GIACT’s new report, U.S. Identity Theft: The Stark Reality, developed by Aite Group and underwritten by GIACT, uncovers the striking pervasiveness of identity fraud perpetrated against U.S. consumers, tracking pandemic-related shifts in banking behaviors.
In the past two years, almost half (47%) of U.S. consumers surveyed experienced identity theft; well over one-third (37%) experienced application fraud (i.e., the unauthorized use of one’s identity to apply for an account), and over one-third (38%) of consumers experienced account takeover (i.e., unauthorized access to a consumer’s existing account).
A jump in ID theft-related losses
The report found an estimated 42% increase in identity-related losses from 2019 to 2020, showing that identity theft is rapidly growing in severity and will continue to flourish until new authentication and validation methods are put in place.
Topics Covered
- The latest data revealing how the pandemic has accelerated banking behavior shifts, and consequently, fraud;
- Growing trends in new account fraud;
- The staggering amount of time it can take consumers to recover from being victimized by identity theft;
- How consumer confidence in a financial institution is significantly affected following a fraud incident; and
- The importance of investments into new technologies to prevent ongoing growth in identity crimes, including real-time identity validation and authentication.
