Reports of identity crimes to the Identity Theft Resource Center continued to decline in 2024 from 2023. However, victims who report their crimes are suffering greater financial losses than ever, according to the ITRC’s 2025 Trends in Identity Report, released on Tuesday.
The ITRC’s COO, James E. Lee, told TechNewsWorld that there are a number of factors contributing to the decline in reports and increase in losses. One such factor is that victims are being scammed more than once. The report noted that the number of people experiencing multiple identity-related incidents increased from 15% in 2023 to 24% in 2024. “We believe that is the result of AI being employed by cybercriminals,” Lee said.
As AI-generated content becomes more realistic, it becomes more difficult to identify and block fraudulent attempts, the report explained. These thieves don’t just ask for money. They will work to obtain as many personal identifiers as possible to take over existing accounts, establish new ones, or sell the information to make money.
In addition, AI has allowed digital desperadoes to fine-tune their efforts. “Cybercriminals have become far more surgical in targeting high-value individuals or exploiting large data sets with sophisticated automation,” explained Ensar Seker, chief information security officer of SOCRadar, a threat intelligence company, in Newark, Del.
