Research and Markets: 2010 Identity Fraud Survey Report: Identity Fraud Continues to Rise New Accounts Fraud Drives Increase; Consumer Costs at an All-Time Low

DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of Javelin Strategy & Research's new report "2010 Identity Fraud Survey Report: Identity Fraud Continues to Rise New Accounts Fraud Drives Increase; Consumer Costs at an All-Time Low" to their offering.



ID Fraud continued to rise in 2009, with Javelin finding there are more victims than in any period since the survey began in 2003. Driving that increase was new accounts fraud, which showed longer periods of misuse and detection and therefore more dollar losses associated with it than any other type of fraud. Meanwhile the consumer costs, the dollar amounts the victim pays on average out- of- pocket, reached an all time low. The Javelin 2010 Identity Fraud Survey Report provides a detailed, comprehensive analysis of identity fraud in the United States in order to help consumers and businesses better understand the effectiveness of methods used for its prevention, detection and resolution. A nationally representative sample of 5,000 U.S. adults, including 703 fraud victims, was surveyed via a 50- question phone interview to gain insight into this crime and the effects on its victims. This report, supported by the Better Business Bureau, is issued as a longitudinal update to the Javelin 2005, 2006, 2007, 2008, and 2009 Identity Fraud Survey reports and the FTCs 2003 report.



This survey is co- sponsored by organizations committed to educating and helping consumers and businesses reduce their risk of identity fraud including Fiserv, Inc., Intersections Inc., Wells Fargo & Company, and ITAC, the Identity Theft Assistance Center and is supported by the Better Business Bureau. Sponsors partially underwrite Javelins cost of data collection, analysis and -reporting in return for having their organization cited in the release of the study. Javelin retains complete independence of data analysis and reporting, and the report has been created solely by Javelin employees.



The categories of fraud are listed below from least to most serious:

• Existing card accounts: This category includes both the account numbers and/or the actual cards for existing credit and card-linked debit accounts. Prepaid cards were added for 2007 and subsequently removed due to extremely low incidence.


• Existing non-card accounts: This category includes existing checking and savings accounts, and existing loans, insurance, telephone and utilities accounts.


• New accounts and other frauds: This category includes new accounts or loans for committing theft, fraud or other crimes using the victim's personal information.

Many victims experience identity fraud within more than one of these categories. In reporting the overall incidence rates of the three categories or types of accounts, the victims of crimes to more than one type of account are categorized based on the most serious (as designated by the FTC) problem reported. Thus, victims who reported that new accounts had been opened using their information and also that their existing credit cards had been misused would be placed in the new accounts and other frauds classification, not in the existing card accounts classification. This categorization is applicable only for reporting the rates of the three types of fraud.

Key Topics Covered:

• Overview


• Executive Summary


• Major Findings


• The Total Annual Fraud Amounts and Rate of Incidence Increase in 2009


• More Victims Than Any Time in the Past Six Years


• Consumer Costs Lower as Industry Absorbs More of the Fraud Loss


• What is the Top Breached Data?


• What is the Top Account Takeover Method?


• How Can Consumers Lower Their Costs?


• What Is the Major Cost Component of Overall Identity Fraud?


• Despite Increased Attacks, Existing Credit Card Losses Drop


• How Quickly do Different Types of Fraud End?


• More Fraudulent New Accounts Opened


• Existing Non- Card is Twice as Likely Among Friendly Fraud Victims


• More Victims Take Action in 2009


• Key Demographic Information


• Younger Adults and Social Networking


• Core Millennials and Detection Times


• Small Business Owners and Their Fraud Rates


• Consumer Recommendations for Prevention, Detection and Resolution of Identity Fraud


• Recommendations


• Recommendations to Financial Institutions


• Educate the Customer


• Enlist the Customer


• Tighten Internal Controls


• Protect Data


• Recommendations to Consumers


• Table of Figures


• Companies Mentioned

For more information visit http://www.researchandmarkets.com/research/d7bc7b/2010_identity_frau

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