An Immediate Solution To
Identity Theft and Fraud
Identity theft and bank fraud are two of the fastest growing crimes in the world today; costing the global community billions of dollars each year.
In the past, criminals would gain access to our personal information through a variety of mediums: They would physically steal our wallets, over-hear us talking on the phone, or rummage through our garbage to access our personal and financial information. The new trend that exists in today’s digital landscape is electronic sabotage of our identities and our online accounts.
Today there are over 4 billion bank accounts, 1 billion internet users, and 600 million mobile phone users worldwide. As the digital world continues to grow, we become more and more dependant on the efficiency it offers us. As a result, these crimes continue to grow exponentially every year. Our confidential information now filters through an ever evolving galaxy of electronic databases across the globe. In many cases these databases are not secure and can be easily accessed, keeping us hostage in a potentially compromising position. The amount of information that can be affected is truly overwhelming. The biggest problem we face is that identity theft and fraud can happen in minutes; generally without our knowledge. The damages can be irreversible by the time we become aware of the situation.
" . . . banking professionals, credit card companies, law enforcement officials, and security experts are repeatedly instructing us to keep on top of our finances . . . "
Financial institutions and credit card companies have insurance and logistics in place for dealing with some of these instances. They are constantly working towards upgrading their security systems to protect themselves and their customers against such crimes, but these efforts have not been enough. It would seem that today’s electronic thieves are always one step ahead of the game. In today’s world, our best defence is timely reporting of an unauthorized transaction as it offers us the best hope of preventing future attempts and subsequent financial losses. It is for this reason that banking professionals, credit card companies, law enforcement officials, and security experts are repeatedly instructing us to keep on top of our finances through the routine verification of our bank and credit card statements as often as every day. Unfortunately, we often neglect to do so as it presents a real burden in our daily lives. By the time we finally sit down to review our financial records, it may be too late. Overall, there have been no long term solutions for protecting our identities and our finances against these crimes… Until now!
PROTEXT ensures that we always have up to the minute details, without the effort involved in repeatedly looking for them on our own; empowering us with the capability to address a crisis immediately.
As such, PROTEXT offers an immediate solution to fraud and identity theft by providing us with an opportunity to inform the proper authorities; sometimes while a fraud is still in progress.
Law enforcement officials can crack down on a crime rate that is otherwise growing out of control, and we are ultimately placed at the center of our digital world, in a superior position to manage and protect our financial interests.
 

The Straight Facts

Total one year fraud amount rose from $53.2 billion in 2003 and $54.4 billion in 2005 to $56.6 billion in 2006. The mean fraud amount per fraud victim has risen from $5,249 in 2003 and $5,885 in 2005 to $6,383 in 2006. The mean resolution time is at a high of 40 hours per victim in 2006 compared to 28 hours in 2005 and 33 hours in 2003.

Javelin Strategy and Research


 

In November 2005, 40% of North Americans indicated they are willing to pay additional fees to keep their accounts secure, compared to 27% in 2004.

Aberdeen Group


 

Canadians reported $291 Million in credit card fraud losses in 2006 to VISA, MasterCard, and American Express.

InSight Express


 

73% of Americans polled are worried about thieves using their bank accounts and/or credit cards.

Federal Trade Commission


 

By the end of 2003, identity theft caused $221 Billion in world-wide losses with the US accounting for $73.8 Billion.

Aberdeen Group


 

At least 15% of US consumers have been victims of identity theft.

InSight Express


 

Two studies done in 2003 show that approximately 7 million people became victims of identity theft in the prior 12 months. That equals 19,178 people per day, 799 per hour, and 13.3 per minute.

Gartner Research and Harris Interactive


 

27.3 million Americans were victimized by identity theft in the past five years, costing consumers $5 Billion and businesses nearly $48 Billion in 2002 alone.

Federal Trade Commission


 

The value of Internet fraud amounted to over $265 Million in 2004.

Federal Trade Commission


 

In 2003 - total victims: 9.91 million; total losses to victims: $5 Billion; total hours spent resolving problems: 297 million

Federal Trade Commission


 

Identity theft costs the Canadian economy $1 Million per day.

RCMP Commercial Crime Branch


 

$94.6 million lost to debit card fraud in 2006.

InterACT Association


 

Credit Bureaus receive between 1400 and 1800 identity theft complaints every month.

Equifax/TransUnion


 

Nearly 40 percent of Americans are willing to pay additional fees to keep their accounts secure compared to 27 percent in 2004.

Unisys Survey


 

Out of 35 million debit cards issued across Canada in 2006, approximately 119,000 were impacted by skimming - up from about 72,000 in 2005.

Canadian Bankers Association

Tell Your Friends

If you - or someone you know - has been victimized by identity theft or bank fraud, then spread the word about PROTEXT and help put an end to these crimes once and for all.

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