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Published by: Javelin Strategy & Research
Published: Feb. 1, 2007 - 66 Pages
Table of Contents
Executive Summary
Major Findings
Recommendations
Recommendations to Institutions
Recommendations to Consumers
Measuring the Impact of Identity Fraud
Existing Accounts Fraud
Existing Card Accounts Fraud
Existing Non-Card Accounts Fraud
New Accounts and Other Frauds
Consumer Profiles
The Risks by Income
The Risks by Age Group
The Risks by Ethnicity
Consumer Behaviors
How Does Consumer Behavior Change after an Identity Fraud?
Which Victims Switch FIs?
Preventing Identity Fraud
How Is Information Obtained?
Who Is the Fraud Operator?
Detecting Identity Fraud
The Identity Fraud Life-Cycle
How Is Identity Fraud Discovered?
Resolving Identity Fraud
What Is the Consumer Cost Associated with Identity Fraud?
What are the Average Resolution Times?
Legal Actions to Resolve Fraud
Related Research
Appendix
Glossary
Methodology
Table of Figures
Figure 1: Overall Measures of Impact
Figure 2: Numbers of Victims (in Millions) and One-Year Incidence Rates
Figure 3: Comparisons of Incidence Rates and Average Fraud Amounts by Fraud Type
Figure 4: Javelin Prevention, Detection, and Resolution™ Model
Figure 5: One Year Fraud Rates
Figure 6: Fraud Account Type Rates, U.S. Adult Population (One-Year Data)
Figure 7: Credit and Debit Misuse in Existing Card Fraud
Figure 8: Types of Existing Non-Card Accounts Misused
Figure 9: Account Takeover Methods
Figure 10: Fraudulent New Accounts Opened
Figure 11: Incidence Rates and Average Fraud Costs by Income Levels
Figure 12: Changed Behaviors of High Income and Low Income Adults Due to ID Fraud
Figure 13: Incidence Rates and Average Fraud Costs by Age
Figure 14: Behaviors of Young Adult Victims (18-24) Compared to All Adults
Figure 15: Incidence Rates and Average Fraud Costs by Ethnicity
Figure 16: Consumer Financial Behaviors
Figure 17: Consumer Behavior Changes after Fraud Victimization
Figure 18: Means of Access
Figure 19: Average Fraud Amount by Means of Access
Figure 20: Criminal’s Identity
Figure 21: Frequencies and Average Fraud Amounts by Fraud Operator
Figure 22: Percentage of Financial Institutions Meeting Safety Criteria by Category
Figure 23: Average Fraud Duration and Detection Times by Self- and External Detection
Figure 24: Average Fraud Lifecycle
Figure 25: Means of Misuse
Figure 26: Average Days of Misuse by Fraud Types for 2007 and 2006
Figure 27: Average Length of Misuse for Each Method of Access
Figure 28: Average Days to Detect Fraud for Each Detection Method
Figure 29: Average Dollar Fraud Amount by Time to Detection
Figure 30: How Is Identity Fraud Detected?
Figure 31: Average Fraud Amounts by Detection Method
Figure 32: Victim Percentages by Detection Method and Fraud Type
Figure 33: Average Consumer Cost by Detection Method
Figure 34: Average Consumer Cost by Thief’s Identity
Figure 35: Average Number of Hours to Resolve Fraud
Figure 36: Average Resolution Hours by Detection Method
Figure 37: Types of Legal Actions Taken
Figure 38: Number of Victims before Weighting by Year
Figure 39: Mean Dollar Value of Misappropriated Funds
Figure 40: Three-Year Averaging of Fraud Amounts
AbstractThe Javelin 2007 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. This report is is-sued as a longitudinal update to the Javelin 2006 Identity Fraud Survey Report, the Javelin 2005 Identity Fraud Survey Report and the Federal Trade Commission’s (FTC) 2003 Identity Theft Survey Report.
Primary Questions
• What primary causes of data exposure and fraud must industry executives most focus on for 2007?
• How prevalent is identity fraud and how are rates changing over time?
• What changes are occurring in the methods of identity fraud?
• What are the average costs associated with identity fraud?
• What specific habits are associated with higher and lower rates of identity fraud?
• How are certain key demographic groups affected by identity fraud?
• What security practices lead to more effective Prevention, Detection and Resolution™?
• How can providers partner with account holders in these areas?
• What channels do criminals use most and how has this changed in 2007?
• How are consumer behaviors changing in the face of current identity fraud threats?
• Who is the identity fraud operator?
• What methods are criminals using to gain access to private information?
• How often are consumers affected by data breaches?
• Once someone becomes a victim, what services are necessary and how do their attitudes and behaviors change?
• What products, services or educational messages must providers offer their customers to increase public safety and confidence?
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