4 min read
The Real Costs of Identity Theft
Identity theft happens. According to the 2015 Identity Fraud Study, $16 billion was stolen from 12.7 million U.S. consumers in 2014. But how is all...
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2 min read
Brad Johnson
:
March 14, 2016 at 9:58 PM
Identify theft is a problem we've been hearing about for years. Maybe it's happened to you or someone you know. But just how big is the problem these days?
A pretty big one. According to the Bureau of Justice Statistics, 17.6 million Americans were victims of some form of identity theft in 2014. The Bureau estimates total losses due to identify theft at $15.4 billion, and that's just for 2014.
So why should we care? We're employers or business owners and identity theft is a personal issue, right? Think again.
The Bureau of Justice Statistics interviewed victims of identity theft and found that around 4% reported significant difficulties at work or with peers after the incident. That's over 700,000 Americans who, because of an identity theft, had trouble at the office or issues with friends or co-workers. They missed work, called in sick, dealt with identify theft-related issues on the job and so on. Issues an over worked human resources department doesn't need to deal with.
So, what can we do? Some of this is pretty basic stuff, but yet we still don't always do it. The site USA.gov offers the following tips for identity theft prevention (taken from www.usa.gov/identity-theft):
As an employer, we can educate employees on these issues. We can also provide benefits like LifeLock Protection. Services like this offer "identity protection, leveraging unique data, science and patented technology and providing identity threat detection, proactive identity alerts, and comprehensive remediation services." Protected employees with peace of mind are happier, more productive employees.
Your employees can even sign up for protection without your help. Companies like Horizon Payroll offer LifeLock as a payroll deduction service, so once an employee signs up, that's it. They can even take their protection with them at no cost to you.
Have any other ideas for identity theft prevention? Let us know!
4 min read
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