Surging identity theft cases in 2024 left New Yorkers grappling with credit damage and financial losses. As 2025 begins, Petroff Amshen LLP highlights the risks and urges increased awareness and preventive action to protect against further damage. With identity theft projected to rise, New Yorkers are encouraged to take steps to secure their personal information and financial stability.

NEW YORK CITY, NEW YORK / ACCESS Newswire / January 23, 2025 / As we step into 2025, identity theft remains one of the most pressing concerns for New Yorkers, following a sharp rise in cases throughout 2024. The surge in identity theft incidents over the past year has left a significant mark on residents' credit and personal lives, raising urgent calls for heightened awareness and preventive action in the coming year.

The United States reported approximately 290,000 cases of identity theft by the third quarter of 2024 alone. Financial experts forecast that the total number of identity theft cases in 2024 will exceed previous years, a trend that could persist into 2025 without decisive preventive measures.

New York has remained a hotspot for identity theft, consistently ranking among the top states for reported cases. By the first quarter of 2024, over 71,864 incidents involving fraud and identity theft had been reported, contributing to losses totaling $108 million. The true cost extends beyond financial damage.

"The rise in identity theft cases isn't just a statistic - it represents real people facing serious disruptions in their lives," said Serge F. Petroff, Founding Partner at Petroff Amshen LLP. "At Petroff Amshen LLP, we've seen firsthand how identity theft can undermine financial stability, and we are here to ensure New Yorkers have the legal support they need to fight back."

Identity theft often results in significant damage to credit scores. Fraudulent credit lines and unauthorized debt accumulation can drive credit scores down, making it difficult for identity theft victims to secure loans, housing, or employment. The Federal Trade Commission reported that by late 2024, 80% of identity theft cases involved fraudulent new accounts - a dramatic increase from 55% in 2020.

"Once identity theft affects your credit, it can take years to fully recover," added Mr. Petroff. "Prevention and early intervention are crucial, and thankfully, proactive legal action can mitigate the depths of the damage once it has occurred."

The effects of identity theft extend beyond finances. Identity theft victims frequently experience stress and anxiety as they navigate the complex and frustrating process of restoring their identities. The violation of personal privacy can disrupt peace of mind and take a toll on mental health.

"Our firm works closely with clients not only to address the financial impact but to provide guidance and reassurance throughout the recovery process," added Mr. Petroff. "We believe that empowering identity theft victims with knowledge and legal resources is key to reclaiming their lives."

To reduce the likelihood of falling victim to identity theft, Petroff Amshen LLP advises New Yorkers to monitor financial activity regularly, guard personal information, and review credit reports frequently. Preventive measures are crucial; even small steps can make a significant difference.

Petroff Amshen LLP urges New Yorkers to take identity theft seriously and adopt preventive habits as identity theft is expected to remain a significant threat in 2025. "We are committed to protecting the rights and financial stability of New Yorkers," said Mr. Petroff. "The more vigilant we are today, the safer we'll be tomorrow."

Petroff Amshen LLP is dedicated to protecting New Yorkers from identity theft and ensuring they have the resources needed to safeguard their financial futures. The firm provides comprehensive legal services to identity theft victims, helping them restore their credit and hold perpetrators accountable.

SOURCE: Petroff Amshen LLP