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Data Breaches Lead to Identity Fraud, according to Javelin


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Contemporary research on the financial impact of data breach events has focused on costs to businesses and institutions, but largely ignored their effect on the consumers whose personally identifiable information (PII) is compromised. Javelin Strategy & Research (@JavelinStrategy) released the firm’s first ever “2013 Data Breach Fraud Impact Report: Mitigating a Rapidly Emerging Driver of Fraud,” which demonstrates the real connection between data breach and consumer fraud. Data breach victimization has been increasingly correlated with fraud over the past three years with over 50% of fraud victims in 2012 were also data breach victims. The Open Security Foundation reports an all-time high of 1,611 breaches in 2012, a 48% increase over 2011.

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Data Breaches Lead to Identity Fraud, according to Javelin

  1. 1. DATA BREACHES LEAD TODATA BREACHES LEAD TOIDENTITY FRAUDIDENTITY FRAUDJUST THE FACTSof identity fraudvictims were alsovictims of data breachof data breachvictims enrolled infree identityprotection servicesyet onlyRECOMMENDATIONS FOR:average consumerout of pocket costsin total fraudRegularly auditssystems that handle PIIand user acess rightsEstablish datamigration securitychecklistWho is JavelinWho is JavelinJavelin Strategy & Research, a division of Greenwich Associates, provides strategic insights into customer transactions, increasingsustainable profits for financial institutions, government, payments companies, merchants and other technology providers.Learn More:Learn More: 2013 DATA BREACH FRAUD IMPACT REPORT: Mitigating a Rapidly Emerging Driver of Fraud$data breachesin 2012*data breachesin an averagemonthEquals toEquals toIMPACT OF SOUTH CAROLINA DATA BREACH FOR:Consumers Financial Institution and MerchantsConsumers Financial InstitutionsRegularly auditsData CustodiansEncrypt all sensitiveconsumer data toprevent misuseEnroll in freeidentity protectionservices if offeredDiscontinue SSNauthentication to preventaccount takeoversSign up for accountalerts to be notifiedof potential fraud!hours to resolvefraud per consumerSOCIAL SECURITY*According to the Open Security Foundation