Along with developments in technology in recent years, identity theft has been on the rise. Fraud statistics have significantly changed in different areas. Examples of identity theft occurring can be data breaching, stolen bank account information, and stolen credit card information.
Data breaches and undermined credit card cases appear in the news more often. With all the instances of data breaches, fraud is the first thing on everyone’s mind! Using Europay, MasterCard, and Visa (EMV) chip cards offer considerable options for making online payments secure and safe. But, EMV chip cards are not reliable when it comes to specialists predicting fraud. These cards are not able to offer security in non-card-present transactions. With the lack of security, these data breaches are sure to continue in the future.
Fraud statistics: Data Breaches
The first significant business data breaches started to appear in 2014 and continued into 2015. This threat to data safety and security is still lurking. The majority of the Americans anticipated it to be a short-lived trend. This belief disappeared as large-scale businesses became the bull’s eye of cybercriminals. In September 2017, a massive data breach occurred at Equifax, the renowned credit bureau. The data breaches have continued to rise, but the advancements in cyber-security have advanced as well.
Fraud Statistics: Identity Theft and Card Fraud
During the years of 2012 to 2016 onwards, the FTC’s (Federal Trade Commission) online databank of customer complaints has amassed 13 million grievances in the year 2016 alone; it came up to 3 million. Of those, approximately 13% were linked to identity theft complaints, and about 42% to fraud.
Fraud-related grievances calculated up to be about 1.3 million. Customers stated that they had paid more than $744 million towards those fraud complaints. An average amount of $450 was paid to these companies. 51% of the customers who conveyed a grievance related to fraud also stated the quantity paid.
Around 55% of the grievances related to fraud listed a process of the first contact with the companies. Of those, about 77% were communicated by phone, whereas just 8% were initially communicated by email, and only 3% were reached by mail.
How are fraud victims affected
As per the report “Identity Theft: The Aftermath 2016” by The Identity Theft Resource Center, about 20% of the American citizens surveyed were victims of some sort of illegal ID theft in the year 2015. From those, about 9.2% stated that their ID was utilized to perform a financial crime, which ended in a custody permit.
The aftermaths of this illegal ID are astounding. About 55% of victims failed to fulfill their hours from work. Around 44% stated that they lost an employment prospect. Also, roughly 60.7% needed to borrow cash, and 29.5% were obliged to appeal for government aid, such as food stamps or welfare.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.