Hispanics have a 56% higher chance of becoming victims of identity fraud.

Research and Markets announced the addition of “The Demographics of Identity Fraud: Through Education and Vigilance, Banks can Prepare and Protect Those Most Vulnerable” to their offering.

Identity fraud affects the youngest adults, households with the lowest incomes, and certain minorities (i.e., Hispanics and African Americans) the most. Whether due to lack of knowledge or lack of resources, these demographic groups appear to be easier targets for fraud operators.

Identity fraud, victimizing almost 9 million U.S. adults in the past year, represents $56.6 billion in annual losses for financial institutions and retailers. While growing consumer awareness and improved company prevention and detection measures have curtailed an increase in the number of identity fraud victims, losses from identity fraud have increased 22% over the past two years, averaging $6,383 per victim.

Hispanics and African Americans aged 25-34 have a 56% higher chance of becoming victims of identity fraud compared to other consumers. Together the fraud cases of these two ethnicities represent 35%, or $20 billion, of total annual identity fraud losses.

By contrast, even though households earning over $150,000 are 50% more likely to be victimized than the average household, their losses are among the lowest, at $4,376 per victim or 6% ($3.6 billion) of total annual losses. Measures taken to protect the assets of the highest earning households, whether by consumers themselves, their surrogates, or the institutions that house their assets, are effectively reducing fraud losses for this demographic by at least 31%, compared to the average loss for all victims.

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