Today newly released Javelin research shows that the 11% of US people who received one of those "throw-away" data breach notification letters really *are* at greater risk of ID fraud. Experts: if you're not surprised, than you know something that over 300
million Americans don't: our research also shows that actual fraud victims who received a data breach letter are very unlikely to attribute their crime to the data exposure. Bottom line, we've got an indisputable correlation between losses and fraudulent transactions,
and yet people are walking around oblivious to their risk.
Consumer education is so challenging, and when data is crystal-clear the ramifications needs to be shouted out.
Over one in ten U.S. people received a data breach letter within each of the past three years. Those people are well over four times as likely to become a victim of a fraudulent transaction, which may include new or existing accounts. Identity fraud added
up to U.S. $48B on the face last year, not counting systems, staff the costs to replace lost merchandise and customers, and our review of other global markets shows high figures elsewhere. The average U.S. identity fraud victim will spend 30 hours and $496
out-of-pocket costs to restore their affairs, merchants and financial providers will spend billions to protect systems and brands, and law enforcement will spend everyone’s money to chase the bad guys.
Please help get the word out: consumers must stop taking data breaches lightly, and companies must work hard to protect those that have been notified.