Among the statistics most commonly cited are those pertaining to the growing phenomenon of identity theft and credit fraud. The numbers are often inexact because they rely on accumulating accurate information from any number of law enforcement sources throughout North America. But the number of victims annually tends to be in the millions, and the annual dollar amount of such crimes is in the billions.
Such numbers can be impressive and, on their own, they can cause a reaction. But personal experience with credit fraud or identity theft can be the jolt some people require to fully understand the impact of the crime.
In my case, opening my credit card statement in mid-February to see three completely unfamiliar charges totaling nearly $1,300 was the eye-opening experience.
By no means did I think I was bulletproof from such fraud, but I had hoped that owning a personal shredder for the past few years combined with my mid-20th century shopping habits (that is, I buy things in person rather than online) reduced my chances of being a victim.
It turns out, someone who knew of (or guessed?) my credit card number used it to book two round-trip tickets from Baltimore/Washington to Panama City, Panama, through an online travel site.
This may not have been the most brilliant swindle, as the names of both travelers are now known to the credit card company’s fraud department, so if the fraud investigators should choose to look further into the matter, they have a good place to start.
More unsettling is the possibility that this account number is not the only piece of information that has made the rounds with criminal elements. The most insidious forms of identity theft can involve not only tapping into an existing account, but also establishing new lines of credit using someone else’s name.
Each incidence of identity theft creates a newly informed customer. And with recent events like the ChoicePoint miscue creating additional victims, it is clear that companies offering secure destruction services will find it easier to get a hearing from business owners and managers who themselves may have been victims of identity theft.
The power of personal experience to shape policies and consumer spending habits is enormous. That is probably why makers of home shredders and providers of confidential shredding services will continue to see laws and consumer trends work in their favor.
Explore the March 2005 Issue
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