Internet ID Theft Fewer, But Losses are Up

Javelin Strategy and Research is releasing a report that depicts some new numbers on internet related fraud and identity theft.

Basic points:

• When the source of the identity theft is known, only 9 percent is derived from hacking, viruses and phishing.
  
  
• Perhaps some of this decline is attributed to the targeted phishing expeditions. And as perpetrators improve their methodologies, they are improving their ill-gotten gains as the average loss has more than doubled from $2,897 to $6,432.
  
  
• Lost and stolen wallets containing credit and debit cards are the source for 30 percent of the cases. Dumpster diving is on the decline, down 14 percent.
  
  
• More fraudulent activity is conducted over the telephone in a more traditional means, than through a modem. Telephone fraud accounts for 70 percent.
  
  
• The days the stolen information is used varies by the method in which it was taken.
  
  
  • Phishing - 173 days
    
  • Known perpetrators - 134 days (these are family, friends, in-home employees, etc.)
    
  • Lost/stolen cards - 75 days
    

Your customers must still be on guard and recognize deals that are too good to be true, odd messages requesting confidential information, watching for secured web sites to conduct transactions, using shredders and following precautions when on the telephone, especially on calls they did not initiate.