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Infographic: Identity Fraud is on the Rise Again in 2012, according to Javelin Strategy & Research
- 1. identi ty frau incide stolen nts & amo d increa unt sed BIL$21 L Sto ION l en 11.6 12 2012 2010 2011 MILL .6 2 0 1 ION 1 MILL 2 0 1 ION 1 a 3-ye ar hig h 2 this 1 incequates to id every ent 3 sec onds 3reasons most likely ONE data breach fraud victims at a 3 year high 1 in 4 data breach notification recipients became a fraud victim up from less than 1 in 5 in 2011 NAM: MOB: A/C: consumers with SSNs compromised ADD: DOB: in a data breach are 5 times more likely to be a victim than an average consumer SSN: to avoid becoming fraud victims, consumers need to take all data breach notifications seriously a data breach notification is usually a letter, e-mail or call made to consumers informing them of the unauthorized access, use, modification, disclosure, or other misuse of their personal information.
- 2. TWO fraudsters acting quicker average of 48 days in 2012 down from 55 days in 2011 & shortest in the history of the survey 95 days in 2010 includes all types of fraud cards loans bank mobile accounts phone bills consumers and companies are responding faster too comprehensive and proactive monitoring plays an important role in reducing misuse of information 50% of victims detected fraud themselves using financial alerts, credit monitoring or identity protection services and by monitoring their accounts in 33% of cases, consumers were notified of the fraud by a bank or card issuer. THREE EE rising online sales lead to increase in online fraud E online nearly online retail shopping 13% sales 10% fraud grew grew in 2012 in 2012 small retailers hard hit 15% fraud victims e merchants. er han decided to change behaviors and avoid smaller online merchants. much higher than those that avoid gaming sites or larger retailers ge retailers ger re i s need for security measures to match growth in online commerce
- 3. the survey foundthat 7.4 % consumers who fraud rates are up 7.4% accessed public wi-fi for every age group, wi-fi hotspots in the past impact age except for those 18-24, 12 months became a impact which were slightly less than fraud victim. This is much one half as much higher than those that as the previous year did not (4.6%) 12% of consumers 25% are victims of for those earning familiar* between fraud $15,000 - $ 25,000 familiarity jumps to impact 32% for those earning less than $15,000 * with familiar fraud, the information most likely to be taken includes name, SSN & address About the Identity Fraud Insight Report Now in its tenth consecutive year, the comprehensive analysis of identity fraud trends is independently produced by Javelin Strategy & Research, and made possible by Citi and Intersections Inc., companies dedicated to consumer fraud prevention and education. It is the nation’s longest-running study of identity fraud, with 48,200 respondents surveyed over the past 10 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 make fraudulent purchases to taking control of existing accounts or opening new accounts, including mobile phone or utility services. In October 2012, Javelin Strategy & Research conducted an address-based survey of 5,249 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. To take an identity fraud safety quiz, download a free consumer version of Javelin’s identity fraud report, and get additional safety tips, online.citibank.com/US/JRS/pands/detail.do?ID=SecurityCenter identityguard.com/identity-theft/protect-identity visit www.idsafety.net The past year was one where there were both successes and setbacks for consumers, institutions and fraudsters. Consumers and institutions are now starting to act as partners, detecting and stopping fraud faster than ever before. But fraudsters are Javelin Strategy & Research, a division of Greenwich Associates, acting quicker than ever before and victimizing provides strategic insights into customer transactions, increasing more consumers. Consumers must take data breach sustainable profits for financial institutions, government, payments notifications more seriously than ever before and companies, merchants and other technology providers. Javelin’s maintain vigilance to safeguard personal independent insights result from a uniquely rigorous information, especially Social Security numbers. three-dimensional research process that assesses customers, providers, and the transactions ecosystem. For more information on JIM VAN DYKE CEO of Javelin Strategy & Research this project or other research studies by Javelin Strategy& Research, visit www.javelinstrategy.com/research