The Unthinkable is Possible 

So, you worked hard for years and have been conscientious about paying your bills on time. Then, one day (as done in the past) you confidently fill out an application for a line of credit, yet to your surprise, the request has been denied; due to derogatory credit history.

Believe it or not, this unforeseen scenario happens to millions of unsuspecting credit-active consumers in the U.S. annually. Moreover, correcting the problem can prove to be almost impossible, and the devastating effects of Identity Fraud can last for years.

Still Think It Can’t Happen to You?

Identity Fraud is on the rise, and in 2017 an Identity Fraud Study conducted by Javelin Strategy & Research revealed that 16.7 million Americans were victims of Identity Theft. Which equated to $16.8 Billion dollars stolen from U.S. Consumers.

Moreover, your personal information probably has already been compromised…

What was compromised, primarily names, Social Security numbers, birth dates, addresses, and, in some instances, driver’s license numbers. In addition, credit card numbers for approximately 209,000 U.S. consumers, and certain dispute documents with personal identifying information for approximately 182,000 U.S. consumers, were accessed.

CONCLUSION, with a 2018 U.S. population of 326,766,748 million, if you subtract children and the unbanked this massive cybersecurity breach is not only the largest to date but over half the country is at risk; for years to come. And since Equifax’s current systems were built in the ’80s who is to say Experian, and TransUnion won’t be targeted next.

Other Areas of Concern…

In 2017, Account Takeovers (ATO) which is a form of identity thief (in which a fraudster gets access to a victim’s bank or credit card accounts, through a data breach or malware, and uses the information to make unauthorized transactions), have grown significantly/ tripling over the past year; reaching a four-year high. All together ATO losses totaled $5.1 billion.

However, Online Shopping presents the greatest risk. Also known as Can-Not-Present theft is now more prevalent than point-of-sale fraud; up 81% in 2018. Whereas Europay, MasterCard, and Visa (EMV) / Chip Credit card are impeding the thief’s ability to commit fraud at the physical location, the advent of the chip credit card has dramatically risen online schemes.