in proximity of overhearing sensitive financial or personal information or watching you text.

* Ensure Credit and Debit Cards are Protected: Obtain credit and debit cards from financial institutions that provide zero liability if a car is ever lost, stolen or used without authorization.

"Before the holidays, especially given this year's depressed economy, individuals need to be vigilant in protecting themselves again identity theft," says Sinisi. "By offering a comprehensive program that provides a full spectrum of services ----- from theft prevention strategies through emotional crisis support --- employers can effectively help employees tackle this issue."

Co-sponsored by Intersections, Inc. and Wells Fargo, the 2009 Identity Fraud Report by Javelin Strategy & Research interviewed 4,800 adults nationwide to provide a detailed, comprehensive analysis of identity fraud in the U.S. This report is an update to the Javelin 2005, 2006, 2007 and 2008 Identity Fraud Survey reports.

Bensinger DuPont & Associates (www.bensingerdupont.com <http://www.bensingerdupont.com/> ) is a privately owned professional services company that is dedicated to promoting healthy outcomes for employees, the workplace, individuals and their families through a wide range of consultation, training and counseling services. For additional information, Andrea Sinisi can be reached at 1-800-227-8620.