Aite Group's report finds identity theft impacting US consumers

The report uncovers the striking pervasiveness of identity theft perpetrated against US consumers and tracks shifts in banking behaviours adopted as a result of the pandemic. 

From 2019 to 2020, 47% of US consumers surveyed experienced identity theft; 37% experienced application fraud (i.e. the unauthorised use of one’s identity to apply for an account), and 38% of consumers experienced account takeover over (i.e. unauthorised access to a consumer’s existing account). 

In addition, consumer showed dissatisfaction with the assistance provided to victims following an identity theft attack. Among those dissatisfied with the assistance provided, 42% of those who experienced identity theft related to a new credit card fraudulent application and 56% of those who experienced consumer loan application fraud said they were unlikely to do business with the at-fault financial institution in the future. 

Nearly one-third of surveyed consumers detected checking, credit or consumer loan fraud on their own, while less than a quarter were notified by their financial institution or by the financial institution where the fraudulent account was opened. And nearly a quarter on average were notified by a collection agency.