It is hard to believe that just a few short years ago, the only type of theft that people were really concerned about was robberies and muggings.
Even now, people are often more concerned by this type of theft, even though fraud and identity theft could result in a lot more of your assets being stolen than street crime.
Identity theft is something that a lot of people tend to think they are immune too. It is something that you naively think won’t happen to you, until it does.
But the worst thing about identity theft is that you often aren’t aware that you are a victim until long after the theft has occurred.
If you are still struggling to comprehend just how much of a concern identity theft actually is, you are in the right place. In this guide, I’ll be telling you all about 23 troubling identity theft statistics that you should keep in mind in 2022. So let’s dive right in.
- 1. Every 14 Seconds Somebody Falls Victim To Identity Theft
- 2. 25% Of Reported Fraud In The USA Is Contributed To Identity Theft
- 3. Benefit Fraud Is The Most Common Type Of Identity Fraud
- 4. Social Media Increases The Risk
- 5. Facebook, Instagram And Snapchat Increase The Risk Even Further
- 6. People Aged 30-39 Are Most Likely To Report Identity Fraud
- 7. Older People Tend To Lose More Money To Identity Fraud
- 8. Sharing Passwords Increases Your Risk Of Identity Theft
- 9. Using The Same Password Increases Your Risk Of Identity Theft
- 10. Password Sharing Is More Common In Millennials
- 11. Only 20% Of Americans Are Worried About Identity Theft
- 12. California Has The Highest Rate Of Identity Theft
- 13. Georgia Has The Lowest Rate Of Identity Theft
- 14. Medical Identity Theft Hugely Impacts The Annual Health Budget
- 15. More Than 2 Million Identities Are Stolen Each Year
- 16. You Don’t Have To Be Alive To Fall Victim To Identity Theft
- 17. In 2020 Identity Theft Cost US Citizens $56 Billion
- 18. Identity Theft Increases Stress Levels Significantly
- 19. Your Income Doesn’t Affect The Risk
- 20. Married Women Are At An Increased Risk
- 21. The Pandemic Has Seen An Increase
- 22. Children Can Also Be Victims
- 23. Around A Quarter Of Victims Do Not Get Their Money Back
1. Every 14 Seconds Somebody Falls Victim To Identity Theft
Let’s kick this off with a truly startling statistic. You’ve probably read this a couple of times just to check that your eyes aren’t deceiving you. But they aren’t.
A recent study found that every 14 seconds somebody new in the USA becomes the victim of identity fraud, and this is only likely to increase in the coming years.
Every year, the amount of time between new victims having their identity stolen is shortening, and if it carries on this way, we could soon be looking at a time limit of less than 10 seconds between victims. It is truly terrifying.
2. 25% Of Reported Fraud In The USA Is Contributed To Identity Theft
White collar crime makes up a large part of the criminal offenses that occur in the United States. Of all the fraud-related crimes that occur, identity theft actually makes up the largest amount with around 25% of reported fraud being identity fraud.
So, even though you might expect the chances of you falling victim to identity theft to be low, they are actually much higher than you probably anticipate.
3. Benefit Fraud Is The Most Common Type Of Identity Fraud
In the USA, one of the most common types of identity fraud is benefit fraud and government documents. This is essentially identity fraud where a thief has used your details or government documents in order to obtain money from the government.
Not only does this type of fraud impact you, but it can also hugely effects National Security as it creates a vulnerability which terrorists and other criminals can take advantage of.
4. Social Media Increases The Risk
We live in a country where most people have some sort of social media presence. But did you know that having social media of any kind increases your risk of identity theft by up to 30%. So, even having a LinkedIn account could increase your risk of identity theft.
5. Facebook, Instagram And Snapchat Increase The Risk Even Further
Having social media of any kind increases your risk of identity theft, but there are some social media platforms that increase your risk even further. The platforms that pose the largest threat are Facebook, Instagram and Snapchat.
Facebook and Instagram are owned by the same company, and Snapchat is very similar to these platforms.
Many people post personal information on these platforms, and this is why they increase the risk of identity theft. In fact, using Facebook, Instagram or Snapchat increases your risk of identity theft by up to 46% in comparison to somebody who isn’t active on social media.
6. People Aged 30-39 Are Most Likely To Report Identity Fraud
Of all the identity fraud that was reported in 2021, people in the age category of 30-39 were most likely to fall victim. 26.5% of identity fraud reported in this year came from people in this age category.
This is the age category that is most likely to have multiple social media accounts and work platforms.
However, this doesn’t necessarily mean that this age category is most susceptible to identity fraud.
It could simply mean that this age category is most likely to report fraud when they fall victim to it, and also most likely to notice the fraud. Debt.com is a great resource to use for identity theft.
7. Older People Tend To Lose More Money To Identity Fraud
While those aged 30-39 are most likely to report identity fraud, those aged 70+ are more likely to lose a large amount of money. The median amount of money lost for those in the 70-79 age category in 2021 was $800.
This increased to $1,500 for those in the 80+ age category.
There are a lot of factors that could contribute to this, but one of the biggest is that older people are less likely to notice that they have been the victim of identity fraud.
Unfortunately, identity theft is one of those crimes that you are not aware of until you are already a victim.
While younger age categories may quickly notice this and report it, it could take longer for older people to notice it, and this is why they may have more money stolen than younger age categories.
8. Sharing Passwords Increases Your Risk Of Identity Theft
When you create a platform for any platform, no matter whether it be a social media or streaming platform, it is stressed that your password should be kept private.
Your password is your security blanket for that platform, and keeping it private is important to ensure that security.
Yet more than 79% of Americans in a recent survey admitted to password sharing. This included people in their home and people outside their home too.
9. Using The Same Password Increases Your Risk Of Identity Theft
Something else that is stressed on these platforms is that your password should be totally unique.
Yet this is something that most people ignore. Instead of creating unique passwords for all of their platforms, a survey found that 39% of people use the same password across multiple platforms. This greatly increases the risk of identity theft.
10. Password Sharing Is More Common In Millennials
A recent study found that 40% of Millennials (age 18 to 29) feel comfortable sharing their passwords with friends and family. In comparison, only 15% of 30-44 years olds felt comfortable doing this, and only 6% of those aged 45-59 felt happy doing this.
11. Only 20% Of Americans Are Worried About Identity Theft
Despite identity theft being one of the most common types of fraud, and being responsible for the loss of large amounts of money, it seems many Americans aren’t worried about it.
Only 20% of Americans surveyed admitted that they were worried about identity theft and hacking.
12. California Has The Highest Rate Of Identity Theft
It seems that California really is the Golden State when it comes to identity theft. Of all the States in the USA, California has the highest reported rate of identity theft, with recent statistics showing more than 147,000 complaints regarding identity theft.
13. Georgia Has The Lowest Rate Of Identity Theft
The State of Georgia has a reported rate of identity theft that is less than half the rate of California. Reports show that just below 70,000 reports of identity theft were made in Georgia in the same year that California reported more than 147,000.
14. Medical Identity Theft Hugely Impacts The Annual Health Budget
Government document theft is the most common type of identity theft in the USA, and this hugely impacts the annual health budget.
It is estimated that between 3 and 10% of the annual health budget is eaten by medical identity theft. So this means that identity theft could literally be life-threatening.
15. More Than 2 Million Identities Are Stolen Each Year
Every year more than 2.5 million identities are stolen. This is a huge amount of people and really reflects that people should be more worried about identity theft than they are.
16. You Don’t Have To Be Alive To Fall Victim To Identity Theft
Criminals who complete identity theft truly do not care if you are alive or if you are dead. Of the 2.5 million identities stolen each year, it is estimated that around 800,000 of these identities are stolen from the deceased.
In cases of this, criminals will utilize the name and personal details of a dead person to open credit accounts, or even get cell phone plans. It is this type of identity theft that often goes unnoticed for obvious reasons.
17. In 2020 Identity Theft Cost US Citizens $56 Billion
Often identity theft is completed on a small scale, with most people only losing a couple of hundred dollars.
However, when this is totaled up, along with medical identity theft and other types of identity theft, it is estimated that identity theft costs the USA around $56 billion. This is based on statistics from 2020, so it is likely that this number has increased.
18. Identity Theft Increases Stress Levels Significantly
When surveyed, 77% of victims of identity fraud reported increased stress levels in the aftermath of the incident. A high percentage also reported that they felt violated and unable to trust after falling victim to this crime.
19. Your Income Doesn’t Affect The Risk
You might expect the risk of you falling victim to identity theft to be influenced by things such as your income level and how much money you have in the bank, but this isn’t actually the case.
Across all the different income levels, the risk of identity theft was fairly similar. However the risk is slightly increased if you earn more than $50,000 a year.
20. Married Women Are At An Increased Risk
When you look at the demographics of identity theft, it seems that married women are at a much larger risk of identity theft.
Around 63% of victims of identity theft are female, 40% are married and 61% have a college degree. So, if you are a married woman with a college degree, you might want to be extra vigilant. Credit monitoring is a great way to do this.
21. The Pandemic Has Seen An Increase
Since the COVID-19 pandemic started in early 2020, the risk of identity theft has increased. In particular, there has been a clear increase in account takeovers which is estimated to have increased by more than 300% since 2019.
Of the people who have fallen victim to account takeovers, 48% of victims reported experiencing this more than once. Four out of Five people reported a monetary loss as a result and one in five reported not knowing what their account was used for.
22. Children Can Also Be Victims
Not even children are immune to identity theft. In 2021, child identity theft increased by 63% on the statistics from 2020.
It is estimated that this increase has caused the amount of money lost due to child identity theft to be around 1.3 million. Nobody is safe from identity theft, not even your children.
23. Around A Quarter Of Victims Do Not Get Their Money Back
Let’s wrap this up with perhaps the scariest statistic of them all, and that is that around a quarter of victims do not get their money back. In 2018, it was reported that around 23% of victims were left out of pocket after identity fraud.
This figure was up on the previous year, so it is likely that this figure is even higher in 2022.
It really is a scary thought that somebody could steal your money without you knowing, and you might be unable to get it back.
In short, in this guide I have told you all about 23 troubling identity theft statistics for 2022. These statistics really drive home how much of a concern identity theft is, and why it is something that you should always be vigilant about.
Thanks for reading!
Paul Martinez is the founder of BendingDestiny.com. He is an expert in the areas of finance, real estate, and eCommerce.
Join him on BendingDestiny.com to learn how to improve your financial life and excel in these areas. Before starting this blog, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.