CFPB Report: ID Theft Among Servicemembers Increasing

On January 12, the CFPB released a report that identified an uptick in identity theft reported by servicemembers. The report found that military consumers (defined as active duty servicemembers, veterans, and military family members) reported almost 50,000 cases of identity theft to the FTC in 2021. Additionally, military consumer complaints to the CFPB for debts resulting from identity theft increased from about 200 in 2014 to more than 1,000 in 2022.

The report highlights that while identity theft is of major concern for all consumers, it is particularly devastating for victims that are military consumers, who are often subject to continuing evaluation of their credit history and ability to meet all of their financial obligations as a part of their ongoing security clearance. It also found that common characteristics associated with being a servicemember likely make them more susceptible and attractive to identity theft, like multiple moves across state lines,