A Guide to Identity Theft Statistics for 2022

The Impact of Identity Theft on Society: Is It Increasing or Decreasing?

The data suggests that identity theft is on the rise. According to the Federal Trade Commission, over 15 million U.S. consumers were victims of identity theft in 2017—a 16 percent increase from 2016. Over the last five years, reported cases of identity theft have grown steadily, with a 68 percent increase since 2013. This shows that identity theft is a significant and growing problem in America. In response to this trend, the FTC has implemented a number of initiatives and resources to help consumers protect themselves and reduce their risk of becoming victims of identity theft.

What is the Percentage of Identity Theft?

Identity theft is a serious and growing problem, with reports of identity theft increasing year over year. According to the Federal Trade Commission Consumer Sentinel Network Data Book for 2020, there were 5.4 million reported cases of identity theft in the United States in 2020. This equates to a total percentage of identity theft of approximately 1.6%. The five most common types of identity theft reported in 2020 made up approximately 1,243,960 or 24.1% of all cases reported. These included Miscellaneous Identity Theft (300,244), Business/Personal Loan Fraud (105,711), Tax Fraud (89,649), Credit Card Fraud (519,463), and Employment or Tax-Related Fraud (329,393). By being aware of the various types of identity theft and taking preventative steps to protect your personal information, you can help reduce your risk of becoming a victim.

The Annual Number of US Citizens Who Have Their Identity Stolen

Every year, an estimated 9 million Americans have their identities stolen. Identity theft is a serious crime that can have long-term consequences for victims. It is important to be aware of the risks and take steps to protect your personal information. Identity theft can occur when someone obtains your personal information such as Social Security numbers, credit card numbers, bank account numbers, or other identifying information without your knowledge. Once this information is obtained, criminals can use it to open new accounts in your name or make purchases on existing accounts. The Federal Trade Commission estimates that identity fraud loss totaled $56 billion in 2020 alone. Additionally, active social media users are 30% more at risk of having their identities stolen than those who don’t use social media at all, and millennials make up 33% of identity theft victims each year.

The Annual Financial Loss Due to Identity Theft

Each year, identity theft and credit card fraud result in a staggering amount of financial loss. According to the Federal Trade Commission (FTC), in 2020 alone, more than 4.8 million reports of identity theft and credit card fraud were made to the FTC, resulting in a total loss of $4.5 billion. This figure is likely an underestimate, as much of this crime goes unreported. Furthermore, statistics show that young adults aged 20 – 29 are the most vulnerable group to identity theft, with 190,916 reports made in 2020 alone.

These losses can be devastating to victims who must work hard to restore their financial stability and clear their name from fraudulent accounts and activities. It is essential that individuals take steps to protect themselves from identity theft by recognizing the warning signs such as unfamiliar charges on bank statements or accounts being opened without consent. Additionally, regularly monitoring your credit reports can help alert you to suspicious activity early on and allow for quick action to be taken if necessary.

The Prevalence of Identity Theft

Identity theft is a growing problem in this digital age. With the rise of internet shopping and online banking, it has become increasingly easy for criminals to access personal information such as passwords, bank account numbers, Social Security numbers, and credit card numbers. This personal information can then be used to open new accounts in your name, run up charges on your existing accounts or even apply for loans in your name. Identity thieves can even use stolen information to commit tax fraud or apply for government benefits. The anonymity of the internet makes it difficult for victims to track down the thief and reclaim their stolen identity. As long as identity theft remains a profitable and relatively low risk, it will continue to be a common crime.

Who Is Most Vulnerable to Identity Theft?

Children and the elderly are among the most vulnerable to identity theft. Children may not be aware of what is happening and can be easily targeted by criminals, while the elderly may have less experience with technology, making them more likely to fall for scams or give away personal information. Additionally, both groups often lack the financial means to protect themselves from identity theft or cope with its aftermath.

Identity thieves target children because they can use their social security numbers and other information to open up accounts and rack up debt without anyone noticing until it’s too late. Elderly victims of identity theft may also be targeted due to their often larger deposits in banks and other financial institutions.

In order to prevent identity theft, it is important that parents monitor their children’s online activity and educate them on how to keep their personal information safe. It is also important that elderly individuals are vigilant about protecting their personal data and are aware of any suspicious activity related to their accounts.

The Top States for Identity Theft

The top states in the United States for identity theft are Rhode Island, California, Florida, Arizona, and Nevada. According to the Federal Trade Commission (FTC), Rhode Island has the highest rate of identity theft reports with 1,981 per 100,000 people in 2021. California followed with 1,503 identity theft reports per 100,000 people. Florida reported 1,491 identity theft reports per 100,000 people; Arizona reported 1,357; and Nevada reported 1,259.

Identity theft is a serious issue that can have a profound impact on an individual’s finances and credit score. It is important to take proactive steps to protect your personal information such as using strong passwords for online accounts and regularly monitoring your credit report for any suspicious activity. Additionally, it is advised to keep your personal information safe by not sharing it with strangers or on public forums.

The Largest Age Group Targeted for Identity Theft

The largest age group targeted for identity theft in 2021 is 30 to 39-year-olds, according to the Federal Trade Commission (FTC). The FTC received over 308,910 reports of identity theft from this age group, making it the most targeted age group for this type of crime. Additionally, this age group also had the highest rate of reported losses associated with identity theft, with an average loss of $1,344 per victim. This is compared to the second most targeted age group (those aged 40-49), which had 266,269 cases reported and an average loss of $1,100 per victim. It is important to note that these figures are only for reported cases and do not include unreported cases which would likely increase the magnitude of this issue.

The Fastest Growing Form of Identity Theft

Synthetic Identity Fraud (SIF) is the fastest-growing form of identity theft in the United States. It is a complex crime that involves the combination of multiple pieces of personal information to create a new, false identity which can then be used to open fraudulent accounts and obtain credit. This type of fraud is particularly difficult to detect as it often uses real personal information such as legitimate Social Security numbers with false names, addresses, and phone numbers. As criminals’ access to this type of data increases, SIF has become more prevalent and profitable for them. According to McKinsey & Company, SIF can account for up to 15% of charge-offs in unsecured lending portfolios.

SIF is a problem for both consumers and businesses alike. For consumers, their personal information may be at risk if their data has been stolen and used in SIF; not only will they have their credit affected but they could also be liable for any fraudulent charges on their accounts. Businesses also incur losses due to this type of fraud; when an account created with SIF goes unpaid it causes them financial loss as well as reputational damage if customers become aware that they were victims of this type of scam.

In order to protect against SIF, businesses should implement stricter authentication measures such as biometrics recognition when opening new accounts; this would help reduce the risk of fraudulent accounts being opened in the first place. Additionally, companies should regularly monitor existing accounts for suspicious activities that may indicate SIF such as large purchases or payments made from multiple locations or devices. By taking these steps companies can help protect themselves from becoming victims of this increasingly prevalent form of identity theft.

The Growing Threat of Identity Theft

Yes, identity theft is the fastest-growing crime in the United States. According to the Federal Trade Commission, there were more than 13 million reported cases of identity theft in 2017 – an increase of 16 percent from 2016. Identity thieves use stolen personal information such as Social Security numbers and credit card numbers to open new accounts, apply for loans, or make purchases in someone else’s name. They may also use stolen information to access existing accounts, or even file fraudulent tax returns. Victims of identity theft often experience significant financial losses, as well as long-term damage to their credit rating and reputation. In addition to the financial costs associated with identity theft, it can also have a major psychological impact on victims, who may feel violated and vulnerable. It is important to take steps to protect yourself from identity theft by carefully monitoring your credit report, shredding sensitive documents, and never providing personal information over the phone or online unless you are sure that it is safe to do so.

Conclusion

Overall, identity theft continues to be a serious issue in the United States. In 2022, there were over 1.2 million reports of identity theft to the Federal Trade Commission (FTC), with a total loss of $56 billion. Millennials are disproportionately impacted by identity theft, making up 33% of reported cases. Social media users are also more susceptible to being targeted by identity thieves, with those actively using social media being 30% more at risk. As technology continues to evolve and more people become connected online, it is increasingly important for individuals to take measures to protect their personal data and guard against identity theft in 2022 and beyond.