Twenty-five percent of American consumers were impacted by identity theft in 2021, according to a new report from GIACT and Aite-Novarica, keeping pace with record levels of ID theft in 2020.
Not only did the survey show that one-quarter of American adults had been victimized by identity theft, but findings further indicate that consumers are more wary of the potential for financial fraud and may be quicker to blame institutions. About 40 percent of consumer loan application fraud victims said they were less likely to do business with the financial institution that allowed the fraud to take place — double the 20 percent rate in 2020.
“The methods fraudsters use to commit identity theft continue to evolve and grow more sophisticated,” Shirley Inscoe, strategic adviser at Aite-Novarica Group and author of the report, said in a news release. “Firms should review and enhance current application controls and Know Your Customer processes to protect customers against identity theft. This will help reduce fraud losses and improve regulatory compliance as well.”
Here are some additional findings from the report:
- The share of Americans experiencing identity theft declined slightly (two percentage points) between 2020 and 2021, a…
