Money

50 Percent of Consumers Have Experienced Identity Theft, Financial Fraud

New York Smash Magazine  

Findings below by Experian Data Breach Resolution Consumer Survey: “Data Breaches & Payment Card Fraud,” Edelman Berland, January 2015.

Financial Fraud Statistics
Experian Data Findings 2015

According to a new survey from Experian Data Breach Resolution, a shockingly large percentage of consumers have been victims of financial fraud or identity theft. Only 21 percent of consumers are proactive about monitoring their own financial accounts for fraudulent transactions. The good news is that there’s a strong desire among consumers to protect themselves against these criminal activities. In fact, one in four consumers plans to monitor their credit more vigilantly in 2015. Check out these fascinating findings below and in the slideshow above. Better yet, scroll down for tips on how to protect yourself against identity theft and financial fraud. We’ll give you a hint: Mobile apps could be the solution.

Who was surveyed?

  • Adults over 18-years-old nationwide
  • Margin of error = ± 3.1%
  • Data was collected from December 22-30, 2014  
  • Survey was conducted online

According to the survey:

  • Consumer confidence is soft and many are uncertain about the likelihood of their personal financial information getting exposed or stolen
  • Men and Millennials have the greatest confidence in their financial security and are most apt to trust banks and card companies
  • 71% of consumers trust their banks and credit/debit providers to catch and alert them of any fraudulent charges.
  • Only 21% of consumers are proactive about monitoring their own financial accounts for fraudulent transactions
  • 55% of consumers feel that monitoring financial transactions is challenging
  • 43% of consumers feel that monitoring financial transactions is too time-consuming
  • 26% of consumers are resolved to check their credit report more often or enroll in credit monitoring in 2015
  • 32% want to monitor payment-card transactions more often and 29% want to monitor them more closely in 2015

How To Protect Yourself Against Financial Fraud and Identity Theft

Mobile Apps For Fraud Surveillance and Payment Card Monitoring:

Fraud surveillance mobile apps

Mobile apps can provide protection against identity theft and financial fraud.

One in four consumers plans to monitor their credit more vigilantly in 2015. Based on the Experian survey, mobile apps can help by making the process faster and easier. For example,

  • Data breach victims and consumers who check their statements on a mobile app review their transactions more regularly.
  • Consumers that check their statements on a mobile app or monitor their credit have greater confidence that their financial information is secure.

The popular personal finance app BillGuard helps users track their spending, manage finances and immediately detect errors or fraudulent activity on-the-go.

Meanwhile, ProtectMyID by Experian offers a range of identity theft protection and prevention services that are performed regularly so you don’t have to do the constant legwork and tedious checking. They’ll send surveillance alert notifications, run daily credit report checks for fraud, and conduct Internet scans (we’re all too familiar with those shady looking Web sites that make us nervous about entering credit card information on). Experian is now offering ProtectMyID members access to BillGuard, for complete protection against identity theft and financial fraud.

What Consumers Are Doing To Protect Themselves:

Experian Consumer Survey 2015