A comprehensive analysis of fraud occurrence done by Javelin Strategy & Research states that in 2017 there were 16.7 million victims of identity fraud. This number is a high point which has toppled the previous year’s record high as well. In the same year, 6.64 percent of consumers fell victim to identity fraud and in general, identity fraud victims increased by 8 percent over the last year. Here are some key facts to know:
Account Takeover Is the New Theft Arena
Referencing the analysis, we can see that account takeover experienced a significant boost in frequency. It has tripled from 2017 to 2018 and reached the highest it’s been in 4 years. EMV is making credit card fraud more difficult, however, there are always workarounds to this and fraudsters have been quick to adapt. Dubbed “card not present transactions”, they refer to transactions in which swiping a card is not necessary. In essence, this is referring to online/e-commerce transactions where it is often the case that only the card information and basic personal information are necessary. These transactions have always been highly exploitable which is why the topic of online information privacy and advanced security encryption protocols are of the utmost concern going forward into the digital age.
Data Breaches More Common Now
Due to card not present transactions becoming increasingly common, the new arena of theft is focused on getting consumer information and taking over accounts. Since we are in an information/data economy at this point in time, it is no longer the target of cybercriminals to get credit card info alone. Instead, data breaches have been a big focus for cybercriminals and security professionals alike.
At this point, it isn’t unusual for a number of online non-banking institutions to have possession of your data. Your personal data, your billing data, your spending habits, etc. It is every companies greatest nightmare to be the target of a data breach. In 2013, Target was the unfortunate victim of a breach in data which amounted in them having to pay a staggering 18.5 million dollar settlement. This fine is the largest ever for a data breach thus far and the breach was estimated to have put the information of at least 40 million Americans out into the wrong hands.
This marked the quick transition into accepting EMV chips for many businesses as mandated by legislation (fraud liability rests on all merchants who did not comply by a deadline in getting new card readers). However, the misconception is that it was the weak magnetic strip technology which was the cause of the breach when it was in fact hackers who had gained access to the customer service framework and installed malware onto it—thus capturing the information of customers rather than solely their credit card data. Information is the name of the game.
Document Shredding Services in Columbia, South Carolina
Shred With Us is a premiere shredding service that aims to keep your data out of the wrong hands. As you may know, most paper mail—such as bank statements, bills and other snail mail regulars contain very sensitive data. Alone a single document may not provide much, but you may be shocked to know how much other information about you or your business can be obtained by just getting one or two pieces of the puzzle. It is crucial that documents be disposed of in the proper manner so as to not give criminals any leads to go off of.
Not only is it downright risky to not dispose of your documents adequately, but it is in many cases required by law to do so responsible for the sake of your employees as well as clients. There are regulations in place and fines for those who do not follow them. We are experts on the legislation surrounding document disposal, you will never have to worry about privacy concerns or fines due to mismanaged paperwork and data. To learn more about our services, contact us here or give us a call at (803)-358-2024.