According to the report, 30% of people who contact the ITRC are losing $100,000 or more and 11% are losing $1 million dollars or more.
But experts say there is one thing we can all do to protect ourselves - it is free and just takes minutes.
"Freeze your credit. The only surefire way to stop someone from taking your good name and your good credit is to freeze that," said James E. Lee, Identity Theft Resource Center/President. "Freezing your credit stops someone from misusing it."
Lee says it's not enough anymore to simply monitor your credit. You need to freeze it because that action blocks access to your credit report, which prevents new lines of credit from being opened in your name without your consent.
ID theft on the rise: Expert says freeze your credit to prevent fraud
And times have changed. Both freezing and unfreezing, or thawing your credit, are now easy to do.
"It takes you less than a minute, you can do it online. If you can order something off DoorDash or Uber Eats, you can freeze your credit. And then if you need to use it, you just unfreeze it. Takes the same amount of time or less than it does to freeze it the first time," he said.
Equifax, Experian and Transunion must unfreeze your report within one hour if you request online or by phone. When you thaw your credit, you can set a date online for when you want to refreeze it, so it happens automatically.
And contrary to what some believe, freezing your credit has no impact on your credit score.
Lee said everyone should do this because by now, every adult in the U.S. has had their information compromised, whether you know it or not, and your information is out there.
And if you have kids, Lee advises to freeze theirs too.
Parents should check with all three credit bureaus to see if their kids have a credit file as each bureau has a slightly different process. If your child does have a credit report, put a security freeze on it right away.
It's not as easy to do for kids, you have to manually mail documents, including birth certificates, but it is critical that parents do this.
Lee said the impacts go far beyond the financial. There is also an emotional toll that continues to be reported to the ITRC.
"They're saying 14% of the time they considered some form of self-harm, including suicide. Now, that number pre-pandemic was 2% for a couple of decades. Now it's 14%," he said.
And when you look at people who didn't get support from the ITRC or other organizations, the rate is even higher at 25% who reported they contemplated some sort of self-harm.
"And within that number, 68% said they considered taking their own life because their circumstances were so bad they didn't see any other way out," Lee said.
Two more tips: Whenever you can, use multi-factor authentication and a passkey, instead of a password.
And if you do use a password, make sure it's a phrase that no one else can guess and always create different passwords for each account.
For more information:
Experian
TransUnion
Equifax
Identity Theft Resource Center report