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The 2021 Identity Fraud Study, released by Javelin Strategy & Research, has revealed that the total combined identity fraud losses climbed to USD 56 billion in 2020.
Nearly one-third of identity fraud victims say their financial services providers did not satisfactorily resolve their problems, and 38% of victims closed their accounts because of lack of resolution at the financial institution where their fraud occurred.
As consumers relied on digital payment products during 2020, identity fraud scams kept pace with this shift in behaviour. Losses related to digital wallets and peer-to-peer (P2P) accounts spiked. This was particularly notable in the case of economic stimulus payment fraud, unemployment benefits fraud, and identity fraud scams.
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