Identity fraud

Onfido 2022 Identity Fraud Report: Surge in Sophisticated Fraud in the Netherlands Points to Increase in Organized Crime Rings

Retrieved on: 
Wednesday, December 8, 2021
Internet, Security, Other Technology, Technology, Software, Professional services, Risk, Idinvest Partners, TPG Capital, 2D, Â, Failure, Identity fraud, INTERPOL, Attack, Privacy, Industry, Time, Fraud, Salesforce, Coercion, Identity document, Transport, Hope, Growth, 3D, AI, Security printing, Pharmaceutical industry, Cryptocurrency, Audit

Onfido , the global identity verification and authentication provider, today published its 2022 Identity Fraud Report , which reveals a new wave of organized fraud activity entering the marketplace.

Key Points: 
  • Onfido , the global identity verification and authentication provider, today published its 2022 Identity Fraud Report , which reveals a new wave of organized fraud activity entering the marketplace.
  • Over the past 12 months, 50% of all identity document (ID) fraud in the Netherlands was classed as medium sophisticated fraud, which is a 72% increase over the previous year.
  • In 2020, there was a 41 percent increase in ID fraud, with the average ID fraud rate reaching 5.8 percent.
  • However, in the Netherlands, the average fraud rate dropped to pre-pandemic levels, standing at 3.3 percent, according to the Identity Fraud Report 2022.

The Cyberdemic Will Continue, According to the 2022 Experian Data Breach Industry Forecast

Retrieved on: 
Monday, December 6, 2021
Technology, Mobile, Wireless, Security, Other Technology, Software, Internet, Retail, Data Management, Supply Chain Management, Storm, Non-fungible token, News, EXPN, Group, Plague, Crime, Cyberattack, Vaccination, COVID-19, Child, Theft, London Stock Exchange, Asset, Attack, FTSE, London, Natural disaster, Identity fraud, Organization, Blog, Congress, Multimedia, Online gambling, Information technology, Cryptocurrency

In the Experian ninth annual Data Breach Industry Forecast, five predictions for 2022 underscore the ongoing impact of the pandemic on cybersecurity.

Key Points: 
  • In the Experian ninth annual Data Breach Industry Forecast, five predictions for 2022 underscore the ongoing impact of the pandemic on cybersecurity.
  • View the full release here: https://www.businesswire.com/news/home/20211206005060/en/
    This year is on pace to be a record-breaking year for data breaches.
  • Booster vaccine distribution and fraudulent digital proof of vaccination will also keep public health authorities busy as COVID-19 continues to plague society.
  • ii Verizon Data Breach Investigations Report, 2021
    View source version on businesswire.com: https://www.businesswire.com/news/home/20211206005060/en/

Suspected Financial Services Digital Fraud Attempts From Canada Rise 218%

Retrieved on: 
Tuesday, June 15, 2021
Crime, Fraud, Articles, Credit scoring, Data collection, TransUnion, Crimes, Property crimes, Security, Identity fraud, Identity theft, Certified Fraud Examiner

TransUnion defines true identity theft, the top type of digital fraud in financial services, as the consumer using a stolen identity to commit fraud with the victim being a real person.

Key Points: 
  • TransUnion defines true identity theft, the top type of digital fraud in financial services, as the consumer using a stolen identity to commit fraud with the victim being a real person.
  • The second and third most reported type of digital fraud by TransUnion financial services customers are first-party application fraud and account takeover, respectively.
  • Simply put, first-party application fraud is when a consumer refuses to repay legitimately incurred debts and/or falsely claims to be a victim of identity fraud to evade debt.
  • Weve seen a remarkable increase in financial services fraud in Canada, but other industries are facing far fewer suspected fraud attempts.

Federal Reserve to Speak at the Next Cyber Fraud Intelligence Series: “Defining the Threat of Synthetic Identity Fraud”

Retrieved on: 
Friday, June 4, 2021
Software, Banking, Mobile, Wireless, Networks, Internet, Professional services, Data management, Technology, Security, Finance, Other Technology, Telecommunications, Crime, Property crimes, Computer security, Articles, Human behavior, Crimes, Deception, Fraud, Tort law, Cybercrime, Financial crime, Identity fraud

FiVerity , Inc., a leading provider of cyber fraud detection and threat intelligence, announces that executives from the Federal Reserve will join next Cyber Fraud Intelligence Series event to address, Defining the Threat of Synthetic Identity Fraud.

Key Points: 
  • FiVerity , Inc., a leading provider of cyber fraud detection and threat intelligence, announces that executives from the Federal Reserve will join next Cyber Fraud Intelligence Series event to address, Defining the Threat of Synthetic Identity Fraud.
  • Michael Timoney - Vice President, Secure Payments, Federal Reserve Bank
    Staci Shatsoff - Assistant Vice President, Secure Payments, Federal Reserve Bank
    Special Cyber Fraud Intelligence Series session: Click HERE to register.
  • FiVerity, Inc., is a groundbreaking cyber fraud detection company, utilizing machine learning and secure identity management to prevent sophisticated forms of cyber fraud.
  • The companys SynthID platform is focused on thwarting cyber fraud threats at financial institutions in real time, including synthetic identity fraud (SIF), one of the fastest-growing financial crimes.

700Credit to Host Synthetic ID Fraud Event Featuring Experts from the three Major Credit Bureaus: Equifax, Experian and TransUnion

Retrieved on: 
Tuesday, June 1, 2021
Finance, Money, Economy, Banking, Prescreen, Credit, Credit history, Fraud, Identity fraud

One of the fastest-growing types of fraud, synthetic identity fraud was reported to cost businesses $1.3 billion in 2020 and is projected to grow to $1.8 billion in 2021.

Key Points: 
  • One of the fastest-growing types of fraud, synthetic identity fraud was reported to cost businesses $1.3 billion in 2020 and is projected to grow to $1.8 billion in 2021.
  • 700Credit is the automotive industry's leading provider of credit reports, compliance products and prescreen credit services.
  • The company's offerings include dealer-facing prescreen and consumer-facing pre-qualification platforms, credit reports, OFAC compliance, ID Verification solutions, Synthetic Fraud detection, MLA, score disclosure notices, adverse action notices and more.
  • 700Credit provides its clients with the highest quality data in a fully compliant framework in the most efficient manner.

Allstate Identity Protection Finds 17,000% Increase In Unemployment Fraud in 2020

Retrieved on: 
Thursday, May 6, 2021
Fraud, Crime, Crimes, Property crimes, Articles, Identity theft, Identity fraud, Allstate, Insurance companies

Unemployment fraud skyrocketed more than 17,000% and tax fraud grew 258% year over year, according to data collected by Allstate Identity Protection (AIP).

Key Points: 
  • Unemployment fraud skyrocketed more than 17,000% and tax fraud grew 258% year over year, according to data collected by Allstate Identity Protection (AIP).
  • Both are likely to continue rising in 2021, with unemployment fraud cases expected to more than triple again this year.\nPre-pandemic, unemployment fraud accounted for only a sliver of all identity theft, including less than 0.1% of AIP\'s identity fraud cases.
  • "\nIf you are a victim of unemployment or tax fraud, take action to protect yourself from further harm:\nNotify your employer and state unemployment office.
  • Allstate Identity Protection specialists go the extra mile to help customers recoup and recover as quickly as possible.\nWhether you\'re a customer or not, Allstate Identity Protection is committed to providing essential information, tools and resources to help protect you against fraud.\nView original content to download multimedia: http://www.prnewswire.com/news-releases/allstate-identity-protection-fin...\n'

Federal Reserve System Announces Industry-Recommended Definition of Synthetic Identity Fraud

Retrieved on: 
Tuesday, April 6, 2021
Finance, Security, Banking, Professional services, Technology, Crime, Property crimes, Crimes, Fraud, Deception, Tort law, Identity fraud, Articles

The Federal Reserve today announced an industry-recommended definition of synthetic identity fraud, which was developed by a focus group of fraud experts in response to a widespread issue: differing definitions in use make it difficult to identify and address this type of fraud.

Key Points: 
  • The Federal Reserve today announced an industry-recommended definition of synthetic identity fraud, which was developed by a focus group of fraud experts in response to a widespread issue: differing definitions in use make it difficult to identify and address this type of fraud.
  • A shared understanding of what constitutes synthetic identity fraud is expected to improve its detection, measurement and mitigation in the payments industry, said Jim Cunha, senior vice president, Federal Reserve Bank of Boston.
  • Consistent use of this definition within and across organizations can enable us to discuss, identify and classify synthetic identity fraud in a similar manner.
  • Note: The synthetic identity fraud definition was developed by a cross-industry focus group to provide a consistent way to identify and classify this type of fraud across the payments industry.

Total Identity Fraud Losses Soar to $56 Billion in 2020

Retrieved on: 
Tuesday, March 23, 2021
Data management, Banking, Technology, Professional services, Women, Seniors, MEN, Security, Software, Consumer, Finance, Crime, Property crimes, Fraud, Crimes, Deception, Articles, Tort law, Human behavior, Identity fraud, Internet fraud prevention, Mass marketing fraud, Data management, Banking, Technology, Professional services, Women, Seniors, MEN, Security, Software, Consumer, Finance, Crime, Property crimes, Fraud, Crimes, Deception, Articles, Tort law, Human behavior, Identity fraud, Internet fraud prevention, Mass marketing fraud

While total combined fraud losses climbed to $56 billion in 2020, identity fraud scams accounted for $43 billion of that cost.

Key Points: 
  • While total combined fraud losses climbed to $56 billion in 2020, identity fraud scams accounted for $43 billion of that cost.
  • While total combined fraud losses climbed to $56 billion in 2020, identity fraud scams accounted for $43 billion of that cost.
  • As consumers relied increasingly on digital payment products during 2020, identity fraud scams kept pace with this shift in behavior.
  • This was particularly notable in the case of economic stimulus payment fraud, unemployment benefits fraud, and identity fraud scams.

Experian’s Future of Fraud Forecast Reveals Threats Facing Businesses in 2021 and Beyond

Retrieved on: 
Monday, January 11, 2021
Technology, Women, Finance, Seniors, Security, Banking, MEN, Professional services, Consumer, Crime, Articles, Crimes, Property crimes, Information technology, Market research, Fraud, Tort law, Identity fraud, Experian

With the growing threat of fraud fueled by the digital acceleration that took place in 2020, Experian today released its 2021 Future of Fraud Forecast that reveals five emerging fraud threats facing businesses.

Key Points: 
  • With the growing threat of fraud fueled by the digital acceleration that took place in 2020, Experian today released its 2021 Future of Fraud Forecast that reveals five emerging fraud threats facing businesses.
  • To help businesses prepare for fraudulent activity in 2021, Experians Future of Fraud Forecast highlights five fraud threats businesses should be aware of this year:
    Putting a Face to Frankenstein IDs: Synthetic identity fraud when a fraudster uses a combination of real and fake information to create an entirely new identity is currently the fastest growing type of financial crime.
  • Experian predicts businesses with lackluster fraud prevention tools and insufficient online security technology will suffer large financial losses in 2021 and beyond.
  • Last year, Experians fraud prevention solutions helped clients save $10 billion in fraud losses globally.

K Street Group: Preventing and Recovering Stolen Identities

Retrieved on: 
Tuesday, December 22, 2020
Identity documents, Data security, Anonymity, Privacy, Computing, Articles, Personal data, Personal life, Industries, Identity fraud, Intel, Insurance

This unprecedented year also produced a tremendous spike in fraudulent unemployment insurance claims involving the use of stolen personally identifiable information (pii).

Key Points: 
  • This unprecedented year also produced a tremendous spike in fraudulent unemployment insurance claims involving the use of stolen personally identifiable information (pii).
  • However, the K Street Group's extensive proprietary background analysis platforms and proprietary social media intelligence platforms can assist in the protection and recovery of identities.
  • The primary identity risk categories then yield a minimal, moderate, or high-risk status, providing K Street Group with actionable intel regarding an individual's identity fraud risk level.
  • Contact K Street Group today for all identity protection needs and to remain one step ahead of hackers, scammers, and impersonators during this unpredictable time.