In 2015, the U.S. identity fraud victim count increased by 3% to 13.1 million, but the dollars stolen decreased by 6% to $15 billion, according to Javelin Strategy & Research’s 2016 Identity Fraud Study.
Javelin, based in Pleasanton, Calif., also found that the rise of EMV made a significant impact on fraudsters’ behavior, doubling the instances of new account fraud. In addition, many consumers who do not trust their financial institutions engaged in behavior that lowered their chances of discovering fraud.
The 2016 Identity Fraud Study pinpointed these four significant trends:
1. There were more identity fraud victims, but less money was stolen.
2. EMV led new account fraud incidents to double.
3. Consumer choices negatively impacted fraud detection.
4. U.S. consumer data was used in international fraud.
Read the complete report here.
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