Security News > 2022 > March > Look out for identity theft and fraud crimes as tax season begins

Millions of Americans fall victim to identity theft and fraud each year, resulting in billions of dollars in losses.

"In today's digitally connected world, cyber fraud and identity theft have become the ultimate crimes of opportunity: as quickly as vulnerabilities are detected and protected against, new ones emerge. Yet, few resources exist to help Americans, experts and the news media understand digital fraud and the latest attacks," says Emily Snell, President of Allstate Identity Protection.

Between October and December 2021, total identity theft and fraud cases increased by 11%, led by rapid spikes in instances of fraudulent credit and/or loan account creation, inquiries, and applications.

By December 2021, this type of fraud accounted for over half of our total identity theft cases.

As this year's tax season gets underway, Americans should watch out for signs of disability fraud.

"Though steep drop-offs in unemployment and tax fraud are encouraging, we expect to see both on the rise again this tax season, as many victims of these types of fraud do not realize they have been targeted until they file taxes," says Allstate Identity Protection VP of Product Lewis Bertolucci.

News URL

https://www.helpnetsecurity.com/2022/03/03/identity-theft-fraud-victim/