According to a new study by Javelin Strategy & Research, identity fraud went up eight percent in 2017 rising to 16.7 million victims. The number is a record high since Javelin Strategy & Research began tracking identity fraud since 2003.
The study states credit card accounts remained the most prevalent targets for new account fraud, along with significant growth in the opening of new intermediary accounts, like Paypal and other internet accounts like Amazon.
Two significant trends the study identified were that online shopping presents the best opportunity for fraud. This is largely due to debit and credit cards changing to EMV, causing fraudsters to look at other channels. Additionally, the study found that scammers are becoming more sophisticated by using complex and difficult to detect monetization schemes. One and a half million victims of existing account fraud had an intermediary account opened in their name first.
So how can you protects yourself? BBB offers these tips: