Have you ever noticed a new credit card or loan account on your credit report that you don't recognise or inquiries for credit products you never made? There's a good probability that you may be a victim of identity theft. It is a form of financial fraud where threat actors use your personal data, such as your Social Security Number or government IDs, to secure new credit cards or file fake tax returns in your name.
According to the US Federal Trade Commission (FTC), over half a million cases of identity theft were reported in the first half of 2024, where most emerged from those aged between 30 and 39 in California, Texas, New York, and Georgia. Credit card fraud was the most prevalent type, followed by loan or bank fraud and benefits and tax-related fraud. There were around 215,000 cases of credit card fraud out of the 552,000 identity theft cases reported in the first half, with the figures expected to surpass those of 2023. Meanwhile, a Javelin Strategy & Research report estimated that losses related to identity theft cases in the US jumped $3 billion year-over-year to $23 billion in 2023 from $20 billion.
