An analysis done by ID Analytics, a San Diego fraud detection company, shows that people whose personal data is compromised have a low risk of becoming victims of identity theft. This includes those whose credit cards are lost or stolen.
Their findings showed that the smaller the security breach (how many people’s identifying data is compromised by a bank or credit card company), the greater the likelihood for identity theft. The study found that those who steal identities have difficulties using stolen credit cards because they are quickly canceled.
ID Analytics is therefore suggesting that banks and credit card companies should NOT always notify customers of data breaches because the customers have little chance of becoming ID theft victims.
Does that make you feel better? If not, read the whole story.