$17 Billion Lost Due To Identity Fraud In Fintech

Losses resulting from identity fraud and fraudulent account takeovers have reached new peaks in recent years. According to Fiserv’s VP of financial crime risk management Andrew Davies, there were 16 million victims of identity fraud in the United States in 2017—an increase of nearly one million over 2016. The total amount lost due to fraud topped $16.8 billion that year, with 1.5 million identity theft victims having an account fraudulently opened in their name. So what’s behind this marked increase in identity fraud?..