The Coalition on Online Identity Theft faces a tough challenge. Nearly 10 million people suffered from identity theft last year, and 27.3 million were hit in the past five years, according to a study by the Federal Trade Commission. Financial losses to businesses
last year were almost $48 billion, and the cost to consumers was $5 billion. The FTC hopes the report helps galvanize the fight against identity theft and credit-card fraud among business, government, and consumers.
The coalition may need to expand. "Banks, retailers, and cell-phone providers must be on board to nip the problem," says Avivah Litan, an analyst at research firm Gartner. "Get the cyberthieves when they apply for a cell phone or a credit card."