Today’s increasingly digital world, identity theft is no longer just an occasional risk—it’s a growing epidemic. From data breaches to online scams, criminals are finding new ways to exploit personal information, and artificial intelligence (AI) is accelerating the problem. In 2024 alone, identity theft has cost Americans billions, and the numbers are only climbing. Whether you’re 30 or 76, understanding how identity theft works and how to protect yourself is essential to safeguarding your financial future and personal security.

Why Identity Theft Is Surging in 2024

According to a recent report by the Federal Trade Commission (FTC), millions of Americans filed identity theft complaints in 2023, with over $10 billion in reported losses. And now in 2024, that figure is expected to grow significantly. The Motley Fool highlights that credit card fraud, government document fraud, and loan or lease fraud are among the most common forms of identity theft today. But the methods used to steal this data are evolving fast, thanks to AI.

AI has made it easier than ever for cybercriminals to automate phishing attacks, mimic voices in scam phone calls, and generate fake documents that look legitimate. As a result, criminals can target more people faster and more convincingly than ever before.

How AI Is Fueling the Rise in Identity Theft

Artificial intelligence is changing the cybercrime landscape. Here’s how:

Deepfake Technology

AI-generated deepfake videos and audio recordings can now impersonate a real person’s voice or appearance. Scammers use this to trick family members or financial institutions into providing access to private accounts.

Smarter Phishing Emails

AI tools can craft personalized phishing emails that are far more convincing than the generic scams of the past. These messages often include your name, work details, or other personal information scraped from public data or social media.

Automated Scamming Bots

AI-driven bots can run scams at scale. They can engage with multiple people at once through email, text, or chat apps, learning from each conversation to improve the con.

Synthetic Identity Fraud

Using AI, scammers can create “synthetic identities” by combining real and fake information. These identities are used to open credit accounts, apply for loans, and build fraudulent credit histories—all without being immediately detected.

Types of Identity Theft to Watch For

Understanding the most common forms of identity theft can help you stay alert:

• Credit Card Fraud: Thieves use your card number to make unauthorized purchases. This is one of the most frequently reported types of identity theft.
• Account Takeover: Hackers gain access to your online accounts (email, bank, streaming services) and lock you out while using or selling your information.
• Tax Fraud: Scammers file fake tax returns in your name to collect your refund.
• Medical Identity Theft: Criminals use your information to obtain medical services or prescriptions.
• Loan or Lease Fraud: Someone uses your identity to take out a loan or lease an apartment, often ruining your credit in the process.
• Government Benefits Fraud: Scammers apply for unemployment or Social Security benefits in your name.

Warning Signs That Your Identity May Be Stolen

It’s important to watch for red flags that could indicate your identity has been compromised:

• Unfamiliar charges on your credit card or bank statements
• Credit card or loan applications being denied unexpectedly
• Receiving bills or debt collection notices for accounts you didn’t open
• Sudden drops in your credit score
• Notifications about account logins from unknown devices or locations
• IRS letters stating you’ve already filed a tax return when you haven’t

If you notice any of these signs, take immediate action by contacting your financial institutions, freezing your credit, and reporting the activity to the FTC.

How You Can Protect Yourself from Identity Theft

You don’t need to be a tech expert to safeguard your identity. Here are some practical tips:

1. Use Strong, Unique Passwords

Don’t reuse the same password across multiple sites. Use a password manager to generate and store strong passwords.

2. Enable Two-Factor Authentication (2FA)

2FA adds an extra layer of protection to your accounts by requiring a second form of identification, like a text message code.

3. Be Cautious with Personal Information

Avoid oversharing on social media. Scammers can use information like your birthday, address, and employer to guess security questions or craft convincing scams.

4. Monitor Your Credit

Regularly check your credit report for unfamiliar accounts or activity. You’re entitled to a free report from each bureau annually at AnnualCreditReport.com.

5. Watch for Phishing Attempts

Never click suspicious links in emails or text messages, even if they appear to come from a trusted source. When in doubt, contact the company directly.

6. Freeze Your Credit

A credit freeze prevents new accounts from being opened in your name without your permission. It’s free and can be done through all three major credit bureaus.

7. Secure Your Devices

Keep your phone, computer, and tablet up to date with the latest security updates. Use antivirus software and avoid using public Wi-Fi for financial transactions.

8. Be Careful with AI Chatbots

While AI assistants can be helpful, scammers are also using AI to impersonate companies and trick you into revealing personal info. Always verify who you’re speaking with.

AI may be making scammers smarter, but that doesn’t mean you have to be an easy target. By staying informed and taking simple steps to protect your personal information, you can defend yourself from one of today’s fastest-growing cyber threats.

Don’t wait for identity theft to happen to you or someone you love. Stay one step ahead with tools like iDefend and take control of your online safety today.

Don’t Go It Alone: iDefend Can Help!

Staying safe online requires constant vigilance, and it can be hard to keep up with new threats—especially those powered by artificial intelligence. That’s where iDefend comes in. iDefend’s Privacy Protection Plan helps monitor your identity, remove personal information from data broker sites, and alert you to suspicious activity before it becomes a bigger issue.

With expert advisors and real-time monitoring, iDefend makes it easier for you to:

• Secure your digital footprint
• Set up identity theft protections across your accounts
• Remove your personal data from websites and databases
• Get personalized help if something goes wrong

Don’t wait until it’s too late. Take control of your digital safety today with iDefend. Try iDefend risk free for 14 days now!