ID Theft: Thwarted On-Line, Crime Looks to Past

Bank Technology News, March, 2008 by Glen Fest

The payoff from reducing identity theft crimes through electronic channels is not what we’ve expected. In a new identity theft report survey, Javelin Strategy & Research found a continuing overall decline in fraud numbers and victims—no doubt due to multi-factor authentication and other fraud-fighting tools at online banking customers’ disposal. But the research finds a rapidly evolving criminal enterprise shift toward “vishing” and other hands-on, lo-fi alternatives to catching consumers off-guard.

Javelin’s report, which found a third consecutive year of declining ID theft-related fraud losses, largely jibes with a recent FTC identity theft fraud report in which both the number of victims and incident rates have shrunk. But phone and mail fraud schemes are skyrocketing as...

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