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ID Fraud Hits Small Businesses Hard

ID Fraud Hits Small Businesses Hard ID Fraud Hits Small Businesses HardBy Ericka Chickowski No Title Javelin Research recently wrapped up its study of identity fraud as it hit the U.S. last year, the seventh consecutive such study conducted by Javelin on a topic that has increasingly hit the nightmares of IT professionals and business […]

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Ericka Chickowski
Ericka Chickowski
Feb 16, 2010
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1ID Fraud Hits Small Businesses Hard

ID Fraud Hits Small Businesses HardBy Ericka Chickowski

2No Title

Javelin Research recently wrapped up its study of identity fraud as it hit the U.S. last year, the seventh consecutive such study conducted by Javelin on a topic that has increasingly hit the nightmares of IT professionals and business owners alike. Findings showed an increase in fraud victims, a jump in the cost of fraud and a growing risk to small business owners targeted by the bad guys.

3ID Fraud on the Rise

4.8% of the U.S. population was affected by identity fraud in 2009The number of fraud victims in the U.S. increased 12% to 11.1 million adults

4SMB Suffers Most

Total fraud damages edged upward by 12.5% to $54 billionSmall business owners suffered from identity fraud at 1.5 times the normal rate of typical consumers

5Most Common Fraud

Existing card fraud&#151typically the trademark of password theft and credential abuse that organizations strive to fight through better authentication&#151increased very slightly from 2.53% to 2.76% this year but is being more quickly resolved this year than last year

6New Account Fraud Up

Fraudulent new credit card accounts increased by six percentage points up to 39%New fraudulently opened Internet accounts more than doubled in 2009

7Growing Fraud Types

E-commerce account fraud in particular&#151including Amazon, eBay and PayPal&#151increased by 12%New mobile phone accounts made up 29% of fraudulent new accounts opened last yearHealth insurance information is a growing category of fraud, increasing by 4%

8Social Networking Vulnerabilities

Social networking opened 18-to 24-year-olds adults to the highest account misuse compared to other age groups

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Ericka Chickowski

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