Fraudulent account openings, using stolen or fake names and information to open an account, and account takeovers, defined as unauthorised access to accounts, are two types of identity theft that are concerningly on the rise. This fraudulent activity is targeting accounts, including financial, retail, utility, dining, loyalty, and rewards. Of the fraud losses from identity theft in 2019, ATO trended at the highest loss rate, up 72% from the prior year. With the severe decline in travel due to COVID-19, consumers may not be checking their loyalty points, rewards, and mile accounts as often, making them a more attractive target for account takeover attacks.
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