ID Fraudsters Beating Security, Says Study

Feb 12, 2009 9:53 AM

The number of people falling victim to identity fraud is on the rise, according to Javelin Strategy and Research. But online fraud is deemed safe provided people use all the security controls that are to hand.

Computer Business Review reports that the report found the number of identity fraud victims has increased 22 percent to 9.9 million adults in the United States. If businesses appear unable to stop the fraudsters, they are slowly starting to get the better of them by detecting and resolving fraud more quickly.

The research has shown that mean consumer costs of identity fraud plummeted by 31 percent and stood at $496 per incident last year. The researchers attribute the reduction in incident costs to fraud being detected and resolved faster, thanks to industry efforts and consumer education.

This study was based on phone interviews last October with 4,784 people, of which around 10 percent said they had been identity fraud victims. It covers all types of fraud, and the figures it tracks are not limited to cyber crime. James Van Dyke of Javelin explained that “crimes of opportunity, such as information from lost wallets, still comprise the vast majority of incidents."

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