Facts
What is the definition of New Account theft?
The act of fraudsters creating accounts on online services with malicious intent .
According to Javelin Strategy and Research, in 2021, nearly ___ billion of US consumers’ money was lost following new account fraud attacks.
7 billion
How do thieves attain personal information through this practice?
By using stolen personally identifiable information (PII) such as names, postal addresses, email addresses, social security numbers, or other government-issued identifiers to create fake identities
What percentage of fraud losses are new account fraud?
30 percent
What do your banks do to avoid new account theft?
Fraud risk scores, cross-checking bills, verifying accounts as much as possible.
What can thieves do with this information?
Fraudsters may create synthetic identities by combining real and fake information. For example, they may use a real person’s name and Social Security number with a fake address and date of birth
How many credit card accounts were frauds in 2021 alone?
367,000
How can you avoid account theft?
It is hard to prevent, as hackers usually get information from bank records as opposed to personally. One can monitor accounts, try and use two- factor authentication, or use certain AI engines to further protect your identity. Stay safe!