This Is How Common Identity Theft Is In New York

Samuel Stebbins, 24/7 Wall St. New York City

July 24, 2022

Identity theft is on the rise in the United States. According to the Federal Trade Commission?s Consumer Sentinel Network report, the number of reported cases more than doubled from about 650,500 in 2019 to 1.39 million in 2020. Identity theft cases continued to grow nationwide in 2021 when a total of 1.43 million cases were reported to the FTC.

Identity theft is a crime that involves theft of an individual?s personal information and credentials ? such as their Social Security number or bank information ? often for the purposes of financial fraud. One possible explanation for the surge in 2020 is the pandemic and the legislation that included more than $5 trillion in various government benefits to help financially strapped Americans. This provided a larger scale opportunity for scammers and identity thieves.

In New York, there were 109,466 cases of identity theft logged by the FTC in 2021, or 563 for every 100,000 people ? the eighth highest population-adjusted case rate among states.

All told, fraud and scams ? including those committed through identity theft ? resulted in $280.9 million in losses in the state in 2021. The typical fraud case in New York resulted in a loss of about $500 last year.

All data used in this story is from the FTC?s 2021 Consumer Sentinel Network Data Book.

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This story was originally published by 24/7 Wall St., a news organization that produces real-time business commentary and data-driven reporting for state and local markets across the country.