Identity Theft Statistics By Cost, Victims, Age Group, Medical Identity, Common Type And Method

Introduction

Identity Theft Statistics: Identity theft is when someone steals another person’s private information without permission, usually to make money. This crime can cause serious problems for the person affected, hurting their finances, reputation, and overall well-being.

Thieves often steal personal details like Social Security numbers, credit card info, or bank account numbers. They then use this stolen information to pretend to be the victim, make unauthorized purchases, open new accounts, or do other illegal things. We shall shed more light on Identity Theft Statistics through this article.

Editor’s Choice

• In 2023, the Federal Trade Commission (FTC) showed a big jump in identity theft cases, with over 745,000 fraud reports.
• 31% of small businesses don’t have strong enough cybersecurity, making them easy targets for cybercrimes.
• The healthcare industry has seen a huge rise in data breaches, with over 2,550 incidents in the last 10 years affecting millions of medical records.
• Identity Theft Statistics stated that almost 43% of shoppers use public Wi-Fi to buy things online, even though it’s risky. Also, 87% of people share personal data when using unsecured networks.
• Most people take about three months to realize they’ve been victims of identity theft, and 16% don’t find out for more than 3 years.
• In 2019, identity fraud caused a loss of $16.9 billion in the US. This number keeps growing, with cybercriminals expected to steal 33 billion records by 2023.
• Data breaches in healthcare are increasing fast, with over 700 breaches reported in 2022 alone.
• Formjacking, where hackers steal payment information from websites, went up by 117% in 2018, affecting over 57,000 websites.
• Identity Theft Statistics stated that almost 75% of people don’t use VPNs, even though the risk of data theft is rising, especially when browsing on public Wi-Fi.
• In 2023, identity theft was the most common type of fraud, making up 19% of all fraud cases reported to the FTC. It also accounted for 26% of all cybercrimes that year.
• Most identity theft cases (34%) happened through online methods like Phishing, unauthorized transactions, and remote access. About 26 million Americans are affected by identity theft each year.
• Millennials (37%) and Gen X (29%) were the biggest groups of victims in 2023. Around 1 in 5 Americans have experienced identity theft at some point in their lives.
• Since 2018, the number of identity theft victims has increased by 1,400%. Also, 30% of consumers said their credit card or payment information was exposed in 2023.

What Is Identify Theft?

Identity theft happens when a person takes another person’s private data, for example, their name or credit card details, without permission to commit fraud or other crimes. The term “identity theft” was first used in 1964. Since then, it has been legally defined in both the US and the UK as stealing someone’s details. The thief uses this information to get money, credit, or other benefits. The person whose identity is stolen can face serious problems, especially if they are wrongfully blamed for the criminal’s actions. Personal details typically include a person’s name, birth date, Social Security number, driver’s license number, bank account or credit card numbers, PINs, digital signatures, fingerprints, passwords, or any other info that can be used to access their money or financial accounts.

General Identity Theft Statistics

• Identity Theft Statistics stated that nearly one-third of Americans have fallen victim to identity theft.
• Each year, over 300,000 people in the US are tricked by Phishing, vishing, or smishing scams.
• More than 50,000 personal data breaches occur in the US annually. People aged 30-39 are the most common victims of identity theft.
• Many Americans likely know someone whose identity has been stolen. Additionally, 87% of people leave their personal information exposed online.
• The FTC received 5.7 million reports of fraud and identity theft, with 1.4 million of those being identity theft cases.
• By the end of the third quarter of 2024, there have been 842,000 cases of identity theft reported, and this number is expected to be higher than in 2023.
• Credit card fraud is still the biggest concern, as it remains the most common type of identity theft.
• Americans aged 30 to 39 are the most likely to have their identity stolen, while both older and younger people are less likely to be affected.
• Fraud involving government documents or benefits was the most common, with 395,948 cases reported.
• Identity Theft Statistics stated that Georgia had the highest number of identity theft cases.
• The average amount lost in fraud cases is around $500. The total losses are estimated to be $10.2 billion.

(Source: demandsage.com)

• The Identity Theft Protection Services Market is expected to grow from $12.5 billion in 2023 to around $34.7 billion by 2032, with an annual growth rate of 12.4% from 2024 to 2033.
• As of July 2023, the FTC reported about 5.7 million cases of fraud and identity theft.
• In 2022, identity theft cost victims a huge $56 billion worldwide.
• About 14.4 million credit card numbers were exposed to data breaches in the US in 2022, increasing the risk of identity theft.
• Social Security number breaches made up 88% of all exposed records in US data breaches.

Identity Theft Victims In Number Statistics

• In 2023, there were over 3.2 million reports of identity theft, setting a new record.
• The Identity Theft Resource Center reported a major rise in identity theft cases in the US, affecting more than 353 million people due to data breaches.
• This was a 78% increase from the previous year, mainly due to the growth of synthetic identity fraud and targeted cyberattacks.

(Reference: iii.org)

• A new identity theft victim is reported every two seconds.
• While this is an older statistic, it’s still true since synthetic identity fraud now makes up 85% of all fraud cases. Even though fraud detection technology has improved in 2024, the threat remains high.
• In 2023, there were 416,582 cases of credit card fraud, making it the most common type of identity theft, responsible for about 40% of all cases.

(Source: incogni.com)

• Other types of fraud, like tax fraud, Phishing, and synthetic identity theft, are also on the rise.
• Identity Theft Statistics stated that Millennials and Gen X are the most likely to be affected by identity theft.
• In 2023, people aged 30-39 reported the most cases, followed by those aged 60-69.
• Military personnel were also at risk, with nearly 39,000 identity theft cases reported by veterans and retirees.

Identity Theft Cost Statistics

• Identity theft has huge financial consequences, costing victims their life savings.
• Merchants and banks lost about $31 billion in 2021, and this is expected to nearly double, rising by $12 billion over the next few years.
• It’s important to be careful with credit cards, both online and in-person, to avoid big financial losses.
• The identity protection market will grow at 13.7% per year from 2022 to 2029.

(Reference: regulaforensics.com)

• The above chart shows the economic impact of identity fraud incidents as per the cost.
• There was an increase in demand for identity protection services during the pandemic as more people started shopping and making transactions online.
• The global identity protection market was worth $11.39 billion in 2022 and is predicted to grow to $27.90 billion by 2029 due to the rise in identity theft cases.
• Identity Theft Statistics stated that child identity theft costs nearly $1 billion.
• Identity theft involving children is a growing problem, with an average loss of $737 per family.
• Social media plays a big role in this, as many parents unknowingly share details about their children, such as their names and where they go to school, which criminals can use.
• Parents should be careful about what they post online, as 1 in 4 children share personal information on social media without thinking.

(Reference: secureframe.com)

• In the above chart, we can see the average cost of data breaches by industry type.
• “Card-Not-Present” fraud losses could total $130 billion from 2018 to 2023.
• This type of fraud happens when criminals steal credit card data and use it for online purchases without having the actual card.
• As online shopping and mobile payments grow, cybercriminals are increasingly targeting eCommerce sites.
• Cybercrime costs are expected to reach $10.5 trillion a year by 2025.
• Analysts also expect that 45% of businesses will face a supply chain attack in the next two years.
• This highlights the need for businesses, governments, and individuals to protect their sensitive information, especially financial details and online transactions.

Age Group Affect By Identify Theft Statistics

• A Cheval is a bet on two numbers at the same time, giving you a 2/36 chance of winning.
• Surprisingly, the chances of becoming a victim of identity theft are even higher than that.
• However, it’s important to remember that identity theft can happen to anyone, no matter which group you belong to.
• Everyone should be careful and protect their details.
• In 2023, 44% of all identity theft reports in the US came from people aged 20-29. Only 13% of reports came from people aged 70 or older.

(Source: vpnalert.com)

• Identity Theft Statistics show that younger adults are the biggest targets for fraud.
• Nearly half of all suspected fraud cases involve people aged 18-34.
• In the UK, statistics also show that young adults are the group most affected.
• Experts suggest that young people need more education about online safety. It’s no surprise that they’re targeted more often since they spend more time online and use digital services more than other age groups.
• Even though younger adults experience fraud more often, older adults, especially those over 70, lose a lot more money when it happens.
• The average loss for people aged 70+ is about four times higher than for younger victims.
• It’s important for everyone, no matter their age, to stay alert and protect their personal information.

Types of Identity Theft Statistics

• Credit card fraud is the most common type of identity theft. It happens more than three times as often as phone or utility fraud, which is the least reported type of identity theft.

(Reference: wallethub.com)

• In 2023, credit card fraud, bank fraud, and loan or lease fraud were the most common types of identity theft, making up 56.98% of all reported cases.

(Reference: wallethub.com)

Most Common Type And Method Of Identity Theft Statistics

• In 2023, identity theft was the most common complaint filed with the Federal Trade Commission (FTC), making up 19.2% of all fraud reports. The FTC received 1,036,903 identity theft complaints that year. The second most common issue was imposter scams, with 853,935 reports.
• The third most reported complaints were about credit bureaus, information providers, and report users, with a total of 711,802 cases.
• Credit card fraud is the most common type of identity theft. The FTC is an independent agency that ensures businesses follow fair practices and protects consumers.

(Reference: cloudwards.net)

• In 2023, credit card fraud was the most common type of identity theft reported across different age groups.
• People between 30 and 39 years old reported 122,246 cases of credit card fraud. This was followed by those aged 40 to 49, who reported 84,604 cases.
• Identity Theft Statistics stated that the third-highest number of reports came from people aged 20 to 29, with 71,900 cases.
• Identity Theft Statistics stated that Phishing was a major cause of data breaches in 2023.
• Phishing is when attackers trick people into giving away their personal information by pretending to be a trusted source.
• According to a report by the Identity Theft Resource Center, phishing attacks were the leading cause of data breaches in 2023.

How Many US Citizens Have Their Identity Stolen Every Year?

• In the first three quarters of 2023, almost 804,954 identity theft cases were reported in the US, a number much higher than before the pandemic.
• About 33% of Americans have experienced identity theft at some point in their lives. In comparison, 31% of Australians and 17% of people in the UK have fallen victim to identity theft.
• California had the highest number of identity theft cases, with 391,517 reported as of 2024.
• Georgia had the highest rate of identity theft and fraud per person, with 1,421 reports for every 100,000 people.

(Reference: demandsage.com)

Medical Identity Theft Statistics

• In 2023, there were about 2.3 million cases of medical identity theft in the United States. This type of identity theft made up around 41% of all identity theft cases reported that year.
• On average, medical identity theft victims lost $13,500 each. About 55% of victims had to pay an extra $2,500 out of their own pockets to fix the issue.
• It takes victims an average of 210 hours to resolve the problems caused by medical identity theft.
• The most common method of this crime is the theft or misuse of personal information like health insurance cards or Social Security numbers.
• About 15% of medical identity theft cases involved insider breaches, where healthcare workers misuse patient data.
• Identity Theft Statistics stated that almost 50% of healthcare organizations experienced a medical identity theft incident in 2023.
• Each medical identity theft breach cost healthcare organizations an average of $2.7 million in 2022.
• Overall, medical identity theft is estimated to cost the US healthcare system around $41.3 billion each year.

Conclusion

Identity theft is a serious crime that can cause major harm to victims. It happens when someone steals your personal information and uses it for fraudulent activities, which can lead to financial losses, ruined credit, and emotional stress. Identity theft can happen in different ways, like through phishing scams, data breaches, and tricking people into giving away personal information. To protect yourself from identity theft, it’s important to keep your details safe, use strong passwords, and be careful online. If your identity is stolen, reporting it quickly and taking the right steps can help limit the damage.

In the end, understanding the risks and using good security practices are crucial to fighting this growing problem. We have shed enough light on Identity Theft Statistics through this article.