Developments in the field of identity fraud

12 maart 2019

In an earlier blog post we outlined how identity fraud is still very much a current issue. Criminals collect personal and financial information in order to purposely abuse it. Adroit marketing Service researched the latest market developments in the area of identity theft. We’ll outline the most important data for you here.

In an earlier blog post we outlined how identity fraud is still very much a current issue. Criminals collect personal and financial information in order to purposely abuse it. Adroit marketing Service researched the latest market developments in the area of identity theft. We’ll outline the most important data for you here.


Growth in the security market

Adroit marketing Service published a report in December 2018 on the latest marketplace developments in the protection against identity fraud. The market against identity theft was valued at nearly 5 billion euro in 2017. The market is only set to grow exponentially, in part due to strict GDPR regulations. Of course, that expansion is compounded by increased digitisation, growing use of social media, in-depth penetration of smartphone use, and the drive for awareness about identity theft on an individual level. It’s expected that the global market for identity theft protection services will reach a value of about 19 billion euro by the year 2025.

Every year, 1-5% of the population becomes a victim of identity fraud. That can quickly amount to 850,000 people yearly. An increasing number of government authorities is hard at work to make individuals and companies aware of the types of identity fraud taking place and the required measures to counteract identity theft.

 

Bank fraud

Identity fraud is an issue at many bank branches. This type of fraud takes place when thieves steal the personal data of their victims and use that information to open new bank accounts. Connected to that form of identity theft, the concept of overbooking money has also become a frequent problem.

 

Consumer checks offer certainty

The majority of consumers is unaware of what identity fraud entails, let alone that they would know what to do when it happens to them. With increasing numbers of consumers and companies doing financial transactions and large payments through digital platforms, it’s increasingly important to verify that each consumer or company is who they claim to be. A consumer test or company check can confirm whether a party is trustworthy and safe to do business with. DataChecker processes expert screenings for our clients on a daily basis. Would you like more details on the consumer test? Request a free demo account today.

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