Who is most at risk of identity theft?

Anyone who uses the internet on a regular basis should be aware of the threat surrounding identity theft. Every year, individuals from all walks of life fall victim to online scams.

However, the risks of identity theft may increase depending on what demographic a person falls under. We'll explore the particular factors that put certain people in particularly vulnerable positions. 

Age

Among the working Australians, the younger generation experience a higher rate of identity theft.(1) Even though Generation Y is the least concerned about these kind of incidents, they have a 20 per cent chance of falling victim to an identity thief.(1)

In Generation X, the risk is considerably lower at 14 per cent. However, in Baby Boomers, the chance of identity theft is slightly higher at 18 per cent.(1)

The reason for higher risk rates often correlates with the level of apprehension. Vigilance, awareness and preventative action will lower the likelihood of becoming a victim. A large number (86 per cent) of Generation X is concerned with identity theft, and are more likely to take preventative measures. (1)

Household composition

A report from the US Federal Trade Commission found that the make-up of a household can play a significant role in the risks of identity theft.(2) For example, a sole adult in a dwelling is more likely to have his or her identity stolen. Having more adults makes it easier to acquire information about cybersecurity measures and ways to prevent loss of personal data.

However, the addition of children can also raise the risk of identity theft. This is due to the additional time constraints and responsibilities that make it harder to implement preventive security measures at home.

Social status

Being successful in your career may come with the added cost of a higher risk of identity theft. A combination of higher capital and increased reputation can make you a prime target for online perpetrators. In particular, people with college degrees and households with high levels of income are most at risk, according to AARP research.(3)

If you fit one or more of these characteristics, there are actions you can take to better protect your personal information. Sign up with Identity Watch and the service will help keep track of your personal information across the internet. In the event of any suspicious activity, such as your information being illegally traded, we will alert you as soon as possible and help guide you through the best course of action. 

1 Identity Watch. Identity Theft in Australia.   Accessed October 2015

2 USA Federal Trade Commission.   Identity theft: Does the risk vary with demographics?  Accessed October 2015

3 AARP.   Identity Theft: Who's At Risk?  September 2014