Affecting 40 million people in the U.S. alone in 2022, identity fraud and identity theft have cost the victims billions of dollars in losses. As identity theft reports keep increasing rapidly, you may be wondering—how many new cases of identity theft are there daily?

To help you understand the true scope of this threat, we’ll look into the daily identity theft numbers. We’ll take special note of child identity theft—a particularly common and heinous form of this crime.

Estimates of Daily New Identity Theft Cases

Thousands of new cases of identity theft are reported daily in the U.S. alone. In fact, the Federal Trade Commission (FTC) reported that there were over 1.1 million cases of identity theft in 2022, which translates to roughly 3,000 cases per day.

Identity theft victims also reported a loss of $8.8 billion in 2022, which is an increase of over 30% compared to the $6.1 billion lost by Americans in 2021. These statistics show the growing impact this crime has on the victims.

Identity Theft Reports by Type in 2023

Depending on the methods identity criminals use, there are different types of identity theft. According to a 2023 report by the FTC, credit card fraud emerged as the leading type of identity theft. Consumers frequently reported unauthorized use of their existing credit card details or misuse of their personal information during new card applications.

Still, identity theft can take on many other forms. Here’s an overview of the common ID theft forms to look out for and the estimated daily reports for each type as of June 2023:

Rank	Theft Type	Estimated Number of Daily Reports
1	Credit card fraud	1,141
2	Other identity theft	715
3	Loan or lease fraud	410
4	Bank account fraud	375
5	Government documents or benefits fraud	245
6	Phone or utility fraud	219

Who Is Most Affected by Identity Theft?

People of different age groups and social profiles face varying degrees of risk when it comes to identity theft. While no one is completely immune, certain groups are more vulnerable than others. These include:

1. The elderly
2. People with high income or good credit
3. Members of the military
4. Children

Elderly

Identity thieves often target senior citizens since they’re more likely to have accumulated savings and an established credit history. Older individuals may also be less informed about the techniques and technology identity criminals use to obtain information. This makes them more susceptible to scams via phone calls, phishing emails, and fraudulent mail.

People With High Income or Good Credit

Individuals who have a steady income and maintain good credit scores are often attractive targets for identity thieves who aim to open new accounts or secure large loans. Financially stable victims may not immediately notice the charges or accounts opened in their name, allowing new cases of identity theft to go undetected every day.

Members of the Military

Military personnel have access to benefits like healthcare, life insurance, and government travel cards that identity criminals look to exploit. Plus, given the frequent moves and deployments associated with military life, fraud is more difficult to detect because of the lengthy paper trail.

A study conducted by the FTC revealed that military members were more than twice as likely than civilians to report fraud incidents. Identity thieves specifically target IDs, mail, personnel records, and government computer systems to obtain their victims’ financial and medical information.

Children

Child identity theft is becoming increasingly prevalent. Minors are particularly vulnerable to ID theft for three main reasons:

1. Minors usually don’t have a bad credit history associated with their identity
2. Most minors’ identities aren’t being monitored, allowing fraud to go undetected for a long time
3. Children born after 2011 were issued randomized Social Security numbers (SSNs). Before that, SSNs were tied to birthdate and geolocation and were harder to steal

Identity thieves or even parents or other family members who engage in identity theft can open accounts in a child’s name without it being detected for years. By the time victims are 18 years old and need student loans or want to apply for a credit card, the damage has already been done.

Proactive Measures To Reduce Child Identity Theft

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To protect your child from falling victim to new cases of identity theft happening daily, you can take the following steps:

1. Secure their data
2. Monitor both of your accounts and credit reports
3. Consider credit monitoring and freezing options
4. Stay vigilant

Secure Your Child’s Data

The majority of child identity theft cases occur when criminals steal personal information, such as SSNs, credit card numbers, and bank account logins. It’s important to keep this sensitive data locked up and secure, whether it’s in paper or digital form.

Use unique passwords for accounts and enable two-factor authentication whenever possible. Be cautious when dealing with phishing emails or suspicious links that request information. Additionally, make sure to shred any documents with sensitive data before disposing of them.

Stay Vigilant

To effectively protect children from identity theft, it’s important to watch out for any warning signs that may indicate their identity has been compromised. These could include:

• Your child getting unexpected credit card offers
• Getting bills in your child’s name in the mail
• Receiving notifications from the IRS regarding taxes associated with your child’s SSN
• Getting calls from collection agencies about debts tied to your child

If you notice any of the above, report the situation to the proper authorities to avoid any further damage to your child’s identity.

Monitor Both Your and Your Child’s Accounts and Credit Reports

Regularly check your bank information, medical records, and credit card statements for any charges or activity. If your child is old enough, teach them to do the same. Review credit reports once a year to ensure no accounts were opened in your child’s name.

You’re entitled to one free credit report from each major credit bureau (Experian, Equifax, and TransUnion) via AnnualCreditReport.com. Look out for signs like increased balances, late payments, or new accounts that you didn’t open. If you notice anything suspicious, report it to the designated authorities immediately.

Consider Credit Monitoring Options

For ongoing monitoring, consider enrolling in a credit monitoring service. These services automatically alert you of any changes in your child’s credit report so you can take action if needed.

As a precaution, you have the option to implement a credit freeze on your child’s credit report and restrict access to their credit information. This action serves as a safeguard against account opening, but the freeze will also limit your access.

Luckily, you can turn to a service like FreeKick that doesn’t restrict your access to your child’s information while still protecting your child’s identity and offering other important benefits like credit building.

Protect Your Child’s Identity With FreeKick

Provided by Austin Capital Bank, FreeKick is a groundbreaking tool that gives parents an effective solution for safeguarding their children’s and their own identities. It can do so for two adult parents and six children aged between 0 and 25.

Every 30 seconds, a child’s identity is stolen—don’t let yours become a statistic. FreeKick significantly helps reduce the risk of child identity theft by offering a range of identity protection features for minors. These include:

• Credit profile monitoring
• Social Security number monitoring
• Dark web monitoring for children’s personal information
• Up to $1 million identity theft insurance
• Full-service white-glove concierge credit restoration
• Sex offender monitoring—based on sponsor parent’s address

Identity protection services for adult children and parents include:

• Credit profile monitoring
• Social Security number monitoring
• Dark web monitoring for personal information
• Up to $1 million identity theft insurance
• Full-service white-glove concierge credit restoration
• Lost wallet protection
• Court records monitoring
• Change of address monitoring
• Non-credit (Payday) loan monitoring
• Free FICO® Score monthly
• FICO® Score factors
• Experian credit report monthly

Parent-Sponsored Credit Building With FreeKick

In addition to safeguarding your child’s identity, FreeKick also helps build their financial future. 

Having a FreeKick account enables your child to enter adulthood with an established credit profile. Good credit can save your child $200,000 over their lifetime by granting them access to better loan terms and similar advantages. Since minors are typically unable to build a credit history on their own, you can do it for them with FreeKick.

To get started, follow these steps:

1. Create an Account—Go to FreeKick.bank, pick a plan that meets your needs, and make a deposit
2. Set It and Forget It—FreeKick will create a credit history for your child over 12 months using a no-interest credit-builder loan. You won’t need to intervene or monitor the process
3. Keep Growing—After one year, you’ll have the option to continue improving your child’s credit or close the account and get your deposit back

FreeKick Pricing

Prioritizing affordability, FreeKick offers a pricing structure for everyone, including a FREE tier with a large enough deposit.

Here’s a breakdown of the available plans:

One-Time FDIC-Insured Deposit	Annual Fee
$3,000	$0 (Free)
No deposit	$149

FreeKick deposits are FDIC-insured up to $250,000.

To safeguard your child’s identity while helping them enjoy a more financially stable future, sign up for FreeKick today.