ID theft statistics
Identity theft has become relatively common in today’s world. In the year 2016 and the year 2017, ID theft statistics have attracted a lot of attention and interest. These facts and stats encompass the entire territory of cybercrime. Even though ransomware garners more attention, ID theft remains much simpler to execute and monetize. Credit card numbers, social security numbers, and other private ID issues can be embezzled and sold on the web. There is also the possibility that offenders can use the information for a fast and secure income.
ATO (Account takeover) fraud is seen to make a comeback last year. Just as the name implies, the Identity thief utilizes the victim’s stolen personal data to enter their account and get a new card delivered to them.
These reasons are why it is essential to be familiar with the concept of bookkeeping. Bookkeeping helps you to understand and analyze accounting, finance, and statistics.
Some common kinds of identity theft occur. According to the Federal Trade Commission (FTC), the government agency maintains a warehouse for ID theft complaints. Provided below are some statistics related to credit card and ID theft.
34% Tax-Related or Employment Fraud
When a criminal utilizes someone’s Social Security Number and other personal data to apply for an income tax return or to acquire employment.
33% Credit Card Fraud
The crook utilizes someone’s credit card or just the number to obtain fraudulent purchases.
13% Utilities or Phone Fraud
12% Bank fraud
The crook utilizes someone’s data to take possession of an existing commercial bank account or create a new account in that victim’s name.
7% Lease or Loan Fraud
The lessee or borrower utilizes someone’s data to gain the lease or loan.
7% Government Benefits or Documents Fraud
Credit card fraud
Regardless of the circumstances that credit card fraud only influences about one% of its fraction, as per the information by the Federal Reserve, the situation is a significant concern among customers. Regardless of how small the offense fraud is, no individual wants their hard-earned cash drained away by criminals.
According to The Identity Fraud Study, new account scam continues to grow. Alongside, account takeover fraud has also flourished dramatically. New account scams recorded nearly doubled the previous year.
As Europay, MasterCard, and Visa (EMV) technology advances and becomes widely adopted, the criminals out there are shifting their strategy and opening up new credit accounts in the name of the victims. These criminals are buying stolen information such as Social Security number, name, mother’s maiden name, date of birth to open a new account.
Credit card fraud and new account fraud offers another benefit for the thief. They can go unnoticed and hidden for a more extended period. This extension is because the unfortunate victims do not get to see unauthorized charges made on their statement issued for their credit card as the crooks have generated a brand new account, and the credit card statements go on that account.
The other disturbing finding was that stealing cellphone accounts approximately doubled from the year 2015. Through the misused Social Security number, the credit card criminal can get hold of your account and divert all your text messages and emails.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.