2008 Identity Fraud Survey Report Excerpts for Card Issuers: Identity Fraud Continues to Decline, But Criminals More Effective at Using All Channels

Published by: Javelin Strategy & Research

Published: Mar. 1, 2008 - 32 Pages

Table of Contents

Major Findings

Measuring the Impact of Identity Fraud

Existing Card Accounts Fraud

Existing Credit Card, Debit Card, and Prepaid Card Misuse Percentages

Existing Credit Card and Existing Debit/Prepaid Card Incidence Rates

Existing Credit Card and Debit/Prepaid Card Total Fraud Amounts

Average Fraud and Consumer Costs for Debit, Credit and Prepaid Cards

How Do Criminals Takeover Accounts?

New Accounts and Other Frauds

Efforts to Stop New Network-branded Cards Frauds Paying Dividends

Detecting Identity Fraud

Self-detection Leads to Faster Discovery of Frauds

The Identity Fraud Life-Cycle

Pre-Paid Cards: The Fraudster’s Next Card of Choice

Average Fraud and Consumer Costs for Existing Store-Branded and

Network-Branded Credit Cards

What Means Are Used to Commit Fraud?

How Long Is Information Misused?

How Is Identity Fraud Discovered?

Which Methods of Detection Result in the Lowest Consumer Costs?

Which Method of Detection Is Most Effective for Existing Debit and Credit Card Fraud?

Consumer Behavior

How does Identity Fraud Alter Consumer Behavior?

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: Incidence Rates and Average Fraud Amounts for All Existing Accounts by Year

Figure 4: One-Year Fraud Incidence Rates

Figure 5: Historical Incidence Rates by Fraud Type (One-Year Data)

Figure 6: Existing Card Fraud by Credit, Debit and Prepaid Percentages

Figure 7: Incidence Rates for Existing Card Fraud by Type

Figure 8: Total Annual Fraud Amounts for Existing Card Fraud by Types

Figure 9: Existing Card Fraud by Type: Mean and Median Fraud and Consumer Costs

Figure 10: Account Takeover Methods

Figure 11: Fraudulent New Payment Accounts Opened

Figure 12: Average Fraud Duration and Detection Time by Self- and External Detection

Figure 13: Average Fraud Lifecycles by Type

Figure 14: Identity Fraud Lifecycles for Existing Card Fraud by Type

Figure 15: Identity Fraud Lifecycles for Existing Network and Store-branded Cards

Figure 16: Mean Fraud and Consumer Costs for Store-branded Credit Cards

Figure 17: Means of Misuse

Figure 18: Average Days of Misuse by Fraud Types

Figure 19: Average Consumer Costs by Detection Method

Figure 20: Methods of Detection for Existing Credit and Debit Card Fraud

Figure 21: Consumer Behavior Changes after Fraud Victimization

Figure 22: Numbers of Victims before Weighting by Year

Figure 23: Mean Dollar Value of Misappropriated Funds

Figure 24: Three-Year Averaging of Fraud Amounts

Abstract

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