Stats & facts

The impact of identity fraud on victims

Victims of identity fraud often find they need to pay out for additional expenses incurred and close their financial and online accounts.
Identity fraud continues to have a significant negative financial impact on victims.
Victims ‘relationships’ with others can be impacted by identity fraud.
Victims may suffer severe distress over the misuse or attempted misuse of their personal information.
Victims of identity fraud have expressed several strong emotions and feelings because of their victimisation, as well as strong physical reactions.
Many victims of identity fraud have found it difficult to clear up their issue, and their cases remain unresolved.

Key findings

1. Victims of identity fraud often find they need to pay out for additional expenses incurred and close their financial and online accounts.

Victims may be compelled to pause life experiences such as hobbies and holidays and borrow money from their friends and family.
Victims may find their work life is impacted as they feel the need to take time off work.
Some victims may feel the need to relocate and sell their possessions to stay afloat.

Victims who have experienced identity theft in their early adult life may have found that they could not be fully independent or fulfil their full potential. A delay in educational opportunities means that victims can feel that they have missed out on career opportunities, which would have allowed them to be financially stable and therefore impacting their future success.

2. Identity fraud continues to have a significant negative financial impact on victims.

The impacted ability to apply for credit or being denied a credit card.
An inability to obtain loans.
Fraudulent debt due to identity theft.
Inability to rent or find housing and being forced to declare bankruptcy.

Victims may feel devastating and long-lasting effects, impacting their financial well-being in many ways and in some cases forcing them to declare bankruptcy.

3. Victims’ relationships with others can be impacted by identity theft.

Victims may feel unsupported by their families and find it hard to cope with family life after having their identity stolen, inducing negative emotions.
Victims may also feel unsupported by their friends.

Research indicates the lack of support from the people victims trust can potentially reveal their “loved ones” might have been involved, or makes the victim feel that this could be the case.

4. Victims of identity fraud have expressed several strong emotions and feelings because of their victimisation, as well as strong physical reactions.

The emotional toll of identity theft is concerning. Victims may experience emotions such as annoyance or frustration, anger, or rage. They can be afraid for their financial future and fearful of what this incident could do to their and their family’s financial security, as well as feeling violated and feeling vulnerable.

Only a minatory of victims seek out professional help to deal with their emotional response to being victimised. A strong support network of friends and family around victims may also help them to deal with the impact. Additionally, victims may experience sleep disturbances, an inability to concentrate, fatigue, and headaches due to stress.

Oftentimes, the reason that victims do not seek support is because they are unable to afford to do so, or the waiting list for assistance is very long.

Identity theft continues to victimise people of all income levels.

Trends indicate that victims from a range of economic backgrounds are being targeted. Nonetheless there is a greater adverse effect on victims from lower-income thresholds due to various reasons, including the effects on their livelihood making them unable to pay their bills or expenses as a result.

Conclusion

The length of time it takes to recover from identity fraud is extensive.
There is a notable lack of consolidated support available to victims.
There is often a financial burden placed on identity fraud victims.