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A variation of identity theft that has recently become more common is synthetic identity theft, in which identities are completely or partially fabricated. [15] The most common technique involves combining a real social security number with a name and birthdate other than the ones that are simply associated with the number.
Identity theft is a major problem. According to the Federal Trade Commission (FTC), there were more than 650,000 victims of identity theft in 2019, making ID theft the most-reported type of FTC ...
In 2012, identity theft was blamed for $4 billion of fraudulent tax refunds by the Internal Revenue Service (IRS) [8] and 770,000 taxpayers have been the victims of tax identity theft by 2013. [9] A public-private initiative by the IRS and employers in 2016 resulted in a 50% drop in incidents of taxpayer identity theft reports. [10]
Identity theft is the unauthorized use of another's personal or financial information to defraud an individual or entity into obtaining goods or services. The term 'personal or financial information,' typically refers to a person's name, address, credit card, bank account number, Social Security number, or medical insurance account number.
Total fraud and identity theft cases have nearly tripled over the last decade. As a result, an estimated $10.2 billion in total fraud losses with a median loss of about $500 for fraud victims.
Your name, credit history and bank account information is worth big bucks to criminals who want to benefit from your hard work. Identity theft cost people and businesses more than $10 billion in 2022.