New Account Fraud has More Than Doubled Since 2014
New account fraud increased 27.8% worldwide YTD in 2019, compared to full-year 2018 results, and more than 100% compared to 2014 levels, Jumio reveals.
Surprisingly, attempted new account fraud was 19% less during the Black Friday/Cyber Monday weekend (compared to the average 2019 fraud levels), when fraud attempts normally escalate.
Often, the first step in identity theft starts by creating a new account online. Identity theft is the deliberate use of someone else’s identity (e.g., name, address, Social Security number, bank accounts) to get money and credit and make holiday purchases. But, identity theft is also being used to perpetrate online fraud, steal property, falsify educational and other credentials, access healthcare and launder money.
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