Credit Card Fraud Surging in I.D. Theft Cases, Study Says

Credit card fraud surged in 2009 as the No. 1 form of rising identity theft, and it now comprises 75 percent of I.D. crime cases, according to a survey of 5,000 adults by Javelin Strategy & Research, the California-based research firm.



The credit card portion of I.D. fraud is up from 63 percent in 2008, Javelin’s study found.



Editor's Note:  The Consumer Version of Javelins Report is free and can be obtained by clicking the link at the bottom of this post. 



The overall number of identity theft victims in the United States rose 12 percent to 11.1 million last year, the firm’s findings show.  Total losses from identity fraud climbed 12 percent to $54 billion, up from $48 billion in 2008. The mean theft amount – per victim – slightly decreased to $4,841, but out-of-pocket consumer losses were $373, down from $498 in 2008, Javelin said.



“The average consumer cost is actually dropping because businesses are shouldering more of that actual fraud amount in order to protect individuals,” said James Van Dyke, Javelin president and founder. This is Javelin’s seventh annual identity fraud report.   Survey respondents reported more credit card fraud, followed by debit card fraud — 33 percent, down from 35 percent. The survey also showed an increase in stolen checking account numbers and health insurance documents.

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