Identity theft places a burden on victims and presents tremendous challenges to businesses and government agencies. In 2014, the nature of the breaches had migrated from financial access to identity theft. In fact, 54% of all data breaches were described as identity theft, a dramatic increase from the 20% seen in 2013.1 Consumers and enterprises are less equipped to deal with the pain, inconvenience, and long-term implications of identity theft fraud, as it is substantially more damaging than financial fraud.
Enterprises must constantly solve a significant problem: how to determine whether the personally identifiable information (PII) presented on the application is truly the legitimate individual or a fraudster. The greatest challenge to fraud prevention and detection is understanding the speed and cross industry patterns (known as mobility) with which fraudsters will use an identity.
We recently released a new white paper to understand fraud mobility, or how a fraudster uses an identity across industries and how quickly. This new study from ID:A Labs explores the distinct patterns of fraud behavior associated with compromised identities.
Our Fraud Mobility: Exploitation Patterns and Insights white paper tracks behavioral trends for fraud victims, and non-compromised consumers based on an analysis of 68 million social security numbers over the last five years. In the study, we were able to see that timeliness of detection and diversity of data sources are critical factors in ensuring effective fraud management. Download the white paper to learn more about:
- Application velocity trends
- Fraud mobility across industries
- Critical timelines in the detection of fraud activity
Ken Meiser is Vice President of Identity Solutions.