What is identity theft and how much does it cost the US each year?

Results of the FTC survey indicate that the total cost of identity theft approaches $50 billion per year. The average loss from the misuse of a victim’s personal information is $4,800.

What is the estimated cost of identity theft in the United States?

$56 billion
The total cost of identity theft in 2020 was $56 billion, the highest number in recorded history. Identity fraud scams cost victims $43 billion and traditional identity fraud cost victims $13 billion, according to a 2021 study by Javelin Strategy & Research.

How much did identity theft cost America 2019?

The scope of identity theft

According to the Aite Group, 47 percent of Americans experienced financial identity theft in 2020. The group’s report, U.S. Identity Theft: The Stark Reality, found that losses from identity theft cases cost $502.5 billion in 2019 and increased 42 percent to $712.4 billion in 2020.

What are the statistics of identity theft?

33% of citizens in the US have experienced identity theft. The FTC handled 2.2 million fraud reports in 2020. One million child identity theft incidents occurred in 2020. Every year, 15 million Americans become victims of identity theft.

How much money is scammed each year?

Consumers reported losing more than $3.3 billion to fraud in 2020, up from $1.8 billion in 2019. Nearly $1.2 billion of losses reported last year were due to imposter scams, while online shopping accounted for about $246 million in reported losses from consumers.

How much money do banks lose due to identity theft?

According to a report by the Aite Group, identity theft cases resulted in losses of $712.4 billion in 2020. That was a 42% increase from 2019, when identity theft caused $502.5 billion in losses.

How often are identity thieves caught?

5. Are identity thieves ever caught? Identity theft statistics for 2020 are not available yet; however, 2006 research showed that federal authorities arrest only 0.14% of the criminals (one person in 700 identity theft suspects). In contrast, nearly 45% of violent crime and 16% of property crime suspects were arrested.

How often does identity theft occur in the United States?

Identity theft affects about 1 in 20 American each year. According to Javelin’s 2020 Identity Fraud Survey, 13 million consumers in the U.S. were affected by identity fraud in 2019 with total fraud losses of nearly $17 billion.