March 8, 2018 By David Bisson 2 min read

The Federal Trade Commission (FTC) received more identity theft reports from millennials in 2017 than they did from senior citizens, a recent report revealed.

According to its “Consumer Sentinel Network Data Book 2017,” the FTC fielded reports of identity theft from 61,114 victims between the ages of 20 and 29 in 2017, while those in their 30s submitted 80,467 reports.

Together, millennials between 20 and 39 filed 141,581 cases in which someone stole their identity. That number dwarfs the combined total of 67,125 reports received from consumers in their 60s, 70s and 80s.

Fraud Types and Average Losses

Criminals victimized millennials with many different types of identity fraud, which affected 16.7 million U.S. consumers in 2017, according to Javelin Strategy & Research’s “2018 Identity Fraud Study.” The FTC report found that more than 30 percent of people in their 20s and close to 40 percent of those in their 30s suffered from instances of credit card fraud. Millennials who contacted the FTC also experienced bank fraud, employment or tax-related fraud, and phone or utilities fraud.

In addition, 40 percent of identity theft victims aged 20-29 said they lost money as a result of those scams, compared to just 18 percent of those in their 70s and older. However, senior citizens who did lose money reported greater sums than younger victims. The average median amount stolen from victims aged 80 or older was $1,092, while millennials lost less than half of that total.

Educating Consumers About Identity Theft

Overall, the FTC logged 2.68 million complaints from consumers in 2017. On one hand, that number represents a decrease from 2.98 million individuals who reported cases of identity theft in the previous year. On the other hand, victims lost more money to fraudsters in 2017 ($905 million) than the year prior ($842 million).

“This underscores the importance of the FTC’s work in educating consumers and cracking down on the scammers who try to take their money,” said Tom Pahl, acting director of the FTC’s Bureau of Consumer Protection, as quoted in a press release.

To protect themselves from identity thieves, consumers should be wary of suspicious emails and other social engineering schemes designed to compromise their sensitive data. If they suspect that someone is mishandling their personal information, consumers should file a complaint with the FTC.

More from

How a new wave of deepfake-driven cybercrime targets businesses

5 min read - As deepfake attacks on businesses dominate news headlines, detection experts are gathering valuable insights into how these attacks came into being and the vulnerabilities they exploit.Between 2023 and 2024, frequent phishing and social engineering campaigns led to account hijacking and theft of assets and data, identity theft, and reputational damage to businesses across industries.Call centers of major banks and financial institutions are now overwhelmed by an onslaught of deepfake calls using voice cloning technology in efforts to break into customer…

Grandoreiro banking trojan unleashed: X-Force observing emerging global campaigns

16 min read - Since March 2024, IBM X-Force has been tracking several large-scale phishing campaigns distributing the Grandoreiro banking trojan, which is likely operated as a Malware-as-a-Service (MaaS). Analysis of the malware revealed major updates within the string decryption and domain generating algorithm (DGA), as well as the ability to use Microsoft Outlook clients on infected hosts to spread further phishing emails. The latest malware variant also specifically targets over 1500 global banks, enabling attackers to perform banking fraud in over 60 countries…

New cybersecurity sheets from CISA and NSA: An overview

4 min read - The Cybersecurity and Infrastructure Security Agency (CISA) and National Security Agency (NSA) have recently released new CSI (Cybersecurity Information) sheets aimed at providing information and guidelines to organizations on how to effectively secure their cloud environments.This new release includes a total of five CSI sheets, covering various aspects of cloud security such as threat mitigation, identity and access management, network security and more. Here's our overview of the new CSI sheets, what they address and the key takeaways from each.Implementing…

Topic updates

Get email updates and stay ahead of the latest threats to the security landscape, thought leadership and research.
Subscribe today