Identity Fraud in 2013: New Fraud Victim Every 2 seconds

50 %
50 %
Information about Identity Fraud in 2013: New Fraud Victim Every 2 seconds
News & Politics

Published on February 4, 2014

Author: JavelinMktg

Source: slideshare.net

Description

The 2014 Identity Fraud Study released by Javelin Strategy & Research (@JavelinStrategy), reports an increase of more than 500,000 fraud victims to 13.1 million people in 2013, the second highest number since the study began. Account takeover fraud hit a new record in incidence for the second year in a row and accounted for 28 percent of all identity fraud. Additionally, fraudsters increasingly turned to eBay, PayPal and Amazon with the stolen information to make purchases. In 2013, data breaches became more damaging, with one in three people who received a data breach notification letter becoming an identity fraud victim. Encouragingly, the amount criminals stole decreased by $3 billion to $18 billion, reflecting more aggressive actions from financial institutions, identity theft protection providers and consumers.

Identity fraud is defined as the unauthorized use of another person’s personal information to achieve illicit financial gain. Identity fraud can range from simply using a stolen payment card account, to making a fraudulent purchase, to taking control of existing accounts or opening new accounts, including mobile phone or utility services.

For more details, visit www.idsafety.net for 18 question quiz and checklist for consumers for fraud prevention.

To view the full report: www.javelinstrategy.com/brochure/314

IDENTITY D OR SW ER US PAS NA ME FRAUD IN 2013 Identity Fraud Rates Increased A new identity fraud victim every 2 seconds 02 The number of identity fraud victims increased by 500,000 consumers to 13.1 million people in 2013 SECONDS 13l.o1 il i n m The second highest number since the study began. Those between the ages of 35-44 were at the greatest risk of identity fraud (the unauthorized use of another person’s personal information to achieve illicit financial gain.)

Total Amount Stolen Declined 2012 $21 bn reflecting more aggressive action from 2013 $18 bn financial institutions identity protection providers consumers Fraud Grows Online 44% of all fraud involved an online transaction. & Fraudsters increasingly misused internet accounts (such as Amazon and eBay), and email payment accounts (such as PayPal).

Dramatic Increase In Account Takeover Account takeovers hit a new record in incidence rate for the second year in a row. 2012 11% 16% 2013 Accounted for 16% of identity fraud incidents, up from 11% in 2012. Fraudsters add new properties to victims’ utility accounts and run up unauthorized charges using “premium” texting services. Takeovers of utilities and mobile phone accounts nearly tripled. Data Breaches Even More Damaging 2012 2011 2013 1 in 3 people who received data breach notification letters became a victim of fraud. 46% Consumers with breached debit cards are most likely to become a fraud victim, 16% This is up from 1 in 4 in 2012 and 1 in 5 in 2011. 16% of consumers with breached Social Security Numbers became a victim.

No Longer Just About Credit Card Fraud Non-card fraud (including compromised lines of credit, internet accounts, and email payment accounts like PayPal) saw a rapid rise in 2013. The number of non-card fraud victims nearly tripled $5 bn and accounted for $5 billion or onethird of all identity fraud. To take an identity fraud safety quiz, download a free consumer version of Javelin’s identity fraud report, and get additional safety tips, visit www.idsafety.net About the Identity Fraud Insight Report Now in its 11th consecutive year, the comprehensive analysis of identity fraud trends is independently produced by Javelin Strategy & Research, and made possible by Intersections Inc., a company dedicated to consumer fraud prevention and education. It is the nation’s longest-running study of identity fraud, with 53,800 respondents surveyed over the past 11 years. Identity fraud is defined as the unauthorized use of another person’s personal information to achieve illicit financial gain. Identity fraud can range from simply using a stolen payment card account, to making a fraudulent purchase, to taking control of existing accounts or opening new accounts, including mobile phone or utility services. In October 2013, Javelin Strategy & Research conducted an address-based survey of 5,634 U.S. consumers to identify important findings about the impact of fraud, uncover areas of progress and identify areas in which consumers must exercise continued vigilance. There were significant strides forward in 2013 in the fight against identity fraud. Even though the incidence of fraud increased, the amount stolen significantly decreased. Consumers and businesses cannot let up the effort. Our study found that criminals are adapting their approach to focus on account takeover and they are effective at using the information they secure from data breaches. Any complacency will provide fraudsters renewed opportunities. - Al Pascual, Senior Analyst of Security, Risk & Fraud, Javelin Strategy & Research For more information on this project or other research studies, visit www.javelinstrategy.com

Add a comment

Related presentations

Cfbp barometre octobre

Cfbp barometre octobre

November 10, 2014

VITOGAZ vous présente: CFBP baromètre gpl carburant

Ata Escrita da 16ª Sessão Ordinária realizada em 16/10/2014 pela Câmara de Vereado...

Ata Escrita da 10ª Sessão Extraordinária realizada em 16/10/2014 pela Câmara de Ve...

Rx1 nasil kullanilir

Rx1 nasil kullanilir

November 8, 2014

Rx1 zayiflama hapi, kullanimi nasildir, yan etkileri var mi? yan etkiler var ise h...

Esposto del MoVimento 5 Stelle sul Patto del Nazareno

Slide Servizi postali

Slide Servizi postali

November 7, 2014

Slides per i servizi postali presentati in occasione dell'incontro azienda e organ...

Related pages

A New Identity Fraud Victim Every Two Seconds in 2013 ...

Number of Identity Fraud Victims Rose to 13.1 Million, but Fraud Decreased to $18 Billion . Dramatic Increase in Account Takeover . Data Breaches Become ...
Read more

A New Identity Fraud Victim Every Two Seconds in 2013 ...

A New Identity Fraud Victim Every Two Seconds in 2013 According ... Number of Identity Fraud Victims ... add new properties to victims ...
Read more

Someone Became an Identity Theft Victim Every 2 Seconds ...

Someone Became an Identity Theft Victim Every 2 Seconds ... A new identity fraud victim was hit every ... fraud amount,” he says. “But in ...
Read more

Every two seconds there's a new victim of identity fraud

Every two seconds there's a new victim of ... people in 2013. Account takeover fraud hit a new record ... becoming an identity fraud victim.
Read more

Study: One New Identity Fraud Victim Every Two Seconds ...

Study: One New Identity Fraud Victim Every Two Seconds . Javelin ... there were a total of 13.1 million identity fraud victims in 2013, ...
Read more

A New Identity Theft Victim Every Two Seconds

... a new identity theft victim every two seconds in 2014, and fraud losses for the year ... a new identity theft victim every two seconds in ...
Read more

Identity fraud hits new victim every two seconds - Feb. 6 ...

Identity theft is on the rise, with a ... Identity fraud hits new victim every ... The number of identity fraud victims jumped to 13.1 million ...
Read more

New identity theft and fraud victim in America every 2 seconds

New identity theft and fraud victim in America every 2 seconds. ... In fact, there's a new identity theft and fraud victim in this country every 2 seconds!
Read more