ID Fraud Losses Drop By $6.4 Billion - InformationWeek
IoT
IoT
Software // Enterprise Applications
News
2/2/2007
01:40 PM
50%
50%

ID Fraud Losses Drop By $6.4 Billion

Estimated losses fell by around 12%, from $55.7 billion in 2005 to $49.3 billion in 2006.

Losses to identity fraud in the United States dropped by about 12% last year, a research group study claimed this week.

A telephone poll of 5,000 American consumers, the third such survey by Javelin Strategy & Research, reported an 11.5% decrease in fraud losses, a slide that translated into a total dollar reduction of $6.4 billion.

About half a million fewer Americans fell victim to identity theft in 2006 than the year before, Javelin's survey said, to bring the overall rate of fraud to 3.7% of the country's adult population. Estimated losses fell from $55.7 billion in 2005 to $49.3 billion in 2006.

"While identity fraud is still a serious issue in the U.S., [this] points to significant identity theft reduction as a direct result of changes in industry and consumer behaviors," said James Van Dyke, Javelin's president, in a statement. "We now have more effective methods to quickly catch or even prevent fraud before it occurs."

In other results, the survey noted that Americans in the 18-to-24 age range are most likely to fall for fraudsters' pitches, with 5.3% of that group reporting identity theft as opposed to 3.7% of the population as a whole.

Javelin's research was sponsored by a troika of CheckFree, Visa, and Wells Fargo, all of which have substantial interests in combating identity theft.

Comment  | 
Print  | 
More Insights
Comments
Threaded  |  Newest First  |  Oldest First
How Enterprises Are Attacking the IT Security Enterprise
How Enterprises Are Attacking the IT Security Enterprise
To learn more about what organizations are doing to tackle attacks and threats we surveyed a group of 300 IT and infosec professionals to find out what their biggest IT security challenges are and what they're doing to defend against today's threats. Download the report to see what they're saying.
Register for InformationWeek Newsletters
White Papers
Current Issue
Annual IT Salary Report 
Base pay for IT professionals has remained flat this year with a median annual salary of $88,000 for staff and $112,000 for management. However, 58% of staff and 62% of managers who responded to our survey say they're satisfied with their compensation. Download this report to find out which positions earn the highest compensation.
Video
Slideshows
Twitter Feed
InformationWeek Radio
Archived InformationWeek Radio
Join us for a roundup of the top stories on InformationWeek.com for the week of November 6, 2016. We'll be talking with the InformationWeek.com editors and correspondents who brought you the top stories of the week to get the "story behind the story."
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Flash Poll