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CALIFORNIA BUSINESS MINUTE ID Theft in CA 01-17-08
Hi, I am Tim Johnson and welcome to the California Business Minute.
Gov. Schwarzenegger announced a new state office to fight high-tech identity theft -- a move activists said will help firms meet California's landmark consumer privacy laws.
The move merged two departments into the new California Office of Information Security and Privacy Protection, which officials said will be unique among states as it helps guide law enforcement, businesses, advocacy groups and consumers.
In addition Schwarzenegger has convened two summits on the issue of identity theft, which experts say is escalating as the Internet opens up new opportunities for criminals.
The new agency combines the former Office of Privacy Protection in the Department of Consumer Affairs, which opened in 2001, with the state Information Security Office, formerly part of the Department of Finance.
I am Tim Johnson and this has been the California Business Minute.
Identity Theft By the Numbers
-- More than 8 million U.S. residents were victims of identity theft in 2006. That represents about 4 percent of adults, including more than 1 million Californians. -- In 2006, the average victim spent $531 repairing the damage done by an identity thief. This includes costs such as postage for certified mail letters to creditors and credit bureaus, photocopying and legal fees. -- It took 25 hours, on average, for a victim to clear up his or her situation. -- The total cost of identity theft in the United States in 2006 was $49 billion. Victims paid about $4.5 billion of this, and the rest was paid by merchants and financial institutions.
Also see California Business Minute 12-10 ID Theft
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