Identity theft and fraud in the past several years have skyrocketed across the globe, causing concerns among individuals and businesses.
In 2022, the Federal Trade Commission received 5.7 million in fraud and identity theft reports, according to the National Council on Identity Theft Protection. The problem is ubiquitous. Experts say these cases occur so often that there is a new victim every 22 seconds.
Government documents or benefits fraud tops the list of identity theft types, the National Council reports. The median loss of fraud cases for victims nationally is about $500, with total losses last year estimated to be $10.2 billion.