U.S. Identity Theft: Adapting and Evolving

Identity
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.

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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

The Impact of Identity Theft and Scams in 2021_webinar
Identity
The Impact of Identity Theft and Scams in 2021

virtually every type of financial product, commercial platform, and government support. Simultaneous
scam activity — via social media, phone, text, and email — targeted one in three U.S. consumers in 2021.
What were the results of these activities? And how will organizations deal with and overcome the fraud
challenge?

Read More »
Consumer Scams: Rising in Velocity & Sophistication
Identity
Consumer Scams: Rising in Velocity & Sophistication

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 follow record high rates of identity theft in 2020 and explosive growth in scam activity in 2021.

Read More »