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2007 Identity Fraud Survey Report: Identity Fraud Is Dropping, Continued Vigilance Necessary


Description: The Javelin 2007 Identity Fraud Survey Report provides a detailed, comprehensive analysis of identity fraud in the United States, in order to help consumers and businesses better understand the effectiveness of methods used for its prevention, detection and resolution. This report is issued as a longitudinal update to the 2006 Identity Fraud Survey Report, the 2005 Identity Fraud Survey Report and the Federal Trade Commission’s (FTC) 2003 Identity Theft Survey Report.

Primary Questions
- What primary causes of data exposure and fraud must industry executives most focus on for 2007?
- How prevalent is identity fraud and how are rates changing over time?
- What changes are occurring in the methods of identity fraud?
- What are the average costs associated with identity fraud?
- What specific habits are associated with higher and lower rates of identity fraud?
- How are certain key demographic groups affected by identity fraud?
- What security practices lead to more effective Prevention, Detection and Resolution™?
- How can providers partner with account holders in these areas?
- What channels do criminals use most and how has this changed in 2007?
- How are consumer behaviors changing in the face of current identity fraud threats?
- Who is the identity fraud operator?
- What methods are criminals using to gain access to private information?
- How often are consumers affected by data breaches?
- Once someone becomes a victim, what services are necessary and how do their attitudes and behaviors change?
- What products, services or educational messages must providers offer their customers to increase public safety and confidence?


Contents: Executive Summary 1
Major Findings 1
Recommendations 5
Recommendations to Institutions 6
Recommendations to Consumers 10
Measuring the Impact of Identity Fraud 13
Existing Accounts Fraud 14
Existing Card Accounts Fraud 14
Existing Non-Card Accounts Fraud 17
New Accounts and Other Frauds 19
Consumer Profiles 21
The Risks by Income 22
The Risks by Age Group 24
The Risks by Ethnicity 26
Consumer Behaviors 27
How Does Consumer Behavior Change after an Identity Fraud? 29
Which Victims Switch FIs? 29
Preventing Identity Fraud 29
How Is Information Obtained? 30
Who Is the Fraud Operator? 33
Detecting Identity Fraud 35
The Identity Fraud Life-Cycle 37
How Is Identity Fraud Discovered? 44
Resolving Identity Fraud 47
What Is the Consumer Cost Associated with Identity Fraud? 47
What are the Average Resolution Times? 50
Legal Actions to Resolve Fraud 52
Related Research 53
Appendix 54
Glossary 54
Methodology 57

Table of Figures
Figure 1: Overall Measures of Impact 1
Figure 2: Numbers of Victims (in Millions) and One-Year Incidence Rates 2
Figure 3: Comparisons of Incidence Rates and Average Fraud Amounts by Fraud Type 4
Figure 4: Javelin Prevention, Detection, and Resolution™ Model 5
Figure 5: One Year Fraud Rates 13
Figure 6: Fraud Account Type Rates, U S Adult Population (One-Year Data) 14
Figure 7: Credit and Debit Misuse in Existing Card Fraud 16
Figure 8: Types of Existing Non-Card Accounts Misused 17
Figure 9: Account Takeover Methods 18
Figure 10: Fraudulent New Accounts Opened 20
Figure 11: Incidence Rates and Average Fraud Costs by Income Levels 22
Figure 12: Changed Behaviors of High Income and Low Income Adults Due to ID Fraud 23
Figure 13: Incidence Rates and Average Fraud Costs by Age 24
Figure 14: Behaviors of Young Adult Victims (18-24) Compared to All Adults 25
Figure 15: Incidence Rates and Average Fraud Costs by Ethnicity 26
Figure 16: Consumer Financial Behaviors 27
Figure 17: Consumer Behavior Changes after Fraud Victimization 29
Figure 18: Means of Access 30
Figure 19: Average Fraud Amount by Means of Access 32
Figure 20: Criminal’s Identity 33
Figure 21: Frequencies and Average Fraud Amounts by Fraud Operator 34
Figure 22: Percentage of Financial Institutions Meeting Safety Criteria by Category 35
Figure 23: Average Fraud Duration and Detection Times by Self- and External Detection 36
Figure 24: Average Fraud Lifecycle 37
Figure 25: Means of Misuse 38
Figure 26: Average Days of Misuse by Fraud Types for 2007 and 2006 39
Figure 27: Average Length of Misuse for Each Method of Access 40
Figure 28: Average Days to Detect Fraud for Each Detection Method 42
Figure 29: Average Dollar Fraud Amount by Time to Detection 43
Figure 30: How Is Identity Fraud Detected? 44
Figure 31: Average Fraud Amounts by Detection Method 45
Figure 32: Victim Percentages by Detection Method and Fraud Type 46
Figure 33: Average Consumer Cost by Detection Method 48




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