ID Theft Declining In US

The annual costs of ID theft in the US dropped 12% in 2007 over the previous year, according to a report by Javelin Strategy & Research, as reported yesterday by Finextra, a financial technology web site.

The report attributed the decline to businesses raising consumer awareness of ID theft threats through education and spending more on online fraud detection systems. To void having their dirty work foiled, fraudsters are now turning to more traditional offline methods of committing fraud, such as through bogus phone solitications.