For release: February 17, 2004
Contact: Kathy Woodbury, 215-574-4119
PHILADELPHIA -- The Payment Cards Center of the Federal Reserve Bank of Philadelphia and the Gartner Fellows Program recently sponsored a one-day forum, “Identity Theft: Where Do We Go From Here.” Participants included representatives of the payment cards industry, internet merchants and service providers, regulatory agencies, and law enforcement.
The Federal Trade Commission (FTC) and Gartner Inc., among others, have produced estimates that suggest this crime is growing faster than had been previously recognized by the industry and at greater cost to society. By Gartner’s estimate 7 million adults, or 3.4 percent of U.S. consumers, were victims of identity theft during the 12-month period ending June 2003. Gartner estimates the incidence had grown 79 percent over the previous year. During roughly the same time frame, the FTC estimated the combined cost of identity theft and payment fraud to business and consumers was $47.6 billion and $5 billion, respectively.
The Payment Cards Center at the Philadelphia Fed was established to discuss issues central to the payment cards industry. Its mission is to provide insights into developments in the industry. The Center carries out its mission through an agenda of research and analysis as well as forums and conferences that encourage dialogue incorporating industry, academic, and public-sector perspectives. Highlights from the forum discussion will be available in future publications from Gartner Inc. and the Payment Cards Center.
Gartner Inc. provides research and analysis on the global information technology industry. Founded in 1979, Gartner is based in Stamford, Connecticut, and has 3,700 associates, including 1,000 research analysts and consultants in more than 75 locations world wide. For more information, visit http://www.gartner.com.
For more information on identity theft or to interview conference speakers representing the Payment Cards Center, the Federal Trade Commission’s Bureau of Consumer Protection, the Office of the Comptroller of the Currency, Gartner Inc., and the U.S. Attorney’s Office, call Philadelphia Federal Reserve’s Assistant Media Advisor Katherine Woodbury.