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.
- 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.