Every year, millions of people are impacted by identity theft. The 2024 Consumer and Business Impact Report from the Identity Theft Resource Center (ITRC) is packed with key statistics to show how serious the issue has become. This report is based on surveys of two groups:
- General Consumers: Survey participants who may or may not have experienced identity theft.
- Identity Theft Survivors: Survey participants who contacted the ITRC for help after their identity was stolen.
The findings reveal alarming trends in identity theft, the impact it can create, and the steps people are taking to help protect themselves.
Eye-Opening Identity Theft Statistics from 2024
Identity theft attacks are continuing to become more common and more costly.
Identity Theft is on the Rise
A study from IPX shows 38% of Americans have been scammed in their lifetime. Meanwhile, this year, more than half of the people surveyed by the ITRC said their personal information was stolen or misused. This is a big jump — 21% higher than last year.
First-time victims made up 45% of the cases, but identity theft often doesn’t stop there. Nearly half of survivors said they had been targeted multiple times.
Data Breaches Are Fueling the Problem
Data breaches are a big contributor to the growth of identity theft, with more than 1 billion victims in the first half of this year alone, compared to the 353 million victims in the U.S. last year. This year, 81% of respondents said they received at least one data breach notice, compared to 44% last year.
It’s not just a single breach, either. About 43% reported getting multiple notices. These repeated breaches can make it even harder for people to protect their information and add to the stress of protecting personal data.
The Financial Fallout of Identity Theft
Of all the consequences of identity theft, the financial impact may be the most pronounced. A report from AARP found that identity fraud cost Americans $43 billion last year. Research from the ITRC shows nearly one in eight survivors reported losing over $10,000 to identity theft this year.
Even those who lost less than $10,000 saw a similar aftermath from the cost of identity theft. Almost a third reported taking on debt and struggling to pay rent and other bills.
The Emotional and Mental Health Toll
The aftermath of identity theft can have a lesser-known side: the profound emotional impact. The trauma of identity theft deeply affects people’s mental health and well-being. The ITRC reported that 87% of survivors said they felt anxious, frustrated, or depressed because of what happened to them.
In the worst cases, identity theft can even lead to thoughts of suicide. Alarmingly, 5% of general consumers and 12% of survivors who contacted the ITRC said they had considered self-harm.
What People Are Doing to Stay Safe
The ITRC researched steps people are taking to help protect themselves from identity theft. Here's what they found:
Awareness is Growing
More people are learning about how to help protect their information online. About 75% of respondents said they now feel more knowledgeable about cybersecurity.
Many people are also turning to identity protection services such as IdentityIQ for added security. These services can monitor your information and alert you to potential risks.
Smarter Habits Make a Difference
People are changing their habits to help protect their personal information:
- Freezing credit: 38% of consumers are freezing their credit, which helps prevent criminals from opening accounts in their name.
- Using password managers: 43% of people now use password managers to create strong, unique passwords for their accounts.
- Adopting passkeys: Passkeys, a newer and more secure login method, are becoming more popular. Unlike passwords, passkeys can’t be stolen in a breach or tricked out of someone through phishing.
These habits can make it much harder for identity thieves to succeed.
Tips to Protect Yourself
Identity thieves' tactics are always evolving, so your protection should be too. Here are steps you can take to help reduce your risk of identity theft:
- Use strong passwords: Each account should have a unique password. Password managers can generate strong passwords and safely store them.
- Enable multi-factor authentication (MFA): Nearly 90% of cybersecurity professionals across the world agree MFA is an effective protection feature. MFA adds another layer of security by requiring you to confirm your identity in more than one way.
- Use passkeys: If your accounts support passkeys — like a fingerprint or facial scan — use them instead of passwords for stronger security.
- Freeze your credit: If you don’t plan to apply for a loan or new account, freezing your credit can help stop criminals from opening accounts in your name.
- Monitor your financial accounts: Regularly check your bank statements and credit reports for unusual activity. Report suspicious activity immediately.
💡 Learn More: How to Recover from Fraud and Identity Theft
IdentityIQ can offer even stronger protection with services including:
- Credit monitoring: Credit monitoring alerts you in real time to possible suspicious activity and significant changes in your credit report.
- Dark web and internet monitoring: Keeps an eye on leaks of your personal information across the internet and dark web.
- Identity theft insurance: Insurance coverage of up to $1 million, underwritten by AIG, to help cover costs associated with identity theft.
⭐️ Learn More: How We Protect You
Bottom Line
The 2024 Consumer and Business Impact Report from the ITRC shows the widespread impact of identity theft. From financial losses to emotional stress, the impact can be overwhelming; but there’s hope. Strong cybersecurity practices and tools such as IdentityIQ can help you protect your personal information, minimizing undue stress.
IdentityIQ offers award-winning services to help you protect your identity and your peace of mind. Don't wait for an incident to happen — get started with IdentityIQ today.
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