Debt.com survey shows 43% have already had their identities stolen – and more than 1 in 5 were children.
FORT LAUDERDALE, Fla., Dec. 9, 2024 /PRNewswire/ — Many Americans have already been victims of ID theft, and 6 in 10 believe artificial intelligence will spread the crime even further, according to a new Debt.com survey of 1,000 adults.
Debt.com’s annual ID theft survey is timed with Identity Theft Awareness Month. This year, AI has respondents worried about three distinct misuses of AI technology:
- 29% : Deepfakes – AI used to impersonate audio and video of known individuals.
- 21%: Generative AI – Technology used to create realistic social media profiles.
- 28%: AI-powered password cracking – Technology that analyzes large amounts of data to identify patterns and predict passwords.
“Identity theft became the world’s most frequent crime with the rise of the Internet,” says Debt.com founder, CPA, and financial expert Howard Dvorkin. “It’s certain to take another big leap as AI becomes more powerful and prevalent. Cyber thieves love technology even more than the rest of us.”
While Dvorkin wasn’t surprised that 43% of respondents have already experienced identity theft, he was disturbed that roughly 1 in 5 (23%) have, or are related to, a child who has been a victim of the crime.
“Besides being unsettling, stealing a child’s identity can be even harder to fix,” Dvorkin says. “The reason is simple: Children aren’t checking their credit and identity thieves have more time to get away with the crime.”
Victims of ID Theft Measure the Cost in More than Money
For 23% of respondents, identity theft cost them at least $500 in stolen money or to fix the problem. Of the victims who incurred debt:
- 23% took on $0–$250 of debt
- 40% took on $251–$500 of debt
- 37% took on $501 or more of debt
For 17% of respondents, identity theft harmed their credit score. Of the victims whose credit scores were affected:
- 73% had a drop in score of 10-100 points
- 10% had a drop in score of 101-200 points
- 9% had a drop in score of more than 200 points
How Victims Discovered Their Identity was Stolen
The study also found that victims learned their identity was stolen in various ways:
- 38% noticed unfamiliar withdrawals from their bank account
- 16% had missing bills or other mail
- 30% discovered unfamiliar charges on their credit report
- 18% received calls from collectors about debts that weren’t theirs
- 28% received data breach notifications
- 27% received suspicious activity alerts
Measures to Stop Identity Thieves in Their Tracks
Consumers have some power to stop ID theft and mitigate some of the damage to their credit:
- Pull and check their credit report
- Respond to breaches
- Contact the credit bureaus if something suspicious is discovered
- Change passwords often
- Place a freeze on credit when needed
“We tell children to be careful talking to strangers – that goes for digital ones, too,” Dvorkin says. “When dealing with identity theft, you have more control than you think.”
About Debt.com
Debt.com is a consumer website that provides resources for managing credit card debt, student loan debt, tax debt, credit repair, bankruptcy, and more. Debt.com partners with vetted and certified providers, offering expert advice and solutions for consumers “when life happens.”
SOURCE Debt.com
