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New York continues to bear the brunt of this crisis. Over 71,864 Identity Theft and fraud cases were reported in the state during the first quarter of 2024, resulting in staggering losses totaling $108 million. The real damage extends far deeper.

"Identity theft isn’t just a headline – it’s a harsh reality affecting the lives of real people," said Serge F. Petroff, Founding Partner at Petroff Amshen LLP. "We’re on the frontlines, helping New Yorkers fight back and reclaim their financial stability. If you’ve been affected, or if you suspect fraudulent activity, now is the time to act."

Credit stress is one of the most devastating consequences of Identity Theft. Fraudulent accounts and mounting debts can crush credit scores, making it nearly impossible for Identity Theft victims to secure mortgages, car loans, or rental applications. According to the Federal Trade Commission, 80% of Identity Theft cases in late 2024 involved fraudulent new accounts, skyrocketing from just 55% four years earlier.

"Letting Identity Theft go unchecked can derail your financial future for years," warned Petroff. "Early intervention is essential – but prevention is your strongest weapon. Don’t wait until it’s too late."

Beyond the financial strain, Identity Theft delivers a heavy emotional toll. Victims often describe feeling powerless and violated as they navigate the exhausting process of restoring their identity. Anxiety, stress, and frustration are common, underscoring that the impact of Identity Theft extends far beyond the numbers.