23 Million Americans Are Victims Of Identity Theft Costing Over 15 Billion Dollars

Highlights

Per the USDOJ, 23 million persons reported that they had been victims of identity theft during the prior 12 months costing $15.1 billion.

Based on cybercrime and household crime data from Gallup, one could infer that half of American households were victims of crime yearly.

An estimated 7% of identity theft victims reported the crime to the police. Thieves focus on younger, higher-income people.

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I understand that the nation is focused on skyrocketing violence and fear of crime. But the criminological literature is filled with references to issues that lead to increased fear of crime (i.e., graffiti, vandalism, signs of disorder). Identity theft adds to their sense of vulnerability.

Per Gallup, 24 percent of households were victimized by violent or property crimes (excluding cybercrimes), up from the 22% who said the same last year. Beyond the 24 percent of households victimized by violent and property crimes, 23% of U.S. households were victimized by cybercrime, Gallup-2018.

Based on this data (and the fact that the great majority of crime is unreported), one could infer that close to half of American households were victims of crime in any given year.

In addition to Gallup’s 23% of U.S. households being victimized by cybercrime, we have a recent report from the Bureau of Justice Statistics of the US Department of Justice stating that 23 million persons were victims of identity theft.

The numbers victimized are enormous. It has implications for fear and overall crime policy.

Bureau Of Justice Statistics Report (rearranges quotes)

In 2018, an estimated 23 million persons, or about 9% of all United States residents age 16 or older, reported that they had been victims of identity theft during the prior 12 months.

Five percent of residents age 16 or older had experienced at least one incident involving the misuse of an existing credit card, and 4% had experienced the misuse of an existing bank account.

One percent reported the misuse of their personal information to open a new account.

Less than 1% had experienced the misuse of their personal information for other fraudulent purposes, such as for getting medical care, a job, or governmental benefits.

Half of all victims of identity theft (51%) were in households with incomes of $75,000 or more.

Financial losses due to identity theft totaled $15.1 billion among the 16.3 million victims age 16 or older with known losses of $1 or more (70% of all victims) in 2018.

Among victims who resolved the financial and credit problems associated with their identity theft, more than half (55%) did so in 1 day or less.

An estimated 7% of identity theft victims reported the crime to police, and 88% contacted a credit card company or bank.

Victims of new account misuse (15%) and personal information misuse (17%) were more likely to experience severe emotional distress than victims of the misuse of only one type of existing account (7%).

Frequency Of Victimizations

For 90% of identity-theft victims, the most recent incident involved only the misuse or attempted misuse of at least one type of existing account, such as a credit card or bank account. This included about 85% of victims experiencing the misuse of only one type of existing account.

The remainder (6% of victims) experienced the misuse of multiple types of existing accounts. A total of 1.9 million victims (8% of victims) experienced multiple types of identity theft during the most recent incident.

Of these, 1.3 million reported the misuse of multiple types of existing accounts, such as credit card, bank, telephone, or online accounts. The remaining 593,000 victims experienced a combination of misuse of an existing account, of personal information to open a new account, or of personal information for other fraudulent purposes.

Demographics Of Victims

The prevalence of identity-theft victimization was similar among males and females (9% each). Whites (10%) had a higher prevalence of identity-theft victimization than blacks (7%), Hispanics (6%), and Asians (8%).

Persons age 35 to 49 accounted for 24% of all U.S. residents age 16 or older, but they accounted for 29% of all victims of identity theft.

Source

Bureau Of Justice Statistics

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