Identity Theft in the Philadelphia Area

Identity Theft in the Philadelphia Area

June 27, 2019 Uncategorized 0 Comments

According to information posted by MoneyWise.com, identity theft complaints nationwide increased about 20% in 2018 according to the Federal Trade Commission. The Philadelphia-Camden-Wilmington metropolitan area is 35th for identity theft, with 149 complaints for every 100,000 residents. Statewide, Pennsylvania is 20th with 107 identity thefts for every 100,000 residents.

The most common type of fraud in Pennsylvania is credit card fraud, representing 37% of 13,725 complaints. Phone or utilities fraud was next with 21%; bank and employment or tax-related fraud each had 12%, loan or lease fraud 10% and government document or benefits fraud 5%.

Fraud prevention strategies include not divulging personal information; review bank and credit card statements for suspicious transactions; change passwords frequently and make them hard to detect; and investigate unexpected requests to transfer money to an unfamiliar account even if it seems to come from a trusted source. As backup, every business should have Crime insurance including computer fraud, funds transfer fraud and social media fraud.




About the Author

Harry Cylinder

Harry Cylinder, CPCU, ARM has spent nearly fifty years in the insurance industry, the majority of the time as a consultant. He has been employed by The Beacon Group of Companies since 2008, specializing in the review and analysis of property and casualty coverage forms. Mr. Cylinder has been reviewing policy forms as they have evolved over the past decades. In 2008 he published an article in the CPCU Journal which was the first description of cyber insurance coverage for a general insurance audience. Since that time he has regularly written on cyber and other topics for The Beacon Companies’ blog.