Last year, 16.7 million consumers were victims of identity fraud - up eight percent from the previous year and a new record high, according to Javelin Strategy & Research’s 2018 Identity Fraud Study. This translates to more than $16.8 billion stolen, with much of that from financial institutions.
Moreover, Account Takeover fraud grew significantly, tripling over the past year and reaching a four-year high. Javelin reported that total losses from Account Takeover reached $5.1 billion – a 120 percent increase from 2016. Deemed one of the most challenging fraud types for consumers, victims pay, on average, $290 and spend 16 hours to resolve it.
But consumers are not the only victims. Corporate Account Takeover is also on the rise.