According to Security.org, “every 4.9 seconds, someone becomes a victim of identity theft in the United States” and the Federal Trade Commission receives over 6.4 million reports of identity theft and fraud every year.
Identity theft incidents continue to climb, with the average amount lost reaching $400 per person. The highest number of cases are attributed to financial fraud, including credit card fraud, including stolen credit cards and opening fraudulent new accounts, and fraudulent bank transfers.
Interestingly, age and residence have an impact on the prevalence of identity theft. Millennials are hit the hardest, with 42% of millennials becoming identity theft victims, compared to 24% of Generation X, 21% of Generation Z, and a mere 11% of Baby Boomers. That said, Baby Boomers suffer the largest losses per incident due to bank account fraud. If you live in Florida, you are at higher risk, which contrasts with South Dakota, which has the lowest geographic risk.
Security.org suggests that simple measures can be taken to prevent identity theft, including checking your credit report, setting up account alerts, and reviewing privacy settings on social media accounts. Additional measures I’d like to include are:
- multi factor authentication on all financial accounts;
- checking explanation of benefit statements;
- being wary of vishing, phishing, smishing, and quishing requests;
- avoiding providing your credentials to anyone;
- avoiding any money transfer authentication through email;
- limiting sharing on social media; and
- staying informed of new fraud techniques.