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Identity theft is a hot topic in the media. Consumers are being scared by statistics into spending large amounts of money on "identity theft prevention and protection" everyday.
Although identity theft is a growing crime and can cause much hassle for its victims, people need to analyze the data carefully and not buy into some fraud protection scare tactic advertisements, many of these services are just not worth the price. Some may even be attempts to gain access to your information for fraudulent purposes.
Only 1.5 percent of citizens in the US fall victim to identity theft every year, as reported by the FTC. Most companies won't hold you responsible for fraudulent charges, not even for the $50 the federal government allows them to charge. All it takes is a phone call and the ordeal is over in most cases of identity theft.
In worse case scenarios it can cost a victim almost 1200 dollars and about 30 hours of filing reports and making phone calls but even that is hardly the devastations that id protection companies talk about in their ploy for your business.
Still Id Theft is one of the most reported crimes to the FTC. Frank Abagnale, famous con artist turned law enforcement consultant, thinks it has something to do with the violated feeling that comes from having your identity stolen.
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