05/18/2022 | Press release | Distributed by Public on 05/19/2022 09:01
There's a digital counterpart for nearly everything we do, which means more of our personal information is online. And although this tends to make our lives easier, it opens the door for information to land in the wrong hands. Identity thefthappens when someone uses your personal identifiable information (PII) for their own monetary or personal gain. Sensitive data like credit cardnumbers and Social Security numberscan be incredibly valuable if it gets into the wrong hands.
The good news is that you can take steps to minimize the risk of identity theft. This article breaks down some of the most interesting fraud statisticsand trends about identity theftin the United States and offers ways to protect your personal datafrom cybercriminals.
Identity theftby the numbers
The number of identity theft casesreported to the Federal Trade Commission(FTC) has increased in the last five years. According to the FTC's Consumer Sentinel Network(CSN) report, the number of reported cases more than doubled from 2019 to 2020.
One possible reason for this upward trend is the coronavirus pandemic. Congress passed legislation that included more than $5 trillionin various government benefits. This money was helpful to out-of-luck Americans, but it was also extremely attractive to scammerswho used the opportunity to create fake identities and steal unemployment checks. In fact, the most common type of identity theftthis past year was government documentsand benefits fraud.
What else do the numbers say about the rise in identity theft? Let's take a closer look:
These statistics only scratch the surface, though. Keep reading to learn more about the latest identity theftdata and what you can do to protect your personal information.
How common is identity theftin the U.S.?
Identity theftis a huge issue in the United States, and it doesn't seem to be going away anytime soon. Fraud reportsshow that the number of identity theftsin the U.S. continues to grow and grow. The graph below shows the number of identity theft reportsfrom the first quarter of 2017 to the first quarter of 2021.
The reported instances of identity thefthave risen sharply from just over 100,000 in the first quarter of 2017 to well over 500,000 in the first quarter of 2021. 2020 had the sharpest increase in reports, as cybercriminalsdid their best to capitalize on the pandemicto take people's government benefits.
Identity theft,by state
Not every state is affected by ID theftequally. Where you live can have a big impact on your likelihood of experiencing identity theft. The graph below shows the amount of identity theft casesreported to the FTCper 100,000 residents for each state in the U.S.
With a closer look, the five states with the most identity theft reportsinclude Georgia, Louisiana, Illinois, Kansas, and Rhode Island, which takes the top spot. The number of reportsin Rhode Island more than doubled in 2021, from 1,191 in 2020 to 2,857.
At the other end of the spectrum, South Dakota remained the state with the lowest occurrence of identity theft, with only 76 residents per 100,000 experiencing it.
Here's a list of the 20 metro cities where you have the highest chance of having your identity stolen.
Who are the victims of identity theft?
Anyone can become the victim of identity theft, in large part because so much of our information is online. However, certain age groupsare more likely to experience different types of scams.
For example, baby boomers are more likely than Generation Z to benefit from government programs. This makes them more susceptible to scamslike benefits fraud(where a criminal poses as someone else to steal government benefits).
On the other hand, younger generations like millennials have grown up with the internet, and activities like shopping online are more frequent. This makes them more susceptible to identity theftthrough credit card fraud.
Here's a breakdown of the most common identity thefttypes from various generations:
Types of identity theft
There are several different types of identity theft,ranging from stolen financial informationto compromised health caredata. Some forms are pretty straightforward. For instance, credit card fraudoccurs when somebody steals your credit cardnumber and uses it to buy things. Others, like medical identity theft,might be a bit harder to recognize.
Here's a list of five of the most common types of identity theft:
Although these are five of the most common types of identity theft, they can serve as umbrella terms for more specific forms of fraud. The diagram below shows the number of reported fraud casesof these various types of identity theftIn 2021.
While the internet has made our day-to-day lives more convenient, it's also made it much easier for scammersto steal our personal information. Identity thefthas become increasingly more common in the United States over the past five years.
The more you use the internet, the more opportunities scammershave to steal your data and sell it on places like the dark web. Social mediaplatforms, e-commerce businesses, banking companies, and a host of other online businesses can store your information for a variety of reasons.
If you use the internet for online shopping, for instance, there's a good chance a large number of databases stored your personal and financial data. While businesses use your information to give you a better online experience, scammerscan also access it to steal your identity.
The graph below shows the growth of different types of identity theftfrom 2017 to 2021.
What should I do if I think I'm a victim of identity theft?
Criminals use many tricks to get your information. Scammersor hackersmight send phishingemails pretending to be the IRS, snoop around social mediapages for password clues, get info through a data breach, or simply buy information on the dark web.
Here are a few things you can do if you believe you are the victim of identity theft:
We're here to help protect your personal information
The internet makes our lives easier in many ways. Although identity theftis rising, you shouldn't let online scamsprevent you from enjoying these digital conveniences. Identity thievesare an unavoidable part of using the internet, but you can greatly limit your risk of falling victim to cybercrime if you know what to watch out for and you're smart online.
Recognizing the signs of identity theftcan help you stay ahead of fraudsters, and investing in McAfee Identity Protection servicescan offer another layer of protection. When you sign up for our identity protection services, you get perks like $1 million in identity theft protectioninsurance and email address and bank account monitoring. With our help, you can continue to use the internet with confidence.