Security News

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.

The global identity theft protection services market is estimated at $10 Billion in 2022 and is forecast to surpass $24 Billion by 2032, growing at a CAGR of 9.4% during 2022-2032, according to Fact.MR. The global identity theft protection services market is estimated to have an absolute $ opportunity of $14 Billion during the assessment period of 2022-2032. Monitoring services that help in observing unauthorized use of personal information and recovery services which deals with the ripple effects of post-identity theft are anticipated to increase the identity theft protection services market growth of by ~23% in upcoming half-decade.

ID R&D's pioneering facial and voice biometric capabilities provide increased protection against today's most sophisticated identity theft and increasingly dangerous fraud techniques, such as deepfakes and synthetic voice augmentation. To defend against the rise and growing sophistication of these fraud attacks, the identity verification market is expected to reach $15.8 billion in the US by 2025, according to a report by Markets and Markets.

Discover announced Discover Identity Theft Protection, a fee-based identity theft protection product that provides individuals with credit and identity monitoring, alerts and fraud resolution services, is available to all U.S. consumers. This expansion comes as identity theft reports more than doubled nationwide from 2019 to 2020, according to the consumer watchdog Federal Trade Commission.

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.

Sontiq announced the introduction of its next-generation, cloud-based platform, Sontiq Intelligent Identity Security. The enhanced platform serves as the foundation of Sontiq's identity theft and cyber threat protection solutions for consumers, partners and clients, delivered through its product brands, IdentityForce and EZShield.

Cases of identity theft in the United States doubled in 2020, mainly due to cybercriminals taking advantage of people affected economically by COVID-19 who filed to receive government benefits. This is according to the Federal Trade Commission, which received about 1.4 million reports of identity theft last year, according to a blog post published Monday, when the commission kicked off its annual "Identity Theft Awareness Week.".

The U.S. Federal Trade Commission said today that the number of identity theft reports has doubled during 2020 when compared to 2019, reaching a record 1.4 million reports within a single year. "2020's biggest surge in identity theft reports to the FTC related to the nationwide dip in employment," the FTC said.

A survey of gamers worldwide found that gamers deal with bullying and theft of in-game valuables in addition to identity theft. American gamers are at a higher risk for identity theft than gamers around the world, according to new research from security firm Kaspersky.

The U.S. Internal Revenue Service has announced today that sensitive information will be masked on all business tax transcripts starting next month to protect companies from identity theft. This type of identity theft occurs after fraudsters gain access to a business' bank accounts and credit cards or following sensitive company information theft, including but not limited to tax identification numbers and the owners' personal info.