U.S. Identity Theft in 2021: Adapting and Evolving

White Paper

Announced today, GIACT (a Refinitiv company) released its annual report, developed by Aite-Novarica, on identity theft in 2021.  According to the report, 25% of U.S. consumers were impacted by identity theft in 2021. The report’s findings show sustained high levels of identity theft – including application fraud and account takeover – that have victimized consumers along with virtually every type of financial product, commercial platform and government support.

The report also found that payment channels including peer-to-peer (P2P) and buy now, pay later (BNPL) have also increasingly come under attack. While application fraud and account takeover (ATO) continue to mainly target credit cards, the second most common channel for ATO was P2P (experienced by 25% of ATO victims) and the fifth most common channel for application fraud was BNPL (experienced by 23% of application fraud victims). 

Consumers Growing Intolerant of Fraud

The report also tracked a decline in the tolerance that consumers have for financial institutions that allow identity theft to occur. For example, the report found that 41% of consumer loan application fraud victims and 27% of credit card application fraud victims said that they were unlikely or extremely unlikely to do business with the financial institution that allowed the fraud to take place – up from 20% and 14%, respectively, in 2020. Meanwhile, 31% of ATO victims claimed that they moved their account to another financial institution in 2021 as a result of ATO.

Aite-Novarica_Infographic 2_1000x250

Topics Covered

  • Identity fraud’s shift back to consumer financial products from government stimulus and COVID-related scams;
  • Identity theft’s impact by age group, including a sharp increase in the number of victims ages 55 and older;
  • Identity theft trends impacting buy now, pay later (BNPL), P2P, checking and credit accounts, healthcare, utilities and more; 
  • Consumer sentiment and the growing dissatisfaction that consumers have for organizations that allow fraud to occur; 
  • Recommendations for addressing identity theft.

Download the Report

Refinitiv Introduces Digital Onboarding Solution to Help Businesses Accelerate Secure and Frictionless New Customer Onboarding
Refinitiv Introduces Digital Onboarding Solution to Help Businesses Accelerate Secure and Frictionless New Customer Onboarding

GIACT, a Refinitiv company, today announced that it has added a global consumer and business identity verification solution, gIDENTIFY® Global, to its EPIC Platform. gIDENTIFY Global represents a significant advancement in global identity verification, allowing U.S. organizations to validate non-U.S. persons across 38 countries and businesses across 11 countries, respectively.

Read More »
Consumer Scams Rising in Velocity and Sophistication_Press Release
34% of U.S. consumers were targeted by scams in 2021, Aite-Novarica Group consumer survey finds

GIACT’s report, Consumer Scams: Rising in Velocity & Sophistication, looks at the methods scammers used to target U.S. consumers, including email, text, phone, and social media. As detailed within the report’s findings, U.S. consumers were solicited through a wide range of mediums using a variety of tactics to social engineer victims into providing payment and / or sensitive payment information.

Read More »