Data Duped by Derek W. Gibson & Jeffrey D. Camm

Author:Derek W. Gibson & Jeffrey D. Camm
Language: eng
Format: epub
Publisher: Rowman & Littlefield Publishers
Published: 2023-04-25T00:00:00+00:00

If you are 100 percent certain you will be a victim of identity theft then the expected financial loss is $700. How much you pay to either prevent that loss or be reimbursed should be the same amount, $700. However, you are not 100 percent certain to be a victim and the data suggests the number of victims is small at 0.26 percent. When the expected loss is 18 cents, then you should expect to pay somethingslightly more than that amount.14 So what does identity theft protection cost? The basic plan in the radio commercial with loss reimbursement starts at $10/month or $120 per year. Based on the math and probability, this is looking overpriced… at least for its financial value.

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