Despite the fact that technology now allows potential thieves easier access to consumers' credit cards and vital financial information, 3 million fewer individuals fell victim to identity theft in 2010.
Overall, this contributed to a 28 percent year-over-year decline in new identity theft cases, according to Javelin Strategy and Research's 2011 Identity Fraud Survey. The decrease brings the overall total down to levels not observed since 2007.
"As the economy has improved, there’s less pressure [to steal], which is opposite to the spike that we saw begin in 200," said James Van Dyke, president and founder of Javelin.
Despite this improvement, 8.1 million individuals were faced with a situation where they needed major credit score help due to fraud. Consumers can decrease their risk by frequently checking their credit reports for errors and unauthorized charges.
By identifying the errors and contacting a credit repair company, consumers may quickly dispute the claims and possibly remove the charges from their borrowing history. Once removed, individuals should see improvements in their score and their interest rates on new financial offers.