IDentity Theft
1. Many cases of identity theft involve one family member stealing the identity of another family member.
2. Fixing your credit due to identity theft all begins with the same document; a police report.
3. Many cases of identity theft are preventable with a bit of care and caution such as:
a. Don’t read your credit card out in a public place;
b. Buy a shredder and make sure all documents with any personal information on them get shredded;
c. Don’t fall for scams! The IRS, FBI and your bank do NOT communicate with you by email.
d. Anyone asking for your social security number had better be someone that you know need it.
e. Don’t give your passwords, credit card information or social security number to anyone that you would expect to already have that information. If someone calls from your bank saying they need any of this information, hang up.
IDentity Theft facts & statistics: 2019-2022
Identity theft is a major problem for consumers, resulting in billions of dollars in financial losses each year. Here are several key identity theft statistics that help put a face to the continuing threat. To date, we have compiled over 30 identity theft facts, figures, and trends from a wide range of sources and covering a number of different countries.
Identity Theft Resource Center & Black Researchers Collective Research Finds ID Crime Victims in Black Communities Lose More Money Than General Population.
Press Release Date: 01/04/2023
A new study finds that 16 percent of ID crime victims in Black communities lose more than $5,000 to identity criminals
Black communities experience a higher rate of victim loss in every category in the research findings than what is reported in the ITRC’s 2022 Consumer Impact Report (CIR), where Black people were also included in a largely non-Black sample. According to the responses, 16 percent of victims reported losing at least $5,000. Twenty-six (26) percent lost $1,000-$4,999, a 17 percentage point increase compared to the victims surveyed in the 2022 CIR.
Researchers found that victims did not just lose significant amounts of money; they lost time spent resolving their identity theft issues.
Nineteen (19) percent of respondents spent a year or more resolving their issues.
Sixteen (16) percent of respondents spent three months to a year resolving their identity theft cases, an eight (8) percentage point increase compared to General Victims surveyed in the 2022 CIR.
Nearly half of the participants (45 percent) reported becoming a victim within the last couple of years and either experienced fraudulent charges on their debit or credit cards or had their personal identification information compromised.
According to the data from the survey, when victims experienced identity theft, 72 percent reported it to a family member or friend. Sixty-three (63) percent notified a bank, credit card company or other payment provider. Fifty (50) percent reported it to law enforcement. Most of the survey participants (80 percent) reported having their identity stolen by someone they know.
“We believe there is a lack of data around identity theft victimization in Black communities that creates risk of becoming a victim,” said Eva Velasquez, President and CEO of the Identity Theft Resource Center. “This is the first step in understanding identity issues in the different communities. This effort allows us to develop specific programs that will help victims recover and resolve identity crime.”
Other findings include the following:
Fifty-four (54) percent of the respondents who were the victim of an identity crime obtained identity theft protection because they wanted to protect themselves from becoming a victim in the future.
Sixty (60) percent of the survey respondents indicated they have identity theft protection. •However, only 39 percent of survey respondents had identity theft protection when they became the victim of an identity crime.
There is not a significant difference in the amount of time spent resolving identity theft with identity theft protection.
Identity theft is increasingly a 21st-Century problem. As more data moves off of physical paper and onto Internet-connected servers, the chances of that data getting stolen increases as well. While “malicious outsiders” remain active in stealing data (and by extension, loss of credit card numbers and Social Security Numbers), consumers share a good part of the blame for their lost data. Nevertheless, there are some positives that have emerged in response.
Thankfully, Consumers are getting slightly better at detecting fraud attempts. Javelin Strategy and Research found that online shoppers tended to be quick at identifying fraud attempts. Surprisingly, 78 percent of fraud victims were able to detect fraud within a week’s time.
Still, identity theft prevention appears to be on the rise despite savvier consumers. Data breeches show no signs of decreasing. And unfortunately, consumers still appear to be less than proactive when it comes to securing their private information.
FAQs about IDentity Theft
How do I know if I was a victim of identity theft?
Several red flags help determine if you’re a victim of identity theft. Some of the telltale signs are listed below:
* A bank or a retailer denies you credit.
* You receive bank or credit card statements with unknown charges.
* You receive calls from debt collectors
* You no longer receive bills or statements by mail (indicating someone has changed your billing address).
What should I do if my IDentity has been compromised?
If you believe you are a victim of identity theft, you should start by contacting the fraud departments of the companies where your accounts have been compromised to ensure your money is safe and your cards aren’t being used without your permission. You should freeze any cards you believe are being used concurrently and inform your local police station. If you have ID theft insurance, you can file a claim to recoup some of the costs caused by damages.
How can I prevent IDentity Theft?
Although cybercriminals are getting more sophisticated, requiring less information for successful identity fraud, you can make their job more challenging by following these best practices:
* Use a credit monitoring service to get notified of your data being involved in a breach/significant changes to your credit file.
*Shred paper documents containing personal information.
*Keep an eye on your credit card and bank statements for unrecognized charges.Use strong and varied passwords for your accounts.
*Use anti-malware software to protect your device from threats that could steal your data.
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