February 6th, 2006
30% of US identity fraud is new account fraud
Javelin data indicates that 87% of consumers monitor their credit reports only once a year or less. Although new account fraud represents only 30% of the $52.6 bln in US annual identity fraud, it remains a primary concern since it is more difficult for consumers to detect and results in higher average per case losses. There is an outstanding opportunity for FIs to enhance loyalty and gain revenue by offering reasonably priced credit monitoring services to this vast majority of inactive consumers.
Alex is a software engineer in the San Francisco Bay Area. ITFacts is created and updated by a group of statistics-obsessed individuals.
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