Security News > 2021 > March > Alarming number of consumers impacted by identity theft, application fraud and account takeover

A new report, developed by Aite Group, and underwritten by GIACT, uncovers the striking pervasiveness of identity theft perpetrated against U.S. consumers and tracks shifts in banking behaviors adopted as a result of the pandemic.

According to the report, from 2019 to 2020, 47% of U.S. consumers surveyed experienced identity theft; 37% experienced application fraud.

38% of consumers experienced account takeover over over the past two years.

Among those dissatisfied with the assistance provided, 42% of those who experienced identity theft related to a new credit card fraudulent application and 56% of those who experienced consumer loan application fraud said they were unlikely to do business with the at-fault financial institution in the future.

What is more, on average, nearly one-third of surveyed consumers detected checking, credit or consumer loan fraud on their own, while less than a quarter were notified by their financial institution or by the financial institution where the fraudulent account was opened.

"This report represents one of the most comprehensive recent reviews of identity theft and account takeover, and marks an inflection point for the industry," said Shirley Inscoe, senior analyst for Aite Group's Fraud & AML practice.

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