A glimpse inside the $234 billion world of medical ID theft
Press on February 08, 2012
By Rick Kam and Christine Arevalo, February 8, 2012, Government Health IT
Healthcare fraud is costing American taxpayers up to $234 billion annually, based on estimates from the FBI. It’s no wonder that a stolen medical identity has a $50 street value, according to the World Privacy Forum– whereas a stolen social security number, on the other hand, only sells for $1.
One form of healthcare fraud, known as medical identity theft, has its own staggering statistics: 1.42 million Americans were victims of medical identity theft in 2010, according to a 2011 study on patient data privacy and security by the Ponemon Institute. The report estimates the annual economic impact of medical identity theft to be $30.9 billion.