Jun 1, 2007 By David Jastrow, speechtechmag.onlineinc.com
Prevailing security methods used to protect against identity theft are losing ground to fraudsters. In fact, the total cost of identity fraud in the United States in 2006 reached $56.6 billion, up 6.4 percent from $53.2 billion three years earlier, according to the 2006 Identity Fraud Survey Report from Javelin Strategy and the Better Business Bureau. What’s more, mean resolution time for these cases has risen to 40 hours and costs $6,383 per person, up from 33 hours and $5,249 per person three years ago, according to the same report.
The overwhelming damage to organizations forced the government to step in. New laws designed to protect people from identify theft, such as the Bank Secrecy Act, are requiring higher levels of user authentication for financial transactions.