Technology
Do you know the true cost of identity theft?
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Identity theft tied to major data broker breaches has cost Americans more than $20 billion over the past decade, according to a 2026 report from the U.S. Senate Joint Economic Committee.
That figure comes from just four breaches: Equifax (2017), Exactis (2018), National Public Data (2023) and TransUnion (2025). The estimate applies federal identity-theft loss data, including a typical loss of about $200 per victim, across hundreds of millions of exposed records.
The result is a multibillion-dollar total. It’s also a narrow one. The calculation shows reported financial losses. It doesn’t account for damaged credit files, delayed loan approvals, higher borrowing costs or the hours consumers spend restoring their financial records after misuse.
So where does that leave you?
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HOW DEBIT CARD FRAUD CAN HAPPEN WITHOUT USING THE CARD
Massive data breaches at Equifax, Exactis, National Public Data and TransUnion exposed personal information that criminals later used for identity theft and financial fraud. (Nastasic/Getty Images)
What this median leaves out
The $200 figure used in the federal estimate is a median. It marks the midpoint of reported identity theft losses collected by the FTC. Many cases fall above it. FTC Consumer Sentinel data shows that losses swing widely depending on how the fraud happens. When money is moved through bank transfers or payment apps, reported median losses are markedly higher than in cases involving unauthorized credit card charges.
Loan or lease fraud can leave you with balances that need formal disputes before lenders correct the record. Reversing a charge doesn’t automatically restore a credit file. Accounts opened in your name can generate hard inquiries.
Missed payments linked to fraudulent loans can appear before the account is identified as fraudulent. And lenders reviewing a mortgage or auto application evaluate the report as it exists at that time. A $200 median captures a reported dollar amount. It falls short of showing how identity misuse can stifle borrowing terms or access to credit later.
The time cost of identity theft
After identity theft, the first step the FTC directs you to take is to file a report at IdentityTheft.gov. That generates a recovery plan and an identity theft report, which can be used to dispute fraudulent accounts. This is your starting point, and not anywhere close to a resolution.
Victims are instructed to contact each affected creditor directly, close or freeze compromised accounts and request written confirmation that the account was fraudulent. If a new line of credit was opened, that often requires submitting more documentation, completing affidavits and following up until the lender updates its reporting to the credit bureaus.
The FTC also advises placing a fraud alert with one of the three nationwide credit bureaus, which must notify the others. A credit freeze must be placed separately with each bureau. If you later apply for credit, they must temporarily lift the freeze before lenders can access your credit report. The Identity Theft Resource Center (ITRC) reports that victims frequently spend weeks resolving cases involving new account fraud. Complex cases can stretch even longer, especially when collection agencies become involved or when fraudulent tax returns trigger IRS identity verification.
1 BILLION IDENTITY RECORDS EXPOSED IN ID VERIFICATION DATA LEAK
An identity theft victim in Albany, New York, looks over documents he’s gathered. Victims of identity theft frequently spend weeks disputing fraudulent accounts, contacting lenders and restoring their credit reports after stolen data is misused. (John Carl D’Annibale/Albany Times Union via Getty Images)
During that period, you may be gathering records, mailing certified letters, waiting on hold with creditors or tracking dispute deadlines. The process moves at the pace of institutional review. All this time required to repair records is part of the cost of your stolen identity.
Earlier this year, a 57-year-old woman in Los Alamitos, California, discovered her identity had been stolen after receiving a voicemail from a Hertz rental location in Miami asking when she planned to return a Mercedes-Benz. She had never rented the vehicle, reported $78,500 in losses and spent nearly 10 days trying to recover from a single stolen ID.
Here’s where identity theft becomes more expensive
In its March 2025 Consumer Sentinel Network release, the FTC said consumers lost more than $12.5 billion to fraud in 2024, a 25% increase from 2023. Identity theft made up a large share of those reports. When misuse goes undetected, it spreads.
A stolen Social Security number can be used to open multiple accounts over time. Hard inquiries appear across different credit bureaus. New lenders and collection agencies show up, and each additional account adds another dispute you need to resolve. Identity theft often doesn’t stop after the first incident.
The ITRC says 31.5% of general consumer victims were targeted twice in a year, and 24.6% were hit three times last year. Even though fewer people reported a first-time identity theft, repeat targeting is becoming more common. Once your information is exposed, it can be used again. Losses can grow fast, too.
The same ITRC report found that more than 20% of victims reported losses exceeding $100,000. As the fraud spreads, so does the cleanup. What starts as a single unauthorized account can turn into disputes with lenders, credit bureaus and collection agencies. That buildup over time is where identity theft becomes more expensive.
How identity theft protection and credit monitoring can help
If you rely on occasional credit checks or alerts from a single bank, you’re only seeing activity tied to one account. If fraud appears elsewhere, it may not surface until a lender flags it.
Identity protection services can track activity across all three major credit bureaus and alert you to new inquiries or accounts as they appear. Some also scan breach datasets for exposed personal identifiers, including Social Security numbers and email addresses. Earlier alerts mean fewer fraudulent accounts can accumulate before you step in.
5 MYTHS ABOUT IDENTITY THEFT THAT PUT YOUR DATA AT RISK
Identity theft tied to major data broker breaches has cost Americans more than $20 billion over the past decade, according to a Senate report. (Sara Diggins/The Austin American-Statesman via Getty Images)
Many services provide three-bureau credit monitoring and real-time alerts when there are changes to your credit report. Some also scan known data breach records for exposed personal information and connect members with fraud resolution specialists who help with documentation and disputes. Certain plans include identity theft insurance that can help cover eligible recovery costs, subject to policy limits.
Monitoring does not prevent every identity theft attempt. It can reduce how far fraud spreads and how long it takes to contain it.
See my tips and best picks on Best Identity Theft Protection at Cyberguy.com.
Kurt’s key takeaways
The numbers tied to major data broker breaches show just how expensive stolen information can become. A single exposed record may seem harmless at first, but once that information spreads through the data broker ecosystem, it can resurface again and again. For many victims, the real damage is not just the money lost. It is the time spent disputing accounts, repairing credit files and trying to stop fraud from spreading further. Identity theft rarely happens in one clean event. It often unfolds slowly as criminals reuse the same stolen details across multiple lenders, services and databases. The good news is that you are not powerless. Monitoring your credit, limiting how widely your personal information appears online and responding quickly to alerts can reduce the damage if your information is misused. The earlier you catch suspicious activity, the easier it is to stop it before it spreads.
Have you ever checked your credit report or searched your name online and found information about yourself that surprised you? Let us know by writing to us at Cyberguy.com.
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Copyright 2026 CyberGuy.com. All rights reserved.
YouTube is launching a new AI feature that creates a personalized video feed based on descriptions of what you want to watch. In its announcement, YouTube says custom content feeds can be built around your specific interests, moods, or favorite topics, which you can then pin to the top of your YouTube homepage — making it easy to jump back into the feed.
This feature is currently rolling out with English language support to YouTube users in the US who are signed-in on the YouTube mobile app or desktop. To access it, click on the “Your custom feed” tab at the top of the YouTube homepage and enter a prompt description into the AI text box. For example, you can ask the YouTube AI to “help me unwind with guided meditations under 10 minutes,” or for “deep-dive tech podcasts about AI,” and then receive a curated feed based on your request.
It’s similar to other AI-powered feed customization features we’ve seen from other platforms, including Spotify’s prompted playlists. Instagram also gave users more control over their Reels feed algorithm in December, though that uses topic lists rather than descriptive prompts.
YouTube says that prompts can be edited at any time to “generate a brand new space” by selecting the text box at the top of your custom feed. To see the “Your custom feed” tab, YouTube says you need to ensure your search and watch history are enabled in your account settings. If the AI messes up your feed request, you can also report the issue to YouTube by clicking the 3-dot menu on the feature tab and selecting “Something wrong?” to leave feedback.
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Bank security can feel confusing because every account seems to handle it differently. One bank sends a text. Another sends an email. Another asks you to approve a login inside its app. So when someone says, “Use stronger two-factor authentication,” it is fair to wonder what that actually means.
Kyra from West Plains, Missouri, reached out to us asking:
I watched your podcast video where you talked about two-factor authentication and getting codes by email from your bank and other accounts. My accounts seem to do that automatically, as far as I know. Is that enough, or do I need to contact my bank to make sure it’s set up correctly
Kyra, this is a great question because a lot of people are in the same boat. They see a code pop up and assume they are fully protected. The truth is a little more complicated. Text or email codes are better than having only a password.
Text and email codes, however, are not always the strongest options. Scammers have found ways to steal codes, trick people into sharing them or take control of a phone number through a SIM swap scam. Once scammers control your number, they may receive the text codes needed to get into accounts that use SMS-based multi-factor authentication.
TOP MULTI-FACTOR AUTHENTICATION APPS TO PROTECT YOUR ACCOUNTS
Bank customers using text-message security codes may still face risks from SIM swap scams and phishing attacks. Cybersecurity experts recommend stronger login protection when available. (Anna Barclay/Getty Images)
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What two-factor authentication actually does
Two-factor authentication, also called 2FA or multi-factor authentication, adds another step when you log in. Instead of relying only on your password, the account asks for something else to prove it is really you.
That “something else” might be a code sent by text, a code from an authenticator app, a security key or a prompt inside your bank’s mobile app. Two-factor authentication is one of the best ways to protect your accounts because it adds a second layer beyond your password.
So, Kyra, if your bank already sends you a code, that is a good sign. It means some form of extra protection is turned on. But the next question is whether your bank offers a stronger option.
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Why text message codes are not the strongest choice
Text message codes are popular because they are easy to use. Most people know how to read a text and type in a code. That convenience comes with risk.
A SIM swap scam happens when a criminal tricks your phone carrier into moving your phone number to a device they control. Once that happens, your calls and texts may go to the scammer instead of you. The American Bankers Association warns that scammers may try to intercept two-factor authentication codes so they can access financial accounts.
Scammers can also call, text or email while pretending to be your bank. They may say there is fraud on your account and ask you to read back a code. That code may actually be the key they need to log in. Scammers often try to trick people into sharing verification codes because they need both the password and the code to break into an account.
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That is why the safest rule is simple: Never share a bank security code with anyone who contacts you. A real bank should not call and ask you to read back a login code.
Why an authenticator app is usually better
When your bank supports it, an authenticator app is usually a stronger choice than text messages. Apps such as Google Authenticator, Microsoft Authenticator, Authy and Duo Mobile generate a changing six-digit code on your phone.
The big advantage is that the code is created inside the app. It usually works even when you do not have cell service. It also does not depend on your phone number, which helps reduce the risk from SIM swap scams.
That said, authenticator apps are not magic. If you type a code into a fake banking website, a scammer may still capture it. One-time password authentication isn’t phishing-resistant. Still, authenticator apps remove some of the biggest weaknesses tied to text-message codes.
NEW PHISHING ATTACK USES REAL-TIME INTERCEPTION TO BYPASS 2FA
Two-factor authentication adds a second layer of protection to online banking accounts, but not all methods offer the same level of security. Authenticator apps and passkeys are generally safer than text codes. (Kyle Ericksen/WWD/Penske Media via Getty Images)
The strongest option, if your bank offers it
Some banks and financial services give you stronger ways to prove it is really you when you log in. Two of the strongest options are hardware security keys and passkeys.
A hardware security key is a small physical device, often shaped like a USB stick, that you plug into your computer or tap against your phone to approve a login.
A passkey lets you sign in using your device, such as your phone or computer, often with Face ID, Touch ID, a fingerprint or a screen lock.
These options are harder for scammers to steal because they are designed to work only with the real website or app. That means a fake banking website usually cannot trick them the same way it can trick someone into typing in a text code.
For most people, the safest order is simple: use a security key or passkey if your bank supports it. If not, use an authenticator app. If text codes are the only option, keep them turned on because they are still better than using only a password.
How to check your bank’s security settings
You may not need to visit a branch. In most cases, you can check this from your bank’s official website or app.
Start from a computer if you can. Go directly to your bank’s official website by typing the web address yourself. Do not click a link from a text or email, even if it looks real.
Then look for a section with a name like:
- Security
- Login & Security
- Privacy & Security
- Two-Factor Authentication
- Multi-Factor Authentication
- 2-Step Verification
Once you are there, look for an option called Authenticator app. Some banks may use different wording, such as authentication app, one-time passcode app, TOTP, security app or third-party authenticator. If you see that option, follow the setup steps. Your bank will usually show a QR code on your computer screen. Open your authenticator app on your phone, tap Add account or the + button, then scan the QR code. The app will generate a six-digit code. Enter that code on your bank’s website to confirm setup.
Do not skip the backup codes
This part matters more than people realize. If your bank gives you backup codes, save them right away. Print them and store them somewhere safe, or place them in a secure password manager. These codes can help you get back into your account if your phone gets lost, damaged or replaced.
Also, make sure your bank has your current email address and phone number on file. If your recovery information is old, getting back into your account can become much harder.
If you share access with a spouse or trusted family member, ask your bank how additional users should set up their own secure login. Avoid sharing one password or one authenticator code when the bank offers separate user access.
What to do if your bank only offers text codes
Some banks may not offer a third-party authenticator app, but may let you approve logins inside the bank’s own mobile app. That can be stronger than a text message because the approval happens inside the banking app rather than through your phone number.
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If yours only offers text-message codes, do not turn them off. Text codes are still better than no second layer at all. However, you should ask your bank whether it supports a stronger option. You can call the number on the back of your debit or credit card, use secure messaging inside the bank’s app or visit a branch.
Ask this: “Do you support authenticator apps, passkeys, hardware security keys or app-based login approval for online banking?”
If the answer is no, keep text codes turned on. Then strengthen the parts you can control. Use a strong and unique bank password, and store it in a trusted password manager so you do not have to remember it or reuse it anywhere else. Check out the best expert-reviewed password managers of 2026 at CyberGuy.com.
In addition, ask your mobile carrier to add a port-out PIN, number transfer lock or account security PIN to help reduce SIM swap risk. Also, turn on account alerts for transfers, password changes and new device logins.
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Security experts warn that scammers can intercept text verification codes or trick customers into sharing them. Customers should never provide login codes to unsolicited callers or texts. (Karl-Josef Hildenbrand/picture alliance via Getty Images)
Should Kyra contact her bank?
Yes, but she probably does not need to walk into a branch unless she prefers in-person help. Kyra should first log in to her bank’s official website or app and check the security settings. If she sees an authenticator app, passkey, security key or app-based approval option, she should consider using it. If she only sees text or email codes, she should keep them turned on and contact the bank to ask whether stronger login options are available.
She should also make sure her bank password is strong and unique, protect her email account with strong two-factor authentication and confirm that her account alerts are turned on.
WORLD PASSWORD DAY: CHECK IF YOUR PASSWORDS ARE SAFE
Kurt’s key takeaways
Kyra’s question gets to the heart of account security. Seeing a code arrive by text or email can feel reassuring. And yes, it is better than relying on a password alone. However, bank accounts deserve the strongest protection your bank offers. If you can move from text codes to an authenticator app, that is a smart upgrade. If your bank supports a passkey or security key, even better. And no matter which method you use, never give a security code to someone who calls, texts or emails you out of the blue.
Have you checked whether your bank still relies on text codes, and would you switch banks if yours refused to offer stronger login protection? Let us know by writing to us at CyberGuy.com.
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- For simple, real-world ways to spot scams early and stay protected, visit CyberGuy.com – trusted by millions who watch CyberGuy on TV daily.
- Plus, you’ll get instant access to my Ultimate Scam Survival Guide free when you join.
Copyright 2026 CyberGuy.com. All rights reserved.
Ferrari released the first interior images of the company’s first all-electric supercar, called the Ferrari Luce (“light” in Italian). This is the second time the Italian automaker has teased the Luce (formerly Elettrica) without showing us the actual car, or even a silhouette. But the interior images should suffice given the bold-faced name of the designer: Jony Ive.
Ferrari decided to outsource the work of designing the Luce’s interior to Ive and his partner Marc Newson, who together run the design shop LoveFrom. Ive, obviously, is well known for his work as Apple’s former chief designer, overseeing such iconic products as the iMac, iPhone, iPad, and Apple Watch. Now he’s turning his attention to a vehicle from Ferrari — and perhaps, in the process, giving us an idea of what an Apple car could have looked like, had the tech giant decided to pursue its secretive Project Titan instead of spiking it.
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