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US Identity Fraud $45.3 Billion In 2007, But Declining

NEW YORK, Feb 11 (Reuters) - Identity theft remains a major problem, with Americans losing $45.3 billion in 2007, but a drop in fraud cases suggests that more consumers and businesses are winning the battle against criminals, a new report shows.

Losses declined 11 percent from about $51 billion in 2006, according to the fourth annual study by Javelin Strategy & Research, released on Monday. The average loss fell 6 percent to $5,574 from $5,920.

The study also said that as banks and retailers beef up their in-store and online security systems, frauds are resorting more to the phone and the mail to prowl for victims.

"The good news is we're seeing something of a leveling off," said James Van Dyke, president and founder of Javelin, in an interview.

"Criminals are playing the old cat-and-mouse game. There has been some strengthening of protections against Internet identity fraud, and they have to find other channels."

Last year saw one of the largest breaches, a theft of data from 45.7 million credit and debit cards reported by discount retailer TJX Cos (TJX.N: ), which owns T.J. Maxx and Marshall

According to Pleasanton, California-based Javelin, 8.1 million adult Americans, or one in 28, learned last year that criminals committed fraud with personal data such as credit card or Social Security numbers.

That's down from 8.4 million in 2006 and 10.1 million in 2003. But it still means many people were at risk of having their accounts drained, or credit card bills soar, without knowing it was happening.

What if someone stole your identity?

Identity Theft is now one of the most common losses among individuals. Over 7 million people had their identities stolen last year alone. It could happen to you. Using information like your Social Security and Driver's License numbers, thieves steal your identity and reek havoc on your credit and overall finances.

W.E. Davis Insurance can help. How? By adding Identity Theft Protection to your homeowners' policy. For as little as $27 a year you can have up to $15000 of coverage for expenses related to Identity Theft. Plus you get the services of an independent advocate that can walk you through the maze of forms and contacts you must make to regain your identity. Some of our companies add this coverage for free whenever you purchase a homeowner policy.

Contact us for complete details of this important coverage. Give yourself the peace of mind that comes with getting the protection you should have. For more information on how to safeguard against identity theft.

For more information on how to safeguard against identity theft