5% of the US Population has Been an Identity Theft Victim
According to a recent published survey done by the Bureau of Justice Statistics (BJS) 11.7 million people have become victims of identity theft, which represents about 5% of the US population 16 years and older. The survey also stated that the total financial losses due to identity theft were more than $17 billion.
Of the 11.7 million identity theft victims 6.2 million of them experienced the unauthorized use or attempted use of an existing credit card account. This is the most common from of identity theft due to how easy it is to steal someone’s credit card and use it. 4.4 million people experienced misuse or attempted misuse of a banking account, which also includes debit, checking or savings accounts. 1.7 million people had their information used to open new accounts and still another 618,900 people had their information used to commit crimes such as fraudulently obtaining medical care or government benefits or providing false information to law enforcement during a crime or traffic stop.
23% of people affected by identity theft suffered out of pocket expenses, with the average loss being $1,870. 1/3 of people affected by identity theft spend upwards of a month cleaning up the mess caused by it.
All these statistics are a little disheartening, but it’s not all bad. The Red Flag laws are finally going to stick and be enforced and local and federal police are more aware and prepared to combat identity theft as well. The facial recognition systems used to identity duplicate drivers license applicants is a good step in the right direction as well. Of course great tools like LifeLock are always there to protect you encase of an identity theft. As thieves become more cunning and inventive lets just hope law enforcement and companies like LifeLock do as well.
