Equifax breach demonstrates how data breaches are getting bigger and more frequent. Is identity theft protection no longer optional in the digital age?
ITRC 2021 Data Breach Report says compromises increased by 68% from 2020 and 23% from 2017, the highest on record, and lack of transparency hampers identity theft protection.
The threats posed by identity theft are not lost on organizations and identity theft protection services are expected grow over 11% and generate revenues worth over US$ 8.2 billion in 2019.
Identity theft is a frighteningly real concern during the holiday season as consumers shop more and cyber criminals get busy. Companies that proactively offer identity protection to cushion the full impact of a data breach on customers that are victimized will reap benefits of trust and loyalty from their customers.
Corporate identity theft is on the rise and its effects could potentially crash a successful business. What makes it easier to motivate the perpetrators compared to personal identity theft and what techniques do they use?
No one would argue that 2018 was a turbulent year for cybercrime and identity theft, and there’s no doubt that we’ll continue to outpace this volume and velocity. How can organizations empower themselves – and their employees – to protect sensitive personal and company data?
Your identity is something valuable and identity theft in the digital world can have real life consequences. Protection is a shared responsibility.
Consumer trust has taken a hit over the past year. Retailers now need to offer identity protection services to regain confidence of holiday shoppers.
Increased credit card usage has resulted in higher rates of credit card fraud, and financial institutions are bearing the brunt of the financial losses. Recently, fraudsters are committing synthetic identity fraud by cultivating identities and developing credit histories over time leading to the call for new solutions.
The FTC reported that identity theft doubled during the pandemic as scammers targeted COVID-19 relief payments to individuals and government-sponsored loans for small businesses.
