The only way to fight the threat is to combine communication and collaboration, working together to present a united front against the perpetrators. Reasons for not approaching authorities could include blaming oneself for the theft, not considering the crime serious enough, or the monetary amount involved being low.The fact that over 20% of people believe that online crime is not as bad or serious as crime in “real life” shows that many people remain uninformed of the menace of . are even more serious, with 80% of businesses saying their fraud-related losses have increased. cases might be higher (or at least, more widely reported) among younger consumers, it has been found that the average money lost per case is much higher for the older population. We are sure these carefully collected data points will help you develop a clearer understanding of the identity theft problem, including its extent, impact, causes, and possible means of control. Identity theft has emerged as one of the most serious and prevalent forms of cybercrime, especially for e-commerce customers.
In the US, based on the above data, that figure comes to more than 45,000 identities stolen every day. Victims have been known to lose their entire life-savings within seconds because of , and we have already examined the financial and emotional impact of online fraud.A further 17% believe that it is acceptable to use a false email or someone else’s email to identify themselves. 91% of Americans indicate that they consider an attack against their personal data as “very stressful,” compared to 81% Europeans. By comparison, 2012 was much higher at a loss value of $21.8 billion. In contrast to the fairly high number of American users who do this, the rate in some countries like the Czech Republic, Austria, Hungary, and Romania is less than 20%.This is a concerning figure since half of the web traffic globally now takes place through mobile devices. According to , online payment fraud itself is expected to grow 13.7% annually between 2017 and 2022. show that changing one’s online credentials regularly is one of the smartest ways to avoid becoming the target of an identity theft. Since the General Data Protection Regulation (GDPR) took effect on May 25, 2018, there has been a marked improvement in voluntary reporting of data breaches in Europe. The breach is believed to have begun in May, but was observed only by the end of July. Such beliefs are indications that many customers still do not take online fraud as seriously as they would any type of fraud or misrepresentation in real life. While not all impostor scams result in loss of money, one in five victims do lose a substantial sum, with the total value of money lost in 2017 being $328 million in the US alone.

From identity theft through to using the young and naïve as money mules to launder money, the economic and social harm to the nation is growing. Other common types are According to a report from the Identity Theft Resource Center on , the number of credit card numbers exposed in 2017 totaled up to 14.2 million. GDPR is a regulation in European Union law that aims to give control to individuals over their personal data and to simplify the regulatory environment for international business. It should be noted that this data comes with the caveat that the FTC report is compiled using reported cases of identity thefts and all actual cases might not get reported. The answer to the question “How many people each year are victims of identity theft?” is not the same as “How many people actually report an identity theft?” According to another study by the Australian Payment Network, the 55-plus population, traditionally at risk from phone and email scams, is now experiencing a growing rate of identity theft. Consider these identity theft statistics: In 2019, 14.4 million consumers became victims of identity fraud — that’s about 1 in 15 people; Overall, 33 percent of U.S. adults have experienced identity theft, which is more than twice the global average; One in five victims of identity theft have experienced it …

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