Identity theft & fraud are definitely one of the biggest global challenges right now.
Some 15.4 million consumers were victims of identity theft or fraud last year, according to a new report from Javelin Strategy & Research. That's up 16 percent from 2015, and the highest figure recorded since the firm began tracking fraud instances in 2004.
Card-not-present fraud — transactions made online or via phone where the cardholder does not need to present the physical card to complete the purchase — jumped the most, increasing 40 percent compared to 2015. Account takeover fraud — where thieves used stolen login information to access a consumer's accounts — rose 31 percent, and instances where fraudsters opened new accounts in a consumer's name were up 20 percent.
In all, thieves stole $16 billion, the report found — nearly $1 billion more than in 2015.
Velix ID is the solution that helps you keep your identity safe using blockchain technology and decentralization!