The Dreaded Trinity of Identity Theft, Application Fraud, and Account Takeover

Executive Report

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The Dreaded Trinity of Identity Theft, Application Fraud, and Account Takeover, commissioned by Accertify and produced by Aite Group, examines trends in identity theft, application fraud, and account takeover.

Aite Group’s 2021 consumer research reveals insights into how these criminal activities relate to one another and impact financial services providers, merchants, and any company that has an interest in managing the security of customer accounts.

Key takeaways from the study include the following:

  • The environmental conditions of the pandemic have accelerated identify theft growth in the past year.
  • The incidence rate of application fraud has increased in proportion to the incidence rate of identity theft.
  • Account takeover has also increased proportionally to the incidence rate of identity theft as reported by consumers.
  • While financial services firms are the most common targets of application fraud and account takeover attacks, fraudsters also attack merchants, hospitality companies, travel companies, government agencies, and any institution charged with protecting customer accountsdesigned to manage cash or cash equivalents.
  • As attack rates have increased, so too has pressure from consumers to step up security measures without creating additional friction in the user experience.

Download this Aite Whitepaper, commissioned by Accertify, to learn more about how to protect your company from identity theft, application fraud, and account takeovers.