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With convenience, we can use our mobile devices to do almost anything. Daily functions like shopping, working, and communicating have become more digital than ever before. As the digital world grows, identity thieves rapidly grow alongside us, giving them more opportunities to target and exploit victims. As a result, in 2023 consumers reported losing nearly $43 billion to fraud (according to AARP).
Check out these five facts illustrating the magnitude of the identity theft crisis. Then, evaluate your level of risk and craft a plan to protect your identity.
1. 1 in 20 adults falls victim to identity theft each year.
Identity theft can happen close to home. According to the FTC, 5% of all consumers will fall victim to identity theft each year, which is a significant and recurring issue.
2. 22% of all reports submitted to the FTC were about identity theft.
In 2023 there were 4.7 million fraud cases reported to the FTC’s Consumer Sentinel Network. 22% of those cases were reported as identity theft. Identity theft was the most commonly reported incident, topping common scam types like impostors and financial investments.
3. Credit card fraud is one of the most reported forms of identity theft.
In 2023, there were 416,582 credit card fraud cases reported. Followed by government documents and loan fraud.
4. Millennials remain the most common target for identity theft.
Although identity thieves can strike any age, reports have shown that people between the ages of 30-39 remain the most victimized by identity theft since 2020. Ages 40-49 are a close second.
5. Social media users are more likely to fall victim to identity theft.
Posting personal information such as your full name, date of birth, and address on social media can make your identity more accessible to thieves.
How does BBB help?
Anyone who leaves a paper trail or has a digital footprint is vulnerable to identity theft, which means that the risk affects virtually everyone. However, there are numerous steps you can take to safeguard yourself. One effective measure is to maintain proper digital hygiene by adhering to the Better Business Bureau's guide to data privacy. We host events dedicated to identity theft awareness throughout the year, including Shred Day events that take place across the U.S. and Canada throughout the year. On Shred Day, we offer free on-site document destruction to all who need it. Shred Day is part of a national campaign that seeks to reduce identity theft and broaden scam awareness in our communities.
BBB Greater Maryland submitted this article.