The average financial loss from identity theft per victim varies widely, with recent U.S. data for reported cases showing a median loss of around $500, but an average loss of over $12,000 for reported incidents involving a financial loss.
More than $12.5 billion was lost last year to fraud and identity theft, according to the Federal Trade Commission, but the dollars lost aren't the only casualties of the crime.
Financial identity theft.
This is the most common form of identity theft — when someone uses another person's information for financial gain.
Please step aside.” Admittedly, this dramatic scenario is uncommon, but the typical consequences of identity theft can range from annoying to life-shattering. Replacing all the credit cards from your wallet is irksome. Having to prove you're not the person who used your identity to commit crimes is devastating.
2.1 million Australians (11%) experienced one or more types of personal fraud in 2020-21. Personal fraud is a type of fraud in which someone steals someone else's credit card information or bank account information for financial gain.
More than 1 in 5 (22%) of Americans report being victims of identity theft. The most common types of identity theft they've fallen victim to include financial (73%), employment (13%), and synthetic ID theft (10%).
Stealing $90,000 is generally not a summary offence; it's a serious indictable offence, meaning it's usually heard in higher courts, but in some Australian states like Victoria, the threshold for summary hearing in a Magistrates' Court is often under $100,000, making it potentially triable summarily if both the prosecution and accused agree, though it remains a serious matter with potential for significant jail time, depending on jurisdiction.
This is because each case of identity theft is unique, and the recovery timeline can depend on many factors. For example, a 2023 report from the Identity Theft Resource Center (ITRC) showed that 71% of consumers that reported identity misuse to them were able to resolve it within a month.
What Can Scammers Do With Your ID or Driver's License?
Here's an in-depth look at nine potential effects of identity theft and tips to help you resolve the issue as quickly as possible.
Clues That Someone Has Stolen Your Information
Identity Theft: If you think an identity thief is using your SSN to work or to collect benefits, call the Social Security Fraud Hotline at 1-800-269-0271. If you think someone may be using your SSN to work, check your Social Security Personal Earnings and Benefit Statement.
The Best Victims for Identity Theft: Who's Most at Risk and How to Protect Yourself
Call or email the fraud department of the companies, banks or credit unions where accounts have been compromised. Explain that someone stole your identity and ask them to close or freeze the compromised account.
Banks may refund scammed money, but it heavily depends on whether the transaction was authorized or unauthorized, how quickly you report it, and the specific circumstances, with refunds more likely for unauthorized fraud (hacks) than for authorized payments where you were tricked into sending money (like romance scams or investment scams), though credit card chargebacks and consumer protections offer avenues for recovery. Your best chance for a refund involves immediate reporting, especially for unauthorized transfers, using credit cards for payments, and providing documentation to your bank.
True identity theft
—to create new accounts, leaving you responsible for the debt. This includes paying for goods and services in your name. Example: You receive a bill for a credit card you never applied for, indicating someone has opened an account using your identity.
Yes, someone can steal your identity with your government-issued ID or driver's license. Any documents that contain Personally Identifiable Information (PII) – including your full name, home address, date of birth, photo or even your signature – can be used to steal your identity and target you with phishing scams.
Most people aren't eligible to change their SSN, which is why, once again, it's important to detect the red flags and know how to identify signs of suspicious activity. If someone steals your SSN, they can use it to: Secure employment. Open bank accounts or obtain credit cards.
One way is to regularly review your credit and personal information for signs of suspicious activity. Another is to subscribe to a service like the TransUnion Credit Alert service. When anyone applies for credit from any credit or service provider, an enquiry on that person's credit report is made at a credit bureau.
If they confirm the fraud claim is legitimate, they'll refund the customer. Some cases are more complicated, and banks may take up to 45 days for these. In such situations, they must still provide a temporary refund to customers within the first 10 days.
Simple incidents of opportunistic fraud may only take anywhere from a day to a week to close the book on. More sophisticated fraud cases – especially those involving fraud rings – can take months or even years, often requiring the assistance of law enforcement.
To report identity theft, contact: The Federal Trade Commission (FTC) online at IdentityTheft.gov or call 1-877-438-4338. The three major credit reporting agencies. Ask them to place fraud alerts and a credit freeze on your accounts.
Yes, first-time offenders can go to jail in Australia, especially for serious crimes like sexual assault, but it's not automatic; courts often prefer alternatives like fines, community service, or good behaviour bonds for less severe offenses, focusing on rehabilitation, though the outcome depends heavily on the specific offense's severity and circumstances.
They are asset misappropriation, bribery and corruption, and financial statement fraud.