Security News > 2021 > October > Unauthorized account openings increased by 21% in the last 12 months

Fifty-eight million consumers had a new account opened without their authorization in the last 12 months, a 21% increase compared to 2020, yet less than half of Americans know how to protect their data and identities.

Unauthorized account openings driven by increased reliance on digital services.

In the wake of surging digital adoption and fraud, a research from IDology reveals that increasingly, consumer trust hinges on the ability of businesses to safeguard identities and keep consumer data private, particularly during online account opening and onboarding.

"Cyberattacks, including ransomware and phishing, combined with surges in new account opening fraud and heightened privacy concerns have amplified the critical need for businesses to build trust and protect consumer data. Creating moments of trust throughout the customer journey, beginning with account creation and onboarding, is rooted in access to diverse data attribute streams that give way to seamless, secure identity verification."

Ninety-six million Americans expect the number of fraud attempts involving their identity or accounts they own to increase over the next 12 months.

Amid the rise in unauthorized account openings, 61% are concerned their personal information will be used by criminals to open a new financial account.

News URL

http://feedproxy.google.com/~r/HelpNetSecurity/~3/g9ShQtuG_tM/