ITRC Research Charts Slight Decline in Identity Fraud, and Increase in Severity of Cases

The Identity Theft Resource Center has published its latest annual report, highlighting significant trends and changes observed in 2023, and underscoring the evolving tactics of identity criminals and the profound impact on victims.

One of the key findings of the “ITRC 2023 Trends in Identity Report” is a decline in the number of victims assisted by the ITRC in 2023, with 10,904 new victims reported, a 16 percent decrease from the previous year. Despite the decrease in the number of victims, the report notes an increase in the severity and complexity of identity misuse cases. Identity thieves have become more sophisticated, utilizing advanced techniques and AI-driven tools to create more convincing scams, particularly in job postings. This sophistication has led to a rise in more severe types of identity misuse, such as employment-related fraud and crimes committed using stolen Social Security numbers.

The report also highlights the types of identity crimes reported, with existing account takeovers and new account creation being the most common forms of misuse. Financial accounts, particularly credit cards and checking accounts, are frequently targeted. The report also notes a significant increase in reports of attempted misuse, indicating that while fewer victims may be reporting, the threat and attempts by identity criminals remain pervasive.

Demographically, the majority of victims fall within the 25 to 64 age range, with a notable representation of Black community members seeking assistance at a higher rate than the general population. The report also emphasizes the geographic distribution of identity crimes, with states like California, Florida, Texas, New York, and Pennsylvania reporting the highest number of incidents.

The report offers another illustration of the need for strong authentication mechanisms. With AI technology helping to fuel the evolution of fraud threats, advanced countermeasures are required to mitigate the toll of identity fraud.

Source: ITRC

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June 28, 2024 – by Cass Kennedy