Survey: Identity fraud in US reaches highest level in three years

U.S. consumers experienced the highest level of identity theft in three years in 2012, although much of the fraud losses were absorbed by banks and merchants, according to a new survey. Incidents of identity fraud affected 5.26 percent of U.S. adults last year, according to a survey of 5,249 people by Javelin Strategy and Research. That’s up from 4.9 percent in 2011 and 4.35 percent in 2010. The company put the total number of identity victims in 2012 at 12.6 million. At least half of those victims did not bear the cost of the fraud, Javelin said in its report. Of those who did, the mean cost rose to $365 in 2012, from $354 in 2011. The bulk of the fraud was absorbed by financial institutions, merchants and other businesses, Javelin said. One of the largest spikes came in new account fraud, where criminals collect personal data and then open, for example, a new credit card account. New account fraud climbed to 1.22 percent of adults last year, from 0.82 percent in 2011.To read this article in full or to leave a comment, please click here