Identity theft affects 13% of Australians, says Norton

The threat of identity theft continues to be a significant concern for Australians, with recent data highlighting its profound impact on both financial stability and mental health.

Norton, a consumer Cyber Safety brand of Gen, has reported that 13% of Australian consumers have experienced identity theft. This statistic underscores the urgent need for greater awareness and robust identity protection measures. According to a survey by the Australian Institute of Criminology, 31% of respondents reported experiencing some form of identity crime in their lifetime, with 20% encountering it within the past year.

Norton's research reveals that among Australians affected by identity theft, 16% first became aware of the issue through notifications from banks or credit card companies, while 13% discovered it through personal monitoring of their financial accounts online.

The consequences for those affected by identity theft are substantial. Nearly half (45%) of respondents reported spending significant time resolving issues related to identity theft. Moreover, 34% acknowledged a negative impact on their mental health, and 33% experienced direct financial losses due to stolen money. Additionally, 32% had to freeze their credit cards, and 28% experienced sleep disturbances as a result.

Mark Gorrie, APAC Managing Director for Norton, emphasised the severity of the issue, stating, "We are continuing to see the devastating toll identity theft takes on individuals' finances and well-being." He further noted, "While cybercriminals are becoming more sophisticated, the reality is that Australians can take meaningful steps to protect their identity and personal data. The sooner someone acts, the better their chance of minimising damage. Protecting your digital identity is ever more important as we spend more time online than ever before."

Cyber threats are diversifying, with 43% of Australians reporting experiences with messenger scams on social media, and 40% encountering phishing or payment scams. Social media and email accounts are frequently targeted, with 28% and 25% of respondents, respectively, having their accounts compromised. Furthermore, 20% reported incidents where someone impersonated a loved one online.

Concerns about identity theft have been exacerbated by the rise of AI-driven scams. A survey conducted last year found that 66% of Australians were increasingly worried about such scams, and these concerns have only grown as scams become more sophisticated. This year, 34% of identity theft victims reported mental health challenges, up from 30% in the previous year, underscoring the intensifying emotional toll.

Mark Gorrie highlighted the importance of proactive measures, stating, "We're seeing not only the financial implications of identity theft but also its deep emotional and mental impact. As scammers evolve their tactics, it is crucial that Australians become more proactive in protecting themselves and in monitoring their financial and personal accounts to avoid falling victim."

To protect against identity theft, Gorrie shared several recommendations: Be cautious of the information shared online as it may reveal important personal details. Ensure online accounts are protected with strong, unique passwords and change them regularly. Recognise warning signs of compromised data, such as unexpected account charges or communications. Install robust security software to monitor online activity and identify risks. Finally, be prepared to act swiftly in the event of a data breach by changing passwords and notifying relevant financial institutions.