Javelin Research Shows Identity Fraud Increased 22 Percent, But Detection and Resolution Services Working

Javelin Strategy & Research recently launched its 2009 Identity Fraud Survey Report and it has some very sobering takeaways, as well as some positives. First, the report confirms that the number of identity fraud victims has increased 22 percent to 9.9 million adults in the United States.

The report had some bright spots. One thing to note is that the total annual fraud amount only increased slightly by seven percent to $48 billion over the past year. It also found that detection and resolution efforts are working well. Consumers and businesses are detecting and resolving fraud more quickly. As a result, the mean consumer costs of identity fraud decreased by 31 percent to $496 per incident in 2008.

So, this report points to the fact that consumers are starting to understand and embrace detection and resolution services. This is good news. Consumers now know how to protect themselves. The downside is that identity theft has become so pervasive that consumers have reached the point to where they need these services. Let’s face it. There is a tremendous need and value in these services. Services like ITAC Sentinel certainly help move the ball forward.