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Identity Theft and the Global Economic Crisis: Is the Public Willing to Pay to be Protected?

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Abstract:

The global economic crisis has resulted in a myriad of social and financial problems and white-collar crimes throughout the world. A specific, but understudied consequence of the crisis has been identity theft. Estimates point to a non-trivial victimization rate, with estimated costs and losses in the hundred of billions of dollars, yet
prevention efforts have been aimed largely at detection and prosecution. In this paper, we use data from a large sample of residents from four states (Illinois, Louisiana, Pennsylvania, and Washington) in order to assess the public’s willingness to pay (WTP) for identify theft prevention efforts under two separate conditions, one promising a 25% reduction in identity theft and the other promising a 75% reduction in identity theft. Results indicate that: (1) between 40%-66% of the public is willing to pay an additional tax for identity theft prevention, more so when the promise of a reduction is highest (75% compared to 25%) with an average WTP of $87 and (2) WTP was highest among individuals who carried many credit cards, who subscribed to an identity theft protection service, and who took active steps in preventing fraud by shredding bills and paying with cash, but was lowest among individuals who believed that taxes were too high.
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Association:
Name: ASC Annual Meeting
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http://www.asc41.com


Citation:
URL: http://citation.allacademic.com/meta/p373342_index.html
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MLA Citation:

Piquero, Nicky., Cohen, Mark. and Piquero, Alex. "Identity Theft and the Global Economic Crisis: Is the Public Willing to Pay to be Protected?" Paper presented at the annual meeting of the ASC Annual Meeting, Philadelphia Marriott Downtown, Philadelphia, PA, <Not Available>. 2014-11-28 <http://citation.allacademic.com/meta/p373342_index.html>

APA Citation:

Piquero, N. , Cohen, M. and Piquero, A. "Identity Theft and the Global Economic Crisis: Is the Public Willing to Pay to be Protected?" Paper presented at the annual meeting of the ASC Annual Meeting, Philadelphia Marriott Downtown, Philadelphia, PA <Not Available>. 2014-11-28 from http://citation.allacademic.com/meta/p373342_index.html

Publication Type: Conference Paper/Unpublished Manuscript
Abstract: The global economic crisis has resulted in a myriad of social and financial problems and white-collar crimes throughout the world. A specific, but understudied consequence of the crisis has been identity theft. Estimates point to a non-trivial victimization rate, with estimated costs and losses in the hundred of billions of dollars, yet
prevention efforts have been aimed largely at detection and prosecution. In this paper, we use data from a large sample of residents from four states (Illinois, Louisiana, Pennsylvania, and Washington) in order to assess the public’s willingness to pay (WTP) for identify theft prevention efforts under two separate conditions, one promising a 25% reduction in identity theft and the other promising a 75% reduction in identity theft. Results indicate that: (1) between 40%-66% of the public is willing to pay an additional tax for identity theft prevention, more so when the promise of a reduction is highest (75% compared to 25%) with an average WTP of $87 and (2) WTP was highest among individuals who carried many credit cards, who subscribed to an identity theft protection service, and who took active steps in preventing fraud by shredding bills and paying with cash, but was lowest among individuals who believed that taxes were too high.


Similar Titles:
Crisis! What Crisis? Understanding the South African Response to the Global Economic Crisis of 2008-09

Identity Theft Threats to College Students: Are we Doing Enough to Protect our Students from Becoming Victims of Identity Theft?


 
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