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The Identity Fraud Economic Divide: Reduce Consumer Losses by Customizing Protection Efforts to Income Levels
Javelin Strategy & Research, Sep 2007, Pages: 27
Income levels significantly predict the pattern of consumers’ individual fraud cases. This report shows how companies can improve the effectiveness of fraud-fighting efforts by customizing them to the individual’s income levels, protecting their bottom lines and that of their customers. This report analyzes nationally-representative income-related fraud data, using identity fraud incidence rates, consumer costs, fraud amounts, and consumer behaviors for different income groups—namely the lower, middle, and higher income segments to give specific recommendations. This report has uncovered what is, in effect, an identity fraud economic divide, based on quantitative data from the most nationally representative, up-to-date study of identity fraud in the US of over 5,000 US adults, including 458 fraud victims.
Primary Questions
-How do identity fraud incidence rates, consumer costs, and fraud amounts differ for lower, middle, and higher income segments, and why?
-How do victims among distinct income groups respond to identity fraud differently?
-What behaviors changes do consumers affect after becoming identity fraud victims?
-How can certain income segments be targeted in order to enhance identity fraud prevention and detection?
Audience:
Financial Institutions
Consumer Advocacy Groups
Government Agencies
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