mobile device hacked Source: Tero Vesalainan/Shutterstock.

Millions of words have been written about the financial cost of identity fraud, for both the financial institution and the victim – and for good reason. In 2021 identity fraud cost U.S. businesses an estimated $52 billion, according to Javelin Strategy & Research.

But victims pay an additional price, as well, that credit unions should keep in mind as they look beyond the dollars and cents. A recent survey by the Identity Theft Resource Center (ITRC) took a deep dive into the emotional, physical and physiological effects on fraud victims, and the data show that victims are increasingly dealing with nonfinancial ramifications – from sleep problems to severe mental health effects.


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