Javelin: Identity Fraud Losses Jump 50 Percent In 2012

By PYMNTS | March 17, 2013

Fraud loss related to identity theft through new account fraud and account takeovers increased by 50 percent in 2012, according to a Javelin report.

The report revealed that just 5 of the top 25 financial institutions prohibit Social Security number use with user authentication, but that this is up from zero in 2011. The Paypers notes that one promising trend saw 40 percent of FIS now use their knowledge of each customer’s unique financial behavior to prevent fraud by blocking suspicious transactions.

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