The 2016 Identity Fraud Study by Javelin Strategy & Research, revealed that 13.1 million consumers were victims of identity fraud in the U.S. last year. The study also found that Chip Pin credit cards (EMV) have already had a significant impact on fraudsters’ behavior, which drove a 113 percent increase in incidence of new account fraud.
The report goes on to say, “Consumer choices negatively impact fraud detection…they do not take advantage of the services offered, setting the stage for more damage.” And, “…consumers are less likely to use black market monitoring…increasing their risk of fraud.”
These conclusions reinforce the reality that identity theft is having less and less to do with stolen credit card data, and much more to do with the impact of fraudulent identity creation in the Dark Web.
At Undo Identity Theft, we engage professionals certified in the field of identity security and provide Risk Awareness Training based on best practices in identity management to empower individuals to take control of their identity and create a culture of security in the workplace. We have also vetted hundreds of products and services, identifying the best resources to work proactively to deter the fraud, prepare to mitigate the damages, and ultimately transfer the risk.
Read the Javelin Report here