What is the current problem with identity theft?

According to the Aite Group, 47 percent of Americans experienced financial identity theft in 2020. The group’s report, U.S. Identity Theft: The Stark Reality, found that losses from identity theft cases cost $502.5 billion in 2019 and increased 42 percent to $712.4 billion in 2020.

How many cases of identity theft are there in 2019?

Imposter scams were a distant second, with 10.56% of all scam reports. The FTC also reports a 73% year-over-year increase in identity thefts from 2019 to 2020. There were nearly 1.4 million reported ID theft incidents in 2020, versus 650,000+ in 2019.

What are some examples of identity theft?

Examples of Identity Theft

  • Stolen Checks. If you have had checks stolen or bank accounts set up fraudulently, report it to the check verification companies.
  • ATM Cards.
  • Fraudulent Change of Address.
  • Social Security Number Misuse.
  • Passports.
  • Phone Service.
  • Driver License Number Misuse.
  • False Civil and Criminal Judgements.

What is the most common type of identity theft today?

Financial identity theft
Financial identity theft is the most common type of identity theft.

How do I freeze my Social Security number?

Freezing Your Social Security Number First, you’ll need to create an account on E-Verify, which is managed by the U.S. Department of Homeland Security. Once you do, follow the prompts to freeze your SSN. Then, file a police report. Immediately after freezing, contact the authorities.

What are the two forms of identity theft?

Learn how you can prevent them and what to do if they happen to you.

  • Financial identity theft. Most people associate identity theft with this type of crime, which involves the use of personal information to take over financial accounts.
  • Medical identity theft.
  • Online identity theft.

How many cases of identity theft were there in 2020?

The figures released Thursday by the Federal Trade Commission (FTC), a consumer protection agency, show identity theft reports last year were more than triple the number from 2018. Cases reached 1,387,615 in 2020; 650,523 in 2019; and 444,344 in 2018.

How does identity theft affect you financially?

Identity theft not only impacts you financially but emotionally as well. The emotional stress can disrupt your sleeping and eating and lead to depression.

Who is most likely to be a victim of identity theft?

Anyone with a Social Security number can be the subject of identity theft, but the most common victims are children, seniors, members of the military and social media users.

Why are identity thefts on the rise during covid-19?

The disturbing trend likely stems from the trillions of federal dollars unleashed in COVID-19 relief. Thieves also hijacked other peoples’ identities to obtain driver’s licenses, passports and other government-issued documents, said FTC spokesman Jay Mayfield.