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Identity theft and fraud cost consumers $16 billion in 2016 - SureID Blog
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SureID Blog / Industry News  / Identity theft and fraud cost consumers $16 billion in 2016
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Identity theft and fraud cost consumers $16 billion in 2016

If you don’t keep a close eye on your accounts, then somebody else will.

According to Javelin Strategy & Research, more than 15 million consumers were victims of identity theft or fraud in 2016. From those 15 million victims, $16 billion were stolen. That’s the highest recorded amount of money ever stolen from identity theft and fraud in a single year.

“All of the underlying types of fraud we measure are up,” Senior Vice President and Research Director for Javelin, Al Pascual said to CNBC.

The types of fraud that rose the most were related to identity theft. Transactions that were made online and didn’t require a physical card rose 40%. Criminals who stole login information to access consumer accounts rose to 31%, and thieves opening new accounts under aliases rose 20%.

Identity theft and fraud set records in 2016, and if we want to avoid that trend in 2017, then consumers need to take a proactive approach to identity proofing themselves online.

The importance of two-factor authentication

When asked about what security measures people can take to better secure themselves, Pascal said two-factor authentication is the key to genuine identity assurance. He also gave tips on setting up cellphone alerts with your financial institutions, and to always keep an eye on your credit score. 

You can read the rest of the story from CNBC, here.

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