Identity fraud losses climbed to USD 56 bln in 2020

Friday 26 March 2021 11:39 CET | News

The 2021 Identity Fraud Study, released by Javelin Strategy & Research, has revealed that the total combined identity fraud losses climbed to USD 56 billion in 2020.

Nearly one-third of identity fraud victims say their financial services providers did not satisfactorily resolve their problems, and 38% of victims closed their accounts because of lack of resolution at the financial institution where their fraud occurred.

As consumers relied on digital payment products during 2020, identity fraud scams kept pace with this shift in behaviour. Losses related to digital wallets and peer-to-peer (P2P) accounts spiked. This was particularly notable in the case of economic stimulus payment fraud, unemployment benefits fraud, and identity fraud scams.  

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: identity theft, study, financial services, financial institutions, P2P
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime