The differential effects of identity theft victimization: how demographics predict suffering out-of-pocket losses

Reynolds, Dylan

doi:10.1057/s41284-020-00258-y

Cited by 11 publications

(7 citation statements)

References 23 publications

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“…Specifically, relative to the wealthiest victims aged 65 and older, those who live at or below the FPL are nearly 5 times as likely to bear a financial burden following the incident, even after accounting for the type of identity theft and whether the victim contacted their financial institution. Consistent with findings from the general U.S. adult population ( Copes et al, 2010 ; Reynolds, 2020 ), our results illustrate the importance of social and economic capital in addressing identity theft incidents. To resolve identity theft, the FTC recommends that victims contact their financial institutions or the company involved in the incident, change their passwords, request that money be reimbursed or charges reversed, contact all three credit bureaus to place fraud alerts, and report the incident to authorities.…”

Section: Discussionsupporting

confidence: 87%

“…Age was positively associated with out-of-pocket costs for incidents that involved misuse of bank account information. Reynolds (2020) also found that the risk of out-of-pocket costs differed by the type of identity theft, such that those who experienced misuse of credit card information were significantly more likely to be reimbursed than victims of bank account identity theft.…”

mentioning

confidence: 92%

“…The 2016 NCVS–ITS shows that 12% of victims experienced out-of-pocket costs, with average losses of $690 ( Harrell, 2019 ). Reynolds (2020) found that unmarried victims and those with lower incomes and educational attainment were significantly more likely to experience out-of-pocket costs following identity theft, as were Hispanic/Latino respondents. Age was positively associated with out-of-pocket costs for incidents that involved misuse of bank account information.…”

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confidence: 92%

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The Financial and Psychological Impact of Identity Theft Among Older Adults

DeLiema

Burnes

Langton

2021

Innovation in Aging

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Background and Objectives Society’s growing reliance on technology to transfer private information has created more opportunities for identity thieves to access and misuse personal data. Research on identity theft specifically among adults age 65 and older is virtually nonexistent, yet research focusing on victims of all ages indicates a positive association between age, minority status, and more severe economic and psychological consequences. Research Design and Methods Identity theft measures come from a sample of more than 2,000 self-reported victims age 65 and older from the nationally representative National Crime Victimization Survey Identity Theft Supplements administered in 2014 and 2016. Regression was used to examine how socioeconomic status, demographic characteristics, and incident-specific factors relate to how much money is stolen, the likelihood of experiencing out-of-pocket costs, and emotional distress among older identity theft victims. Results Older Black identity theft victims were more likely to have greater amounts of money stolen and were more likely feel distressed by the incident than older White victims. The most disadvantaged older adults living at or below the federal poverty level were significantly more likely to suffer out-of-pocket costs. The length of time information was misused, experiencing subsequent financial problems and problems with friends/family, and the hours spent resolving identity theft were positively associated with emotional distress. Among those age 65 and older, age was not significantly associated with losses or emotional distress. Discussion and Implications Older adults living in poverty need more resources to assist with recovery and reporting identity theft to law enforcement. Limiting the extent of losses from identity theft and reducing the length of time information is misused may reduce the emotional toll of identity theft on older victims.

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Section: Discussionsupporting

confidence: 87%

mentioning

confidence: 92%

mentioning

confidence: 92%

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The Financial and Psychological Impact of Identity Theft Among Older Adults

DeLiema

Burnes

Langton

2021

Innovation in Aging

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“…Many identity theft victims experience direct losses, out-of-pocket expenses, or difficulties with debt collection, incorrect credit reports, and rejection for other financial resources (Anderson et al 2008; Harrell 2019). Low-income individuals and people of color, in particular, also face the delay or denial of government benefits (Greene 2021) and may sustain higher financial losses (Reynolds 2021). This latter finding could result, in part, from greater exposure to severe cases (Copes et al 2010), but it may also reflect the difficulty of managing material fluctuations with fewer resources (Western et al 2012).…”

Section: Identity Theft and Insecurity: A Trust-based Theorymentioning

confidence: 99%

Identity Theft, Trust Breaches, and the Production of Economic Insecurity

Brensinger

2023

Am Sociol Rev

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Across various domains of social life, organizational reliance on personal data and exposure to unanticipated financial hardship have transformed Americans’ life chances and access to opportunities. This article examines an area where they intersect: the hardship caused by breakdowns in information systems. I focus on the case of identity theft, showing how that event—experienced by tens of millions of Americans annually—contributes to economic insecurity. To do so, I first develop a theory of insecurity that links feelings of precariousness to breaches of trust at three levels: interpersonal, organizational, and systemic. Drawing on an original qualitative study of identity theft resolution, I find that most victims worried about their financial lives because they could no longer count on certain people, organizations, or systems. Beneath this commonality, race and class informed feelings of insecurity and associated coping strategies following identity theft. Low-income people and people of color tended to direct suspicion at personal networks and report ending relationships and informal assistance. In contrast, middle- and upper-income and White individuals disproportionately blamed organizations and demanded their protection. These findings—along with the trust-based theory that helped make them visible—have important implications for the study of insecurity, inequality, and trust in the information age.

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“…In terms of financial impact and older citizens, findings are inconclusive. For instance, Payne found that losses suffered by older persons during the pandemic were greater than those of younger generations [ 33 ], while Reynolds found age to be relevant for banking fraud but not identity theft and credit card fraud [ 34 ]. Aside from economic consequences, fraud has been shown to have psychological effects, cause mental and physical health problems, damage a person’s reputation, and produce positive and negative behavior changes [ 35 ].…”

Section: Introductionmentioning

confidence: 99%

Consumer Fraud against Older Adults in Digital Society: Examining Victimization and Its Impact

Kemp

Pérez

2023

IJERPH

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The European population is aging, which means more people aged sixty-five and over are at risk of financial exploitation. However, there is a lack of consensus regarding whether older persons are at greater risk of fraud than younger counterparts due to physical, economic, and social factors or, rather, whether they are slightly protected from fraud in the digital era due to less frequent online activity. Moreover, little is known about the financial, emotional, psychological, and physical impacts of fraud experiences amongst older generations in digital society. We employ multilevel modelling on a sample of EU citizens (n = 26,735) to analyze these issues. The results show that, holding other factors constant, older adults are more likely to suffer fraud in general, but not fraud via online channels. Identity theft in which the offender attempts to trick the victim by impersonating a reputable organization is found to be particularly relevant for citizens aged sixty-five and above. Older persons are less likely to suffer a financial impact but more likely to experience anger, irritation, embarrassment, and negative impacts on their physical health from fraud in general as well as from online fraud. Many organizations aim to help protect older adults from financial crime and its impacts; thus, the results emphasize the need to understand particular fraud categories suffered by older generations and to design support programs that fully take into account the non-financial impacts of this crime.

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The differential effects of identity theft victimization: how demographics predict suffering out-of-pocket losses

Cited by 11 publications

References 23 publications

The Financial and Psychological Impact of Identity Theft Among Older Adults

The Financial and Psychological Impact of Identity Theft Among Older Adults

Identity Theft, Trust Breaches, and the Production of Economic Insecurity

Consumer Fraud against Older Adults in Digital Society: Examining Victimization and Its Impact

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