New Account Fraud - A Growing Trend in Identity Theft

Looking back at the types of information compromised during 2015, the Identity Theft Resource Center (ITRC) saw an astronomical rise in the number of Social Security numbers (SSNs) exposed as a result of many high profile breaches.  According to the ITRC’s 2015 Breach Report, there were more than 165 million SSN’s exposed, more than 10 times the number compromised in 2014.  What makes this statistic even more staggering is the fact that there were two fewer data breaches in 2015 than were reported in 2014.  Javelin Strategy & Research’s 2016 Identity Fraud: Fraud Hits an Inflection Point1, revealed that one in five data breach victims suffered fraud in 2015, rising notably from one in seven in 2014...

With this tremendous influx of SSNs on the black market, which are now quite likely in the hands of identity thieves, it may come as no surprise that new account fraud (NAF) is on the rise in the U.S. 

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