The number of identity theft victims in 2010 dropped 28 percent, yet individuals lost more on average than ever before, suggesting that attackers’ techniques are getting more sophisticated.
According to a survey on consumer fraud released by Javelin Strategy & Research on Tuesday, annual fraud was down to from $56 billion in 2009 to $37 billion in 2010. The number of victims decreased as well — to 8.1 million people in the U.S, down from 11 million people in 2009, Reuters reports.
When it comes to losses however, Javelin notes that they jumped from $387 to $631 per incident, a jump of about 60 percent. The research group points out a growing trend in “friendly fraud,” a term that describes fraud committed by someone who knows the victim. Friendly fraud has seen a 7% uptick in the last year and usually results in a stolen Social Security number. Additionally, new account fraud, when a new account is opened without the victim’s understanding, reaped $17 billion, more than any other type of fraud.
Read the full article. [Reuters]
