How Many People Are Affected by Identity Theft?

Identity theft is a growing issue that impacts millions each year. As more personal information moves online, the risk of falling victim to fraud increases. 

The effects of identity theft can be severe, ranging from financial losses to emotional distress. Common forms include credit card fraud, medical identity theft, and tax-related fraud.

With the rise of cybercrime, it’s more important than ever to be aware of the risks and take steps to protect your personal data.

This section will break down the latest statistics to show just how widespread identity theft has become.

Fascinating Facts

Here are some fascinating facts about identity theft for 2024

• Increase in Reports: In 2023, the Federal Trade Commission (FTC) reported a significant rise in identity theft cases, with over 745,000 reports of fraud.
• Young Adults Most Affected: The age group of 30-39 years reported the highest percentage (26.1%) of identity theft cases in 2018, marking the largest increase in fraud between 2017 and 2018.
• Business Vulnerability: 31% of small businesses do not implement adequate cybersecurity measures, leaving them vulnerable to cybercrime.
• Medical Identity Theft Growth: The healthcare sector has seen exponential growth in data breaches, with over 2,550 breaches reported, affecting millions of healthcare records over the last decade.
• Public Wi-Fi Risks: 43% of consumers engage in online shopping over public Wi-Fi, despite the risks. Additionally, 87% of users expose personal data while using unsecured networks.
• Delayed Discovery: It typically takes around 3 months for most people to realize they’ve become victims of identity theft, with 16% not discovering it even after 3 years.
• Financial Losses: In 2019, identity fraud resulted in a total loss of $16.9 billion in the U.S., and this number continues to grow, with cybercriminals predicted to steal 33 billion records by 2023.
• Data Breach Frequency: The number of data breaches in healthcare has been rising rapidly, with over 700 breaches reported in 2022 alone.
• Formjacking Surge: Formjacking, where cybercriminals steal payment data from websites, increased by 117% in 2018, compromising over 57,000 websites.
• VPN Usage: 75% of consumers do not use VPNs, despite the growing risks of data theft while browsing online, especially over public networks.

Identity Theft Victims in Numbers

1. Over 3.2 million reports of identity theft in 2023, a record high

The Identity Theft Resource Center reported that the U.S. experienced a significant increase in identity theft cases in 2023, affecting over 353 million people through data breaches. These incidents reflect a 78% rise from the previous year. This surge is attributed to the growing use of synthetic identity fraud and targeted cyberattacks.

(Source: Identity Theft Resource Center, 2024)

2. A new identity theft victim every two seconds

Although an older statistic, this figure remains relevant as fraud attempts, particularly synthetic identity theft, have grown to constitute 85% of reported fraud cases in recent years. In 2024, advancements in fraud detection technologies are being leveraged, but the threat persists.

(Sources: Incogni, 2024; Identity Theft Resource Center, 2024)

3. 416,582 cases of credit card fraud reported in 2023

Credit card fraud remains the most prevalent form of identity theft, accounting for about 40% of cases. Other methods, including tax fraud, phishing, and synthetic identity schemes, continue to expand.

(Source: FTC Consumer Sentinel Network, 2024)

4. Millennials and Gen X are most affected by identity theft

In 2023, individuals aged 30-39 reported the most cases, followed by those aged 60-69. Interestingly, military personnel also faced significant exposure, with nearly 39,000 identity theft reports originating from veterans and retirees.

(Source: ConsumerAffairs, 2024)

Cost of Identity Theft

5. Victims’ out-of-pocket costs are around $1.7 billion

Criminals use stolen personal information to make fraudulent purchases or loans, which leads to out-of-pocket costs for victims. Even though these costs can be reimbursed, victims still face expenses related to the recovery process.

(Source: Insurance Information Institute, 2024)

6. The cost of identity theft in 2023 was $1.4 billion

In 2023, identity theft victims lost $1.4 billion, according to the FTC. The impact on younger people is particularly high, with individuals aged 20-29 reporting the highest losses.

(Source: FTC Consumer Sentinel Network, 2024)

7. Data breach costs in the U.S. average $8.19 million per incident in 2023

Data breach costs have steadily risen over the years, with 2023 marking an increase to $8.19 million per breach, up from $7.91 million in 2018.

(Source: Digital Guardian, 2024)

8. In 2019, 14.85% of the 3 million fraud cases reported to the FTC were identity theft

Identity theft remains a significant issue in the broader landscape of fraud cases reported to the FTC. In 2019, nearly 15% of fraud complaints involved identity theft.

(Source: FTC, 2024)

Credit Card Fraud Statistics (2024)

9. 167,000 Reports of Credit Card Fraud in 2018

Credit card fraud remains one of the most common forms of identity theft across various age ranges. It affects all demographics, with the exception of individuals under 19, who typically do not have a credit card yet.

(Source: Federal Trade Commission (FTC) Consumer Sentinel Network Report, 2023)

10. Rise in Digital Payment Fraud in 2023-2024

With the growing use of digital wallets and online transactions, credit card fraud has shifted to include more online payment fraud. Fraud attempts through e-commerce platforms and subscription services have notably risen.

(Source: Identity Theft Resource Center, 2024, Federal Trade Commission (FTC), 2024)

11. FTC Data on Fraud by Type

Credit card fraud continues to be a leading issue, with millions of reports each year. The FTC’s 2024 report highlights the persistence of fraud schemes that target consumers through false advertising and phishing attacks related to credit card offers and services.

(Source: Federal Trade Commission (FTC) Consumer Sentinel Network, 2024)

Chances of Identity Theft: Latest 2024 Insights

12. Age Group Most Affected

• In 2023, individuals aged 30-39 accounted for 30% of all identity theft cases.
• This group experienced a significant increase in fraud reports, with a 33.4% rise compared to 2017-2018.

(Source: DemandSage)

13. Youth Targeted by Employment and Tax-Related Identity Theft

• For individuals aged 19 and under, 49.7% of fraud reports were related to employment and tax identity theft.
• This percentage is significantly higher compared to other age groups, where such crimes make up no more than 11.7% of reports.

(Source: LifeLock by Norton)

14. Child Identity Theft

• Minors are highly vulnerable to identity theft due to their clean financial records, making them prime targets for fraudsters.
• Educating children about online safety and utilizing parental control software can reduce the risk of exposure.

Historical Growth of Identity Theft Reports

(Source for 2023 data: FTC.gov)

How Many People Are Victims of Identity Theft 2024?  

As of 2024, identity theft continues to be a significant concern, with substantial financial losses reported.

15. Financial Impact of Identity Theft in 2024:

• Total Losses: In 2024, identity fraud cost Americans approximately $43 billion.
  (Source: AARP)
• Median Loss: The median loss for all identity fraud reports was $650.
  (Source: LifeLock)

16. Trends and Contributing Factors:

• Data Breaches: A 15% increase in data breaches in the United States has been reported, contributing to the rise in identity theft cases.
  (Source: Thomson Reuters)
• Synthetic Identity Fraud: This form of fraud, involving the creation of fictitious identities using real and fabricated information, is one of the fastest-growing financial crimes in the nation.
  (Source: Fool)

Data Breach Growth- 21st Century Plague

Data breaches have become increasingly prevalent, exposing personal information to unauthorized parties and leading to significant financial losses.

17. Data Breach Statistics for 2024

• Global Cost: The global cost of cyberattacks is projected to reach $9.5 trillion in 2024, with data breaches contributing significantly to this figure.
  (Source: KeepNet Labs)
• Number of Breaches: In the first half of 2024, there were 2,741 publicly disclosed data breaches in the USA, compromising over 6.8 billion records.
  (Source: IT Governance USA)
• Average Cost of a Data Breach: The average cost of a data breach was $4.88 million in 2024, the highest average on record.
  (Source: IBM)

18. Formjacking Trends

• Increase in Attacks: Formjacking attacks, where cybercriminals steal payment information from online forms, have increased by 117%.
  (Source: Jscrambler)

Medical Identity Theft Statistics

The healthcare sector continues to be a prime target for cybercriminals, with a significant increase in data breaches and compromised records in recent years.

19. Recent Statistics on Healthcare Data Breaches:

• 2023: An average of 1.99 healthcare data breaches involving 500 or more records were reported daily, totaling approximately 364,571 compromised records each day.
  HIPAA Journal
• 2024: Between January and September, there were 491 large-scale data breaches in U.S. healthcare organizations, resulting in the loss of over 6.8 million records.
  Statista

20. Notable Healthcare Data Breaches in 2024:

• September 2024: The Centers for Medicare and Medicaid Services (CMS) reported a significant breach due to the exploitation of a vulnerability in Progress Software’s MOVEit file transfer solution.
  (Source: HIPAA Journal)
• 2024: Over 14 million patients were affected by data breaches caused by malware attacks on U.S. healthcare organizations.
  (Source: Infosecurity Magazine)

Business Identity Theft Statistics 2024

Business identity theft remains a significant concern, with recent statistics highlighting the vulnerabilities and financial impacts on organizations:

21. Lack of Proactive Measures

Around 31% of small businesses surveyed in 2024 reported not taking adequate cybersecurity measures to mitigate identity theft risks. This leaves them highly vulnerable to cyberattacks and identity theft incidents, which can result in severe financial losses or even closure.

22. Financial Impact on the Financial Sector

In 2024, the average cost per data breach in the financial sector was reported to be $4.88 million, marking the highest average on record.

23. Projected Data Breaches

Cybercriminals are expected to steal approximately 33 billion records in 2023, with a significant portion of these breaches occurring in the United States.

(Source: Cybersecurity Ventures)

WiFi Identity Theft Stats

Public Wi-Fi networks continue to pose significant risks to personal data security. Recent statistics highlight user behaviors and perceptions that contribute to these vulnerabilities:

24. Online Shopping Over Public Wi-Fi

Approximately 42% of shoppers claim they would use public Wi-Fi networks to shop in the future, increasing the risk of exposing sensitive financial information to cyber threats.

25. Exposure of Personal Data

Nearly 9 in 10 people allow personal information to be exposed online while engaging in activities such as using email services or accessing bank accounts, often due to a lack of awareness about the associated risks.

26. Perception of Safety

Only 40% of consumers believe their personal information could be at risk when using public Wi-Fi, leading many to forgo protective measures such as Virtual Private Networks (VPNs).
(Source: Exploding Topics)

Identity Theft Facts

Recent statistics highlight ongoing concerns regarding online privacy and security practices:

27. Limited VPN Usage

75% of consumers do not utilize Virtual Private Networks (VPNs), leaving their online activities more susceptible to surveillance and cyber threats.
(Source: Surfshark)

28. Prevalence of Password Sharing

A significant 79% of consumers have shared their passwords with individuals outside their household, increasing the risk of unauthorized access and potential identity theft.
(Source: The Zebra)

How to Avoid Joining the Identity Theft Statistics

In 2024, identity theft remains a significant concern, with notable statistics highlighting the prevalence and impact of this crime:

29. Frequency of Identity Theft

An identity theft case occurs every 22 seconds, underscoring the widespread nature of this issue.
(Source: Identity Theft Resource Center)

30. Financial Losses

Traditional identity fraud losses amounted to nearly $23 billion in 2023, resulting in a 13% increase in overall losses for U.S. adult victims of identity fraud.
(Source: Javelin Strategy & Research)

31. Data Breach Incidents

In the first six months of 2024, there were 1,571 reported incidents of compromised data, representing a 14% increase compared to 2023.
(Source: Forbes)

32. Consumer Awareness

The Bureau of Justice Statistics found that 12% of people over 16 learned that an entity with their personal information experienced a data breach in 2021.
(Source: First Bank)

Conclusion

Identity theft is a growing threat, with millions of people affected each year. In 2023, over 745,000 identity theft reports were made to the FTC, and it’s estimated that cybercriminals will steal 33 billion records by the end of 2024. These statistics highlight the scale of the problem, showing how vulnerable personal information can be in today’s digital world.

Public Wi-Fi is one of the most common ways consumers unknowingly expose their personal data, with 87% of people leaving their information exposed while using unsecured networks. Additionally, many individuals mistakenly believe their information is safe online, contributing to the growing number of incidents.

Our identity is not only a reflection of who we are but also the key to our financial security. As we continue to live in a digital world, protecting our personal information is crucial to avoiding becoming part of these alarming statistics. By staying vigilant and securing our online presence, we can better safeguard our identities.