ID thefts with victims' names on cards rise

PLEASANTON, Calif. (6/9/09)--The number of identity thefts where fraudsters obtained credit cards using victims' names rose during 2008, according to Javelin Strategy and Research.

Javelin attributed the increase to a credit card loan application process that requires less verified information and is easier than other types of loan applications. Also, credit cards provide the most financial gain for thieves, who often don't get caught (CardLine June 8).

The results, published by the Pleasanton, Calif.-based firm last week, are based on a survey conducted by the firm of 4,784 U.S. consumers last year.

Of those responding, 487 said they had been victims of identity theft. Of the identity theft victims, 146 indicated that a variety of fraudulent new accounts had been opened using their name.

Among the new-account fraud victims, one-third said criminals had opened new credit card accounts in their name, up from 26% from the previous year's survey.

Other findings:

Twenty-six percent of the victims said fraudsters opened new store-branded credit cards in their names, down from 29% in 2007.
Fifteen percent reported other types of fraudulent loans were in their names, down from 21%.

Resource Links
CUNA Identity Theft Resources CUNA CPF Fraud and Security materials Intersections Inc./CUNA Strategic Service

courtesy of cuna.org