Identity theft causes severe damage beyond simple fraud. Stolen identities can be misused to file fraudulent tax returns, obtain loans, access government benefits, or steal inheritances. The FTC’s 2017 Consumer Sentinel Report indicated nearly 14% of consumer complaints were due to a stolen identity.
High-Risk Groups
Seniors
Seniors face elevated identity theft rates, with the FTC reporting that 19% of those aged 60-69 experience fraud-related identity theft, often resulting in financial losses. The rate decreases to 17% for ages 50-59.
Active Military and Veterans
This population has the highest identity theft percentage—more than double the national average. Approximately 30% of active military and veterans report identity theft, with about two-thirds involving veterans and military retirees.
College Students
While college student identity theft matches the national average, they face increased vulnerability due to limited financial experience, new credit cards, and minimal transaction histories. Student loan fraud grew 120% from 2016 to 2017.
Children
Despite lacking traditional financial accounts, children possess social security numbers that thieves exploit. Identity theft cases have been documented involving children as young as five months, as parents typically don’t monitor their children’s identities closely.
Additional Risk Factors
- Location — Nevada, Florida, New Jersey, Delaware, and California report higher complaint rates
- Income — Higher earners face greater targeting risk
- Information Sharing — Increased online sharing elevates vulnerability, especially with unknown sources
How Medallion Signature Guarantees Protect You
One way identity theft occurs is through unauthorized securities transfers. The medallion signature guarantee program exists specifically to prevent this—the guaranteeing institution accepts liability for verifying your identity before authorizing any transfer.
At eSignature Guarantee, we use rigorous identity verification including knowledge-based authentication and dual-factor authentication to protect against fraudulent transfers.