Moneyzine
/Insurance Guides/Identity Theft Statistics

Alarming Identity Theft Statistics & Facts for 2024

Radovan Sekulic
Author: 
Radovan Sekulic
Nikola Djordjevic
Editor: 
Nikola Djordjevic
14 mins
February 27th, 2023
Advertiser Disclosure
Alarming Identity Theft Statistics & Facts for 2024

With people increasingly relying on digital devices, their sensitive data is more vulnerable than ever to theft. In this overview of the latest identity theft statistics, we’ll examine how common ID theft is and how much money its victims lose each year. We’ll also take a closer look at the victims’ demographics and explore the effects of financial ID theft. Finally, we’ll discuss online identity theft and see how it affects individuals and institutions.

Top 10 Identity Theft Statistics and Facts for 2023

  • 33% of Americans have experienced some form of identity theft.

  • 42 million Americans were victims of identity fraud in 2021.

  • US identity theft victims lost an average of $1,238 per person in 2021.

  • Up to 5.7 million Brits were victims of identity theft in 2021.

  • Rhode Island is the US state with most identity theft cases per capita.

  • 2% of US children were victims of identity theft in 2021.

  • Government benefits fraud was the most common type of ID theft in 2021.

  • Americans reported 389,737 cases of credit card fraud in 2021.

  • Global payment card fraud losses in 2020 totaled $28.58 billion.

  • The losses from social media ID theft in 2021 totaled $796 million.

General Identity Theft Facts

33% of Americans have experienced some form of identity theft.

According to a 2018 survey conducted in six countries (Australia, France, Germany, Italy, the UK, and the US), the share of Americans who have fallen victim to identity theft (33%) is more than twice the average for these six countries (15%). Identity theft statistics worldwide put the US in the lead, with the UK in second (17%), Australia in third (13%), and France in fourth place (10%). The remaining two countries are in the single digits — Germany at 9% and Italy at 8%.

(Proofpoint)

42 million Americans were victims of identity fraud in 2021.

The number includes 15 million victims of traditional identity fraud, who suffered combined losses of $24 billion. Additionally, identity theft statistics for 2021 point to another 27 million victims of identity fraud scams, whose financial losses totaled $28 billion. Despite a 92.3% year-over-year increase in traditional identity fraud losses from $13 billion, the total monetary losses identity fraud victims suffered ($52 billion) were 7.1% down from $56 billion in 2020.

(Javelin Strategy & Research)

US identity theft victims lost an average of $1,238 per person in 2021.

With 42 million people affected and combined losses totaling $52 billion, an average US identity theft victim suffered $1,238 in financial losses. Of course, the actual losses vary based on the victim and the type of fraud, with businesses being hit the hardest. According to identity theft statistics from a 2022 IBM survey, the average global cost of a single data breach amounts to $4.35 million. The cost is much higher in the US, where it currently stands at $9.44 million.

(Javelin Strategy & Research, IBM)

Up to 5.7 million Brits were victims of identity theft in 2021.

This number translates to nearly 8.5% of the country’s population. Stats on identity theft reveal that 44% of the victims saw unauthorized money withdrawals from their bank accounts, while 28% had their bank info or credit card stolen and used. Additionally, 23% of the victims had new bank accounts opened in their name, 19% had new utility accounts set up using their personal info, 5% had their phones cloned, and 4% had fraudsters take out bank loans in their name.

(PR Newswire)

The global identity theft protection market was worth $10.07 billion in 2021.

With ID theft on the rise, experts saw the market’s value increasing to $11.39 billion in 2022. From there, identity theft protection statistics show the global market could reach $27.9 billion by 2029, growing by more than 177% over eight years. Besides investing in technology to prevent identity fraud, businesses and individuals are also paying for identity theft insurance. In 2022, the US ID theft insurance industry was worth $262.9 million, up by 5.6% year-over-year.

(Fortune Business Insights, IBISWorld)

Identity Theft Demographics

Rhode Island is the US state with most identity theft cases per capita.

In 2021, Rhode Island saw 2,862 ID theft cases per 100,000 people for a total of 30,270 reports. Other states with a high number of identity theft cases per 100,000 people include Kansas (1,355), Illinois (921), Louisiana (730), Georgia (624), Nevada (594), Colorado (591), Delaware (563), New York (561), and Florida (522). Meanwhile, the three states with the lowest identity theft rates are Wyoming (107 per 100,000 people), Montana (106), and South Dakota (77).

(Federal Trade Commission)

White Americans with high incomes are most likely to be victims of ID theft.

An in-depth analysis of 2018 identity theft reports found that White Americans account for 71.4% of all victims. Meanwhile, Hispanics account for 11.7%, Black Americans for 9.1%, Asian Americans for 5.1%, and all other ethnicities for 2.6%. Identity theft data also shows differences in terms of household income. Namely, those with $75,000 or more a year make up 50.9% of victims, compared to just 12.3% of Americans from low-income households (less than $25,000).

(Bureau of Justice Statistics)

Americans aged 30–39 reported most identity theft cases in 2021.

ID theft statistics from the Federal Trade Commission (FTC) reveal that people in this age group submitted 308,910 ID theft reports in 2021. This puts them ahead of those in the 40–49 age group (266,269 reports) and the 50–59 bracket (206,514). These three groups are most likely to be targeted by fraudsters because they have relatively secure jobs and higher incomes. They also use their personal details more often than others, thus making them more vulnerable.

(Federal Trade Commission)

2% of US children were victims of identity theft in 2021.

The US is facing a spike in child identity theft, statistics reveal. According to research, 1 out of 50 US children were victims of identity theft in 2021, while 1 out of 45 had their data exposed in data breaches. Overall, child identity theft cost families a combined total of $918 million in 2021. An average family lost $737 due to child identity theft and needed 13 hours to resolve each incident. Interestingly, in 73% of the cases, the perpetrator was someone close to the family.

(PYMNTS)

Financial Identity Theft Stats

Account takeovers made up 54% of all fraudulent transactions in 2020.

A study by Kaspersky found that the share of account takeovers — when fraudsters take control of their victims’ bank accounts — rose 20 percentage points from 34% in pre-pandemic 2019. The second most common form of financial ID theft was the creation of new bank accounts in victims’ names (14%). And while 12% of criminals used legitimate tools (i.e., remote access software) to commit fraud, 4% infected their targets’ devices with malware to access their data.

(Kaspersky)

Government benefits fraud was the most common type of ID theft in 2021.

In 2021, government benefits fraud led the identity theft numbers with 395,948 reports. This was a 2.8% decrease from 407,512 reports filed in 2020 and marked the second consecutive year this was the most common type of identity theft. In 2019, a year before the global pandemic, Americans reported just 23,242 cases of government documents and benefits fraud. As such, this type of identity theft saw an unprecedented 1,653.3% year-over-year increase in 2020.

(Federal Trade Commission)

Americans reported 389,737 credit card fraud cases in 2021.

Credit card theft statistics point to a 0.9% decrease from 393,378 reports filed in 2020. Yet despite this downtick, the number of credit card fraud cases has been steadily increasing in recent years. There were 133,107 such cases in 2017 — meaning that credit card fraud rates have gone up by 192.8% in the last four years. In 2021, most credit card fraud cases (363,092 or 93.2%) involved the creation of new credit card accounts using the victims’ information.

(Federal Trade Commission)

Global payment card fraud losses in 2020 totaled $28.58 billion.

The number was slightly lower than the $28.65 billion recorded in 2019. Yet despite this, facts about identity theft show the US actually saw a 6.5% increase in payment card fraud losses — from $9.62 billion in 2019 to $10.24 billion in 2020. Experts predict total annual losses could reach $49.32 billion by 2030, costing the global industry $408.5 billion between 2021 and 2030. Meanwhile, the US industry was expected to lose $12.16 billion to fraudulent transactions in 2022.

(Payments Dive, Insider Intelligence)

Stolen credit cards sell for up to $120 apiece on the Dark Web.

With 66.7% of Americans owning at least one credit card, they’ve become a dime a dozen for cybercriminals. It is thus no surprise that, according to statistics on identity theft, they command relatively low prices on the Dark Web. As of June 2022, stolen credit card details with a balance of up to $5,000 went for $120, while those with up to $1,000 went for $80. At the same time, online banking login credentials with a balance of at least $2,000 commanded $65 apiece.

(Privacy Affairs)

Internet Identity Theft Statistics

There were 1,862 data breaches recorded in 2021.

This number includes all types of data breaches, from cyberattacks to physical attacks. The year 2021 saw a massive 68% increase in the number of data breaches compared to 1,108 recorded a year earlier. However, the total number of victims was on the decline — from 310.1 million in 2020 down to 293.9 million in 2021. Overall, 83% of these incidents involved the leaking of sensitive information like social security numbers, an increase from 80% in 2020.

(Identity Theft Resource Center)

Healthcare data breaches affected 45 million Americans in 2021.

According to medical identity theft stats, the number marked a 32.3% increase over 2020, when healthcare data breaches affected 34 million people. What’s more, the number of victims of such incidents has more than tripled since 2018, when it stood at 14 million. The fact that the number of incidents went up by just 2.4% — from 663 in 2020 to 679 in 2021 — indicates that hackers have come up with methods to expose more medical records in a single data breach.

(Fierce Healthcare)

K-12 schools across the US reported 166 data breaches in 2021.

Child identity theft facts point to a 59% decrease in the number of data breaches targeting K-12 schools from the record-setting 408 incidents in 2020. Ransomware attacks accounted for 37% of the incidents in 2021, making them the most common attack type. Overall, K-12 schools across the US have reported 1,331 cybersecurity incidents since 2016. In 55% of these cases, cybercriminals targeted school district vendors (e.g., software providers) as the entry point.

(K-12 Dive)

70% of the most popular Android apps leak users’ personal data.

Online identity theft statistics from a 2019 study by NowSecure reveal that 70% of the 250 most popular Android apps could potentially leak their users’ sensitive data. Users of shopping apps are most at risk, as 82% of brick-and-mortar retailers’ apps and 92% of online-only retailers’ apps leaked at least some user data. The researchers also found that 48% of finance apps, 67% of travel apps, and 69% of insurance apps didn’t adequately encrypt users’ information.

(NowSecure)

More than 4,800 unique sites are compromised by formjacking each month.

Formjacking, one of the most prevalent identity theft trends in recent years, involves the hijacking of online forms where users enter their private data. Back in 2018, Symantec found that formjacking affected more than 4,800 unique websites each month. Considering that stolen credit card details went for $45 apiece at the time, the researchers concluded that hackers needed to obtain just 10 cards per affected site to net $2.2 million per month on the Dark Web.

(Symantec)

The losses from social media ID theft in 2021 totaled $796 million.

Every year, the FTC tracks where the reported identity fraud cases had originated, i.e., how the fraudsters got into contact with the victims. In 2021, only 9% of the reported cases with known contact methods originated on social media, identity theft statistics show. Yet despite the fact that social media ranked fifth on the list of the most common contact methods, it resulted in the largest total financial losses. Meanwhile, the median dollar loss per victim amounted to $400.

(Federal Trade Commission)

Identity Theft Statistics FAQ

How common is identity theft in the US?
How many identity theft cases were there in 2021?
How much does the average person lose from identity theft?
What is the number one type of identity theft?
How long can the effects of identity theft last?

Identity Theft Facts and Statistics: The Takeaway

With 42 million Americans affected and $52 billion in financial losses in 2021 alone, identity theft is a growing concern in the United States. Identity theft statistics show it is also a major issue elsewhere in the world, with up to 5.7 million people in the UK — nearly 8.5% of the country’s population — falling victim to ID theft in 2021.

As most websites and apps nowadays require users to share their sensitive data, working on improving people’s digital literacy is one way to approach this problem. At the same time, individuals and businesses are increasingly investing in identity theft protection services, which will help propel the global industry’s growth from $10.07 billion in 2021 to $27.9 billion in 2029.

Sources:

Related Content

Health insurance in the United States is a critical component of access to healthcare. A significant portion of the population remains uninsured despite various healthcare reforms and the expansion of government programs like Medicaid.
March 7th, 2024
Debt by State Mapped for 2024
This amount represents a 4.5% increase from Q2 2022, when the total consumer debt stood at $16.11 trillion. In turn, the period between Q2 2021 and Q2 2022 saw a higher increase of 7%.
February 14th, 2024
Analysis of the Current Best Places to Buy a House
According to the most recent estimations, around 100 million of these homes are single-family homes. They account for about 90% of all the housing units in the USA.
December 21st, 2023
Fascinating Web3 Statistics You Ought to Know
While the vast majority of Americans struggle with the meaning of Web3, seven in ten US Internet users also say that they don’t feel in control over how Web2 websites use their data. This suggests that users would like more autonomy, but ignorance is still an issue.
January 31st, 2024
Managing debt is a critical aspect of financial well-being, and in today's dynamic economic landscape, having access to reliable and free debt management resources can make a significant difference. Fortunately, a plethora of invaluable tools and services are available online without costing a dime.
December 7th, 2023

Contributors

Radovan Sekulic
Radovan is a journalism graduate with years of experience as a writer and editor. He loves dabbling in numbers and percentages, interpreting data, and trying to make sense of seemingly complex information and turning this into digestible articles. He is also a pop culture aficionado with boomer taste, and if he's not watching movies or reading on current events, he's probably busy getting cat hair off his furniture.
Nikola Djordjevic
Nikola has over five years of experience in content management. During that time, he’s worked on over twenty websites in a diverse set of niches, ranging from healthcare to finance—most of which he helped build from the ground up.
Moneyzine 2024. All Rights Reserved.