Regardless of whether you've been the target of identity thieves, it's important to stay vigilant and take precautions against it. Of the victims of identity theft, 97.2% took action to reduce the risk of identity theft. Once your identity has been compromised, it's important to take additional precautions so that it doesn't happen again. Those most vulnerable to identity theft are often people who have already been victims. The average time spent in resolving financial or credit issues for those who resolved identity theft was 3.9 hours. However, 86% of victims were able to recover their losses. Incidents where identity thieves opened up new accounts using someone else's credit made up 3.2% of cases.Ībout 59% of identity theft victims in 2021 suffered financial losses, totaling $16.4 billion, according to the Justice Department report. Activity involving existing credit card and bank accounts comprised 54% of all identity theft cases. The most common identity theft type was fraudulent use of an existing account. ID thieves mainly target credit card and bank accounts Reports of identity theft to the FTC continued to rise in 2021, reaching 1.43 million. Separate data compiled by the Federal Trade Commission show the number of identity theft reports it received during the pandemic doubled from just over 650,000 in 2019 to 1.39 million in 2020. The report released Thursday provides further insight into the scale of identity theft in the US, a problem that by some measures appears to be worsening, despite growing awareness and increased efforts to combat it. The report also shows that 22% of US residents over 16 - nearly 59 million people - have experienced identity theft at some point in their lives. That's the same percentage of people in that age group who were victimized by identity thieves three years earlier. The Bureau of Justice Statistics report found that 23.9 million people over the age of 16 had their identities stolen in 2021, the most current data available for the study. New data from the Justice Department show identity theft affecting about 9% of the US population, with victims losing an average of $1,160 each.
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