41 million Americans have had their identities stolen

Many Americans are dangerously at risk of being victims of credit card fraud and as many as 41 million U.S. adults have already had their identity stolen, according to a Bankrate.com survey of 1,000 adults conducted last month.

Another 49 million know someone who has been affected, the research found.

“About 2 in 5 Americans have either been an identity theft victim or know someone who has,” said Bankrate.com analyst Mike Cetera. “This is a widespread problem and many people aren’t doing enough to protect themselves.”

On the heels of the Yahoo data breach, which included an estimated 500 million accounts, it’s clear that cyberattacks are far from over, despite the switch from traditional “swipe” cards to more securechip cards.

Hacked credit card fraud will reach a record $4 billion this year as the window of opportunity narrows for hackers to cash in on stolen credit card data from magnetic strip cards, according to a separate study from global research and advisory firm Aite Group.

Still, nearly half, or 42 percent, of Americans do not regularly check their credit reports, while 36 percent conduct banking and other sensitive business on unsecured Wi-Fi networks, according to Bankrate. Over a quarter of those polled said their online account passwords are all or mostly the same.

Julie Conroy, a research director covering fraud, data security and compliance issues at Aite Group, recommends regularly checking your credit and debit statements online to make sure all of those transactions are yours, and setting up alerts on large purchases, over $500 for example, or foreign transactions.

Cetera also advises consumers to avoid banking or shopping online on an unsecured network, like at a coffee shop, using different passwords for different accounts and requesting a credit freeze to prevent others from opening accounts in your name.

“A credit freeze at all times is probably not a bad idea,” he said.


Published by Jessica Dickler, CNBC

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal advisor.

Get In Touch

Share On Social Media

Other Recent Blog Articles

Top 11 Ways to Prevent Fraud and Identity Theft

May 24, 2019

By Matt Boelter, Viridian Financial Advisor and Shareholder Almost every day we hear stories from families affected by some form of fraud.  According to the Federal Trade Commission (FTC), identity…

Read More

May 2019 Market Update

May 23, 2019

By Brian Johnson, Viridian Chief Investment Officer and Shareholder Market Commentary May 22, 2019 Summary:  Considerably more money has been flowing into bonds recently than into global equity (stock) markets.…

Read More

Is it time to change financial advisers?

May 14, 2019

Written by Adriel Tam, CEO and Founding Shareholder. The original article is published on MarketWatch. To read the full article, click here.

Read More