Myths about Who is Affected by Identity Theft & Scams (Fraud)

It is a common belief that Identity Theft and Fraud mostly happens to the aged. Here are two graphs for you to consider.

What do the graphs tell us?
In the case of the graph on the left (Identity Theft), those in the age group between ages 30 and 39 were significantly more susceptible. They were about double the other groups and nearly 3.5 times more than seniors!

In the second graph (Fraud or Scams), they combined the 20-29 & 30-39 age groups and the 40-49 & 50- 59 age groups. This is probably because we are living longer and the 60+ age group spans a greater number of years. The graph shows seniors are less susceptible to fraud than the two younger groups.

What is even more scary?
According to the Federal Trade Commission's 2022 Consumer Sentinel Network Databook, they received over 1.1 million identity theft reports in 2021. However, they estimate there may be as many as 9 million unreported identity theft cases annually. If true, only 10% of Identity Theft is reported each year.

According to a 2022 study by Javelin Strategy & Research Group, there were 42 million victims of fraud in the U.S. in 2021, but around 7 million incidents (17%) were reported to authorities or credit agencies!

What’s the Point?
Identity Theft and Fraud (scams) affect all adults and all of us are susceptible. This reality makes it more important than ever for all of us, regardless of age group, to be diligent and actively vigilant to STOP & THINK before we answer, click or respond to unsolicited communications. It can be heartbreaking if we don’t.

Our Advice
Be diligent and cautious when using digital tools. They are important, necessary, and useful in our everyday activities. Whatever your financial need, we’re here to help.