Identity theft is big business. Now, we’re finding out exactly how big. The FTC estimates that as many as 9 million of us have our identity stolen each year. It’s topped the list of consumer complaints filed with the agency for the past 12 years running, garnering about 15% of all complaints. And new research from ID Analytics shows that there are roughly 10,000 identity theft rings in the United States involved in this fast-growing illegal enterprise.
Occasionally, we’ve commented on the shoddy state of US credit card payment infrastructure. One of the noteworthy aspects of the fiasco of recent US retailer security breaches is that the media has more or less ignored the question of what could have been done to forestall these incidents, which in the case of Target involved as many as 70 million customers, and Neiman Marcus, under (but presumably not much under) 1 million.