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Identity Fraud in 2014: 12.7 Million U.S. Fraud Victims with $16 Billion in Losses

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Identity Fraud in 2014: 12.7 Million U.S. Fraud Victims with $16 Billion in Losses

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Are you one of the 12.7 million people who found themselves as a victim of identity fraud in 2014? No. Phew! It’s easy to think you’re in the clear. Actually the opposite can be true.
2014 saw a significant amount of data breaches, most notably from retailers Neiman Marcus, Home Depot, Staples and Michael’s, as well as financial institution JPMorgan Chase. Consumers whose credit or debit cards were breached in the past year were nearly 3x more likely to be an identity fraud victim. So if you receive a letter that your information was exposed in a data breach, take it serious!
Javelin Strategy & Research (@JavelinStrategy) study 2015 Identity Fraud Study found that fraudsters stole $16 billion from 12.7 million U.S. consumers in 2014. With a new identity fraud victim every two seconds, there is still significant risk to consumers, particularly students.
Fraudster can use your information to open a new account in your name and start racking up large charges or even finance a car. This type of fraud can take consumers up to 1 year to discover this new account. This type of fraud -- new account fraud – although reached record low, continues to be one of the most damaging types of fraud.

To reduce your chance of becoming a victim of identity fraud, checkout out www.idsafety.net for 18 question quiz and checklist for consumers for fraud prevention.

To view the full report: www.javelinstrategy.com/brochure/347

Are you one of the 12.7 million people who found themselves as a victim of identity fraud in 2014? No. Phew! It’s easy to think you’re in the clear. Actually the opposite can be true.
2014 saw a significant amount of data breaches, most notably from retailers Neiman Marcus, Home Depot, Staples and Michael’s, as well as financial institution JPMorgan Chase. Consumers whose credit or debit cards were breached in the past year were nearly 3x more likely to be an identity fraud victim. So if you receive a letter that your information was exposed in a data breach, take it serious!
Javelin Strategy & Research (@JavelinStrategy) study 2015 Identity Fraud Study found that fraudsters stole $16 billion from 12.7 million U.S. consumers in 2014. With a new identity fraud victim every two seconds, there is still significant risk to consumers, particularly students.
Fraudster can use your information to open a new account in your name and start racking up large charges or even finance a car. This type of fraud can take consumers up to 1 year to discover this new account. This type of fraud -- new account fraud – although reached record low, continues to be one of the most damaging types of fraud.

To reduce your chance of becoming a victim of identity fraud, checkout out www.idsafety.net for 18 question quiz and checklist for consumers for fraud prevention.

To view the full report: www.javelinstrategy.com/brochure/347

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Identity Fraud in 2014: 12.7 Million U.S. Fraud Victims with $16 Billion in Losses

  1. 1. IDENTITY FRAUD © 2015 Javelin Strategy & Research, Identity Fraud Study 12.7 MILLION AMERICANS BECAME A VICTIM OF IDENTITY FRAUD Consumers, financial institutions and retailers are all taking aggressive steps, yet, we must remain vigilant. © 2015 Javelin Strategy & Research, Identity Fraud Study TWO-THIRDS OF IDENTITY FRAUD VICTIMS RECEIVED A DATA BREACH NOTIFICATION Data breaches were big headlines in 2014, and they had a significant impact on identity fraud. © 2015 Javelin Strategy & Research, Identity Fraud Study A NEW IDENTITY FRAUD VICTIM EVERY 2 SECONDS IN 2014 By the time you can say the words “identity fraud,” there will be a new victim. 66% $16Bn
  2. 2. IDENTITY FRAUD © 2015 Javelin Strategy & Research, Identity Fraud Study © 2015 Javelin Strategy & Research, Identity Fraud Study STUDENTS LEAST CONCERNED ABOUT IDENTITY FRAUD, YET MOST SEVERELY IMPACTED Students are 4 times more likely than other consumers to be victims of “familiar” fraud – fraud committed by someone they know. © 2015 Javelin Strategy & Research, Identity Fraud Study 28% OF FRAUD VICTIMS SAID THEY AVOIDED MERCHANTS 2014 saw a significant amount of data breaches, most notably from big retailers, which caused twice as many consumers as last year to avoid retail merchants. COMPROMISED PAYMENT CARDS TRIPLED THE RISK OF IDENTITY FRAUD Individuals whose credit or debit cards were breached in the past year were nearly three times more likely to be an identity fraud victim. © 2015 Javelin Strategy & Research, Identity Fraud Study Javelin Strategy & Research, a Greenwich Associates LLC company, provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. For more information on this study or other research studies by Javelin Strategy & Research, visit www.javelinstrategy.com/research not very concerned 64% morethan20% of students were notified about identity fraud occurrence by a debt collector or when denied for credit 3x HIGHER than the average

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