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Unfortunately, identity theft is happening more and more frequently in the modern, digital age. Before you know it, you might become one of the next identity theft victims (if you haven’t been already). We’ve been tracking the history of the biggest data breaches since 2012, and below are 20 alarming statistics for 2020, including the places identity theft is most commonly happening and what you can do about it.
Here are some interesting stats about identity theft that highlight the enormity of the issue in our current times.
- In 2019 there were 1,473 total data breaches and 164 million records exposed 1
- There was a reported $667 million lost due to imposter scams in 2019 with the median amount of $700 per report.2
- In 2019, the Federal Trade Commission (FTC) processed 650,672 identity theft reports which accounted for 20.3% of all fraud reports (1st highest fraud report category). That is up from 444,602 in 2019, 371,034 in 2017 and 398,952 in 2016. 2
- 13% of money fraud reports in 2019 were between the age of 20-29 and those between 60-69 reported the highest median losses (205). Those over 80 had the highest median loss of $1,600.2
- You are more likely to have your identity stolen than your car taken or home burglarized.3
- Up to 18% of victims take 4 years or more to discover they are victims of identity theft.4
- 38-48% of victims discover their identities were stolen within 3 months.4
- Victims spend anywhere from 3 to 5,840 hours repairing the damage caused by having their identities stolen. The average time spent repairing damage from ID theft is 330 hours.4
- 26-32% of victims spend 4 to 6 months dealing with their case.4
- 11-23% of victims spend 7 months to 1 year dealing with their case.4
- Victims lose an average of $1,820 to $14,340 in wages dealing with their cases.4
- An additional $851 to $1,378 is spent by victims toward expenses related to their cases.4
- 66% of victims’ information is used to open a new credit account.4
- 43% of victims think they know the person who stole their identity.4
- Close to 50% of victims have difficulty getting loans or credit because of identity theft.5
- 23% of fraud victims had unreimbursed personal expenses in 2018. 6
- 5.66% of US consumers were victims of ID fraud, a decline from 2017.6
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Source FTC 2
There are so many interesting facts about stealing your identity we turned them into an identity theft facts infographic to help spread awareness about this growing issue.
These identity fraud facts might have you running scared. That’s why we recommend that you protect yourself from identity theft by purchasing identity theft protection. Begin your search for the perfect service by checking out our massive ID theft comparison. Our article goes over the key features, pros, cons, pricing and more for each service. It also covers tips to protect yourself from ID theft and how to recover if you’ve already been victimized.
Have you been a victim of identity theft? How bad was it?
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