Quashing the Identity Theft Epidemic

In the past five years, more than 27 million Americans have been victims of identify theft, according to the Federal Trade Commission.

The problem is growing. In a 2003 study, the FTC estimated that 10 million Americans were victimized in the previous year. Each victim lost an average of $500 and wasted 30 hours to sort out the situation. That adds up to out-of-pocket losses of $5 billion, and 300 million hours. The cost to businesses and financial institutions is much higher. Their losses from ident.....