Identity Fraud rate is going on increasing day by day and has touched the tip in 2008. This is the first time in 5 years that the fraud rate has been reported that high. With in a span of 12 months the identity fraud victims grew by almost 22% to 9.9 million, with an annual incidence rate of 4.32%. This statistics almost flipped the four-year incidence trend which was on decreasing track.
The only good news to be cherished is that the actual consumer cost of all of these fraud have actually plunged by a certain ratio. Nevertheless, the total value of identity fraud is a astonishing $48 Billion.! Out of the total around 11% of the people stated their information was stolen in a data breach, and around 19% stated that it was stolen while doing transaction, and around 13% stated that it was stolen by someone they knew very well. 11% of the people stated that their data was stolen online, and the rest of the people stated that it was stolen via mail or other means.
This is very concerning and astonishing given the amount the entities are been spending on security systems. I wonder if this will have a -ve impact on the service of online banking and payments. Although, recently Fiserv with a reaserch that noted that the adoption of online banking has actually provided the current economic scenario as consumers keep a close tab on their finances.