This Type of Fraud Is Rising Frighteningly Fast: Here's How to Protect Yourself
While there are many advantages to living in a digital world, the connected life also has its drawbacks. One of the biggest disadvantages is that it gives fraudsters numerous opportunities to gain access to our personal identification. Last year alone, 15.4 million consumers were the victims of identity theft, a 17.5% increase from the previous year. With this information, thieves can open new accounts in our names, steal from our existing accounts, and use it as a veil of authenticity during the commission of scams.
Fraud and identity theft have become a fact of life in today's world. This year, when the Global Fraud Index was released, one statistic stood out more than any other: Account takeover fraud skyrocketed by more than 45% year over year in 2017's second quarter and cost merchants a whopping $3.3 billion in that three-month period. While exact figures are extremely difficult to come by, other studies confirm the overall trend. Javelin Strategy's 2017 Identity Fraud Study, released in February, reported account takeover incidents increased by 31% in 2016 with consumer losses reaching $2.3 billion, a 61% increase from the previous year.
Account takeover fraud is on the rise and can be a financially draining and stress-inducing affair for victims. Image source: Getty Images.
Source: Fool.com
