Two words can send a chill down any consumer\u2019s spine: identity theft.<\/p>\n\n\n\n
In an increasingly digital world, as more and more transactions are processed online, a growing number of people have become victims of identity theft fraud. An even larger number are familiar with the tales of financial loss and the weeks, months, or even years of effort it may take to undo the damage done.<\/p>\n\n\n\n
What is identity theft, specifically? It\u2019s when someone (often a cybercriminal) steals personal credentials\u2014like your name, social security number, or credit card information\u2014to commit fraud or other illegal acts.<\/p>\n\n\n\n
The Federal Trade Commission<\/a> (FTC) said nearly 1.1 million cases of identity theft were reported in 2024. In fact, identity theft is the largest category in the agency\u2019s Consumer Sentinel Network\u2014a secure database containing consumer reports about marketplace problems. Although the total number of identity theft cases reported was down from a 2021 peak\u2014when identity theft cases spiked to over 1.4 million<\/a>\u2014the volume was almost double the pre-pandemic total: 649,390 cases in 2019.<\/p>\n\n\n\n \u201cI think skyrocketing is probably even too soft of a word,\u201d says Eva Velasquez, president and CEO of an organization in San Diego that provides free resources to individuals dealing with identity fraud. \u201cDuring the pandemic, we saw the rates increase at such a magnitude. It was already growing. It\u2019s been steadily growing. It\u2019s been the number one fraud type complaint to the FTC for 20 years.\u201d<\/p>\n\n\n\n