Credit-Card Fraud Keeps a Rising, Despite New Security Chips—Study

Increase in identity fraud driven by rise in fraudulent online purchases

Photo: Bloomberg

By AnnaMaria Andriotis and Peter Rudegeair
Updated Feb. 1, 2017

More consumers became victims of identity fraud last year than at any point in more than a decade despite new security protections implemented by the credit-card industry, a report released Wednesday said.

Some 15.4 million U.S. consumers were victims of identity fraud in 2016, resulting in $16 billion in total losses, according to the report by consulting firm Javelin Strategy & Research and identity-theft-protection firm LifeLock Inc. The number of victims rose 18% from 2015 and was the highest since Javelin, a unit of Greenwich Associates LLC, started tracking the phenomenon in 2003.

Read the full article here.

Share this article