New research by ID Analytics has shown that there are approximately 10,000 identity theft rings in the United States. As reported by Time Magazine, the research was done by examining more than one billion applications for credit cards, bank cards, and wireless services over a four year period and using an algorithm to detect identity thieves.
This I.D. thief detecting algorithm used discrepancies in personal information and constantly changing addresses are red flags for fraud. The study found three prominent types of identity theft: lost or stolen accounts, common identity theft, and identity manipulation. ID Analytics also found that stealing the identities of the deceased is becoming increasingly popular.
Identity theft rings are organized groups that actively steal and use identities for their own gain. In order to qualify as a ring, the group can consist of as little as two people. However, the research found that a large percentage of fraud rings are actually families working together to steal identities. The study also found that the majority of fraud rings were found throughout the Carolinas, Alabama, Georgia, Mississippi, Delaware, and Texas.
Becoming a victim of identity theft can have widespread and long-term negative effects on the finances and wellbeing of a victim if not dealt with properly. Riverside I.D. theft victim lawyer Howard D. Silver is committed to providing the utmost care in helping victims recover from their losses and move forward from their victimization. To learn more, contact us today at (855) 341-2611.