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In 2023, identity fraud cost Americans an estimated $43 billion, according to a report by Javelin Strategy & Research, co-sponsored by AARP. This figure represents a 13% increase from the previous year, highlighting a growing trend in financial losses due to identity fraud. The report indicates that approximately 15 million adults were affected by traditional identity fraud, which alone accounted for about $23 billion in losses. Additionally, scams orchestrated by criminals contributed over $20 billion to the overall losses .
The report identifies two primary categories of identity fraud: traditional identity fraud and identity fraud scams. Traditional identity fraud involves the unauthorized use of personal information, such as Social Security numbers and bank account details, while identity fraud scams often involve manipulating victims into revealing sensitive information .
Notably, account takeover fraud has become increasingly prevalent, resulting in nearly $13 billion in losses in 2023, up from $11 billion in 2022. New-account fraud also rose significantly, with losses reaching $5.3 billion compared to $3.9 billion in the prior year. The report suggests that the increase in losses may be attributed to criminals targeting larger payouts once they gain unauthorized access to consumer accounts .
Furthermore, the first half of 2024 has already seen 552,000 reported cases of identity theft, indicating a potential rise in overall identity theft cases for the year compared to 2023. more