Thanks to the efforts of consumers, the financial industry, and the government to
combat identity fraud more effectively by altering behavior patterns, there are
several victories worth noting. Overall, identity fraud has dropped 12%, to $49.3
billion since 2003, and the current number of victims has also decreased, from 10.1
million in 2003 to the current rate of 8.4 million.1
Keys to consumer control are Prevention and Detection
In spite of these successes, financial institutions and consumers must continually work
together to create a cohesive, action-oriented approach to security, both online and off.
Prevention stops identity theft at the source and protects your private data before it is compromised by fraudsters. Online bankers who take advantage of online bill pay and even good old fashioned paper-shredding, wisely contribute to their own online safety.
Early Detection is equally important. Successful detection includes records consolidation and the regular review of your financial accounts for unusual activity. Banking online can give you quick assess to your accounts helping you to detect fraudulent activity sooner.
To find more information about protecting yourself online visit the Protecting Yourself Online section of this site.
1 Javelin Identity Fraud Survey Report: Identify Fraud is Dropping; Continued Vigilance is Necessary