Many Americans have taken steps in recent years to protect their identity. According to a recent report, total dollars lost due to identity theft in 2023 was nearly $23 billion. If you haven’t taken measures to protect yourself, it may be a good idea to consider your options.1
Identity theft is a crime in which an individual illegally obtains and wrongfully uses another person’s personal information, such as a Social Security number, bank account number, or credit card number, generally for financial gain. Once a thief has possession of your personal information, it may be used to obtain a loan, run up credit card debt, or commit other crimes.
Individuals can take four steps to help protect themselves against identity theft. These steps are represented by the acronym S.C.A.M.
Government agencies, credit card companies, and individuals have become smarter about protecting data and identifying perpetrators. But identity thieves consistently devise new strategies to obtain personal information.
Having your identity stolen may result in out-of-pocket financial loss, plus the additional cost of trying to restore your good name. Help protect yourself by using caution when sharing your personal information and keeping an eye out for warning signs.
The Age of Risk
Instances of identity theft are more frequent among individuals aged 60 to 69.
Chart Source: Federal Trade Commission, 2024
1 Javelin Strategy & Research, 2024
