Identity Theft Is More Common Than You Think
The Federal Trade Commission has a branch called the Consumer Sentinel Network, that collects complaints about fraud and identity theft from the FTC, the FBI, the Secret Service, and a host of other government entities. They compile those into a huge document every year, detailing how many complaints they receive directly, and how many cases there are in general. The results are staggering.
In 2015, there was a total of 490,220 identity theft complaints made. In previous years, the most commonly reported types of identity theft had to do with government documents/benefits fraud, followed by credit card fraud. But in 2015, tax- and wage-related fraud increased to make up 45% of all identity theft complaints. (We'll talk more about tax-related identity theft on the next page.) All in all, identity theft affected 17.6 million people in 2014 and seems to consistently affect around 7% of American households every year.
Beyond that, more than a quarter of all Americans have been victims of credit/debit card fraud specifically. (That astronomical percentage is partially due to security weaknesses unique to American credit and debit cards, and we will also talk more about that on a later page.) And while most people report resolving the matter in a fairly satisfactory way, an "unsatisfactory" resolution can be pretty catastrophic when the issue is your credit card information.
Did you know...
- Want a money saving tip? Ditch credit and debit cards, and stick to carrying around cash. Studies show people spend between 12 – 18% more when using a plastic card as opposed to when paying for things in cash. If you physically have to dole it out, you’re much more aware that you are spending your hard-earned money!
- It's an understatement to say that the odds when playing the lottery are not in your favor. You are statistically three times more likely to die in a car accident while driving 10 miles to buy a lottery ticket than you are to actually win. Even more astounding, over half the tickets in an average lottery draw are bought by only 5% of the participants.
- Do you know what the lifespan of U.S. currency is? The higher the denomination, the longer it stays in circulation. Both $50 and $100 bills last 9 years. The $20 sticks around for 4 years. $10 bills circulate for 3 years. The $5 bill has a 2-year lifespan, and the $1 bill only lasts around 18 months before being retired. Coins last around 30 years.
- Paper money is actually pretty heavy. One pound would be worth $454 in $1 bills. That means $1 million comprised solely of $100 bills would weigh over 20 pounds. Those suitcases filled with money in movies must be hefty to lug around all that paper money. If you plan on robbing a bank, you better bulk up!
- Have you ever wondered who prints the most money? That would be Hasbro, as in the makers of Monopoly. Hasbro prints more Monopoly money in a given year than there is money in the entire world. Each set of the game comes with $20,580. Bet you didn’t know you had that much money lying around the house!