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Three types of account fraud you may experience in the coming months.

2 min

Three types of account fraud you may experience in the coming months.

Cybercriminals were out in full force this past year using fear of the coronavirus and reduced security to prey on consumers and people working from home. As a result, identity theft losses climbed to $56 billion in 2020, up from $16 billion the prior year. This increase has largely been driven by account fraud. Below are the three types of account fraud you should be aware of: Account Takeover (ATO): ATO fraud occurs when a cyber thief takes control of a legitimate account t

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Why everyone needs identity theft protection in 2021.

1 min

Why everyone needs identity theft protection in 2021.

As digital activity soared in the U.S. in 2020, cybercriminals pounced on opportunities to hack a large group of victims at once. Exerts say there has never been a better time to guard your personal information with an identity protection plan. Below are some alarming findings in 2020: By the second qtr of 2020, the number of records exposed containing personal identifiable information in 2020 was more than 4x higher than any previously reported period. Identity theft is th

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New 2020 Identity theft study reveals a shocking spike in losses since 2019.

2 min

New 2020 Identity theft study reveals a shocking spike in losses since 2019.

In the past year, remote-collaboration platforms such as Teams and Zoom have become the go-to tools for information and file sharing. According to a recent report, The Veritas Hidden Threat of Business Collaboration, employees are spending, on average, two and a half hours every day on these applications, with 27% of US employees spending more than half the working week on these tools. According to the report, which polled 12,500 office workers across ten countries, it wa

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Employees continue to work from home as new threats are revealed

2 min

Employees continue to work from home as new threats are revealed

In the past year, remote-collaboration platforms such as Teams and Zoom have become the go-to tools for information and file sharing. According to a recent report, The Veritas Hidden Threat of Business Collaboration, employees are spending, on average, two and a half hours every day on these applications, with 27% of US employees spending more than half the working week on these tools. According to the report, which polled 12,500 office workers across ten countries, it wa

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Fraud overwhelms unemployment system

1 min

Fraud overwhelms unemployment system

States are being flooded with new fraud cases as cybercriminals scammers steal billions of dollars from pandemic-related unemployment services and making thousands of Americans victims of identity theft. Fraudsters, have purchased stolen personal identifying information on the dark web stemming from a previous data breach. Next, they use the stolen data to enter phony unemployment claims and directing the funds into their own bank accounts. The U.S. Justice Department is inv

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Identity Theft Fraud on the rise as criminals now focus on account take over

1 min

Identity Theft Fraud on the rise as criminals now focus on account take over

A 2020 study revealed another troubling trend in which criminals are now using high-tech schemes to hijack consumer accounts, despite the methods financial institutions are putting in place to identify and respond to identity fraud. The increase in losses is due to a shift in tactics from cybercriminals, who are now focusing on fraudulently opening and taking over accounts instead of credit card fraud. The study found that account takeovers are trending at the highest loss ra

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Holiday shopping, tax season and the pandemic will bring opportunities for identity theft

1 min

Holiday shopping, tax season and the pandemic will bring opportunities for identity theft

Authorities are warning consumers and tax professionals to be alert for scams and identity theft schemes by criminals who may take advantage of the holiday shopping season, approaching tax season and the COVID-19 pandemic. The state Treasury Department has partnered with the Internal Revenue Service and taxing agencies in other states to provide tips on the basic safeguards everyone should follow. The treasury department is reminding people to use security software for compu

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COVID fuels massive unemployment fraud

1 min

COVID fuels massive unemployment fraud

With unemployment claims at an all time high, unemployment insurance (UI) agencies found themselves understaffed and ill-prepared this year. One of the most common tactics of fraudsters is the use of stolen identity credentials purchased on the Dark Web Thieves purchase names, Social Security numbers and addresses to file claims and open accounts on another person's behalf, then redirect funds to themselves. In many cases, identity thieves sit on vast amounts of stolen crede

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Mobile banking becomes target as pandemic causes more people to bank remotely

1 min

Mobile banking becomes target as pandemic causes more people to bank remotely

Since the onset of COVID-19, mobile banking usage has increased as more people have opted to bank remotely. According to Fidelity National Information Services (FIS), which works with 50 of the world’s largest banks, there was a 200% jump in new mobile banking registrations in early April, while mobile banking traffic rose 85%. As a result, hackers have turned their focus onto this large vulnerable group. Mobile bank customers are currently facing unprecedented levels of risk

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