Mitigating the Impact of Identity Theft on the Economy

Identity theft, fraud, and abuse are a serious threat to our economy
  • Identity theft costs U.S. economy billions every year
  • Identity thieves and fraudsters are well resourced, sophisticated and change constantly to avoid detection
  • Personal losses due to identity theft in 2012 outpaced losses from all other property theft combined by over $10B
  • Consumers paid on average $1200 from their own pockets when the South Carolina Department of Revenue was breached
  • The most vulnerable are children, parents (often due to cyber behavior of their children), older adults, veterans, active military, and small businesses
  • Over 50 percent of small business have been hacked

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Emerging technology is changing society and creating new threats to individuals and organizations. Identity management is key to addressing these threats
  • More and more transactions are digital, requiring digital PII for cyber transactions
  • PII is a currency giving consumers access to goods, public services, money, and networks
  • As the amount of counterfeit PII in the system increases, fraud grows and consumer confidence diminishes
  • Center research, education, and outreach offer solutions to citizens and organizations in the growing internet-based infrastructure and economy
  • The Center for Identity offers dedicated and up-to-date resources for the most vulnerable, including a 24/7 online resource center containing:
    • comprehensive digital and print toolkits to better manage PII and recommend best responses for victims
    • educational videos and games
    • apps
    • quizzes
    • articles with timely and actionable knowledge
  • Central to the Center’s mission is the empowerment of consumers and government agencies to increase PII control and transparency into the methods used to manage collected PII.
  • Center education and outreach programs support this mission and promote increased public awareness about identity security and privacy threats and solutions.
  • The Center leads the nation in identity management education, with webcasts, short courses, and a first-of-a-kind Master of Science degree plan.
  • The Center is recognized for leadership and the latest advances for managing and securing PII as an asset.