Despite increased adoption of online shopping, mobile payment and banking apps, offline methods are the top known causes of identity fraud, according to a new study from Travelers (NYSE: TRV). The first insurance carrier to offer identity fraud insurance reports that even in the digital era, burglary, stolen wallets and pilfered identifications account for 73 percent of all cases, according to a comprehensive study of 2011 Travelers claim data.
Stolen or misplaced items, such as wallets and pocketbooks, accounted for the most common known causes for identity fraud. In the number two spot was a stolen or compromised license, Social Security card or other form of personal identification, according to the company’s 2011 claim data. Burglaries rated third, followed by cyber breaches (including Internet scams) and old-fashioned forgeries.
Since identity thieves acquire valuable personal information in less obvious ways—from sorting through trash for bank statements to stealing pre-approved credit card applications in the mail—only 10 percent of survey respondents could identify whom the perpetrator was who committed identity fraud against them.
“When everyday essentials, like wallets or drivers licenses, are stolen or go missing, identity fraud often follows,” said Joe Reynolds, Identity Fraud Product Manager at Travelers. “Credit cards, drivers licenses and other sources of personal information enable criminals to commit a fraud or crime, all in your name.”Travelers found the following as the top known causes of identity fraud:
- 73 percent - burglary and theft of wallet/purse/personal identification/computer
- 15 percent - online or data breach
- 10 percent - forgery
- 2 percent - change of address/postal fraud
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV