Loan or Lease Identity Theft in New York: A Growing Threat For Thousands of People

April 22, 2025

Loan or Lease Identity Theft in New York: A Growing Threat For Thousands of People

Identity Theft continues to evolve—and in New York, one specific type is quickly becoming a major concern.

In 2024, 7,811 cases of loan or lease identity theft were reported statewide, making it the third most common form of identity theft in New York. Only credit card fraud (26,736 cases) and medical or insurance identity theft (15,951 cases) rank higher.

Loan or lease identity theft occurs when someone fraudulently opens or uses loans, leases, or rental agreements in another person’s name. This can include everything from personal and business loans to car leases and even apartment rentals. In many cases, the victims don’t realize what’s happened until the damage is already done—when a collection notice arrives, a credit application is denied, or their credit report reveals loans they never took.

Unlike large-scale data breaches or stolen credit cards, loan or lease identity theft tends to go undetected for longer—and when it finally surfaces, the financial and emotional toll can be significant.

“It’s not just about numbers. It’s about lives disrupted.”

Breaking Down Loan or Lease Identity Theft in New York

The cases in New York reveal how varied and complex this type of identity theft can be. The following categories fall under the Loan or Lease umbrella:

Auto Loan or Lease Fraud

Apartment or House Rented in Someone Else’s Name

Non-Federal Student Loans

Real Estate Loans

These categories reflect just how far-reaching this type of identity theft can be—impacting everything from housing and transportation to education and long-term property ownership.

“The numbers are rising because this type of identity theft is harder to detect and easier to exploit,” said Serge F. Petroff, Founding Partner of Petroff Amshen LLP. “When a loan is taken out in your name, the damage goes beyond your credit score—it can lead to aggressive debt collection, legal threats, and loss of employment, depending on the nature of the loan.”

Loan or lease identity theft can lead to aggressive debt collection, credit score damage, and in some cases, legal action. Because the fraud is often tied to substantial financial commitments, the impact goes well beyond a simple inconvenience—it can derail long-term plans and put a family’s stability at risk.

How Petroff Amshen LLP Responds

Petroff Amshen LLP Identity Theft Attorneys are focused on more than just fixing credit reports. We work to identify and dispute fraudulent accounts, guide clients through identity restoration, and when necessary, represent them in litigation against lenders or institutions that failed to protect their information.

The goal is not just recovery—it’s protection from further harm and a long-term resolution that puts control back in the hands of the victim.

What You Can Do

If you suspect you might be a victim of Loan or Lease Identity Theft, don’t wait. Petroff Amshen LLP recommends taking these immediate steps:

Check your credit reports regularly for unknown accounts.

Dispute any suspicious activity with the credit bureaus.

Seek legal advice as soon as you notice warning signs.

Early action makes all the difference, especially when dealing with high-value loans and long-term financial contracts.

Why Petroff Amshen LLP

With decades of experience in consumer protection law, Petroff Amshen LLP stands at the forefront of defending individuals against identity theft. Our Identity Theft Attorneys handled countless loan or lease identity theft cases, giving clients the clarity, support, and legal firepower they need to rebuild with confidence.

We’re not just a law firm—we’re a partner in restoring your financial identity and holding negligent parties accountable.

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