Released this week, the 15th annual identity fraud study
by Javelin Strategy and Research provides a picture of the consumer fraud experience, based on a survey of 5,000 U.S. adults. Given the longevity of the study, there are valuable trends that can be ascertained across a wide variety of fraud categories.
The first of these to note is that fraud is growing for the third straight year after a significant drop between 2012 and 2015, costing consumers $16.8 billion in 2017. What may be more alarming is the incidence of fraud among U.S. consumers — this has risen to 6.64% of consumers in 2017 from 6.15% of consumers in 2016, the highest rates since 2011. With the massive Equifax data breach in 2017 bringing fresh PII into the public domain, it can be expected that this figure will only rise.