THE SCOPE OF IDENTITY THEFT
The 2017 Identity Fraud Study, released by Javelin Strategy & Research, found that $16 billion was stolen from 15.4 million U.S. consumers in 2016, compared with $15.3 billion and 13.1 million victims a year earlier. In the past six years identity thieves have stolen over $107 billion.
Following the introduction of microchip equipped credit cards in 2015 in the United States, which make the cards difficult to counterfeit, criminals focused on new account fraud. New account fraud occurs when a thief opens a credit card or other financial account using a victim’s name and other stolen personal information.
IDENTITY THEFT AND FRAUD COMPLAINTS
The Consumer Sentinel Network, maintained by the Federal Trade Commission (FTC), tracks consumer fraud and identity theft complaints that have been filed with federal, state and local law enforcement agencies and private organizations. Of the 3.1 million complaints received in 2015, 16 percent were related to identity theft. Identity theft complaints increased by more than 47 percent from 2014, they were the second most reported after illegal debt collection. The FTC identifies 30 types of complaints. In 2015 debt collection complaints displaced identity theft in the top spot among complaint categories for the first time in 16 years, due in large part to a surge in complaints related to unwanted debt collection mobile phone calls.
Identity Theft And Fraud Complaints, 2012-2015 (1)