Identity fraud and identity theft are still a growing concern for businesses and one that can cost millions. But determining how damaging this type of theft is can be tricky. With their latest research, GIACT share real business cost of identity fraud.
Despite constantly developing new ways to combat the dangerous effects of identity fraud, the criminal business has only grown in spite of our efforts. Now, more than ever, hackers, fraudsters, and thieves are costing the American public far too much. This makes it essential for companies to engage with a reliable security agency to protect the integrity of their customers -- and their business.
In 2016 alone, over 15.4 million Americans were affected by identity fraud, costing more than $16 billion in damages and lost revenue.
There are multiple ways that identity theft and identity fraud can occur. Some people might suffer from the ill effects of credit card fraud. Others may have been the victim of a social security issue. Between fraudulent account openings and the theft of personal identity information, businesses need to make increasingly active efforts to protect the sensitive information of their clients.
Criminals can also obtain this information through a variety of different ways. While one thief might use radio frequency identification (RFID) technology, another criminal may simply rifle through the junk mail you threw out. A company should rely on multiple security measures to keep personal information safe from falling into the wrong hands.
Without prompt intervention, it's estimated that the number of identity thefts and frauds will only continue to surge throughout the next year. Here are some of the most pertinent statistics regarding the real cost of identity fraud.
Author: David Barnhardt is responsible for directing product development for GIACT’s suite of fraud reduction and compliance solutions company-wide, including the EPIC Platform. With over 13 years of banking and payments expertise, he is a frequent contributor to industry publications and conferences and has authored multiple patents currently being used to identify fraud and account takeover and reduce payments risk. Most recently, David was the payment product manager at Early Warning.