FB pixel

US digital ID fraud cost $52B in 2021, Javelin estimates


Forty-two million Americans were victims of digital identity fraud last year, according to new research, costing billions.

Pandemic-related shifts to digital services in the U.S. economy are already known to have sparked rampant identity fraud.

A report by Javelin Strategy & Research reveals that last year there was a 109 percent jump in new-account fraud, a 90 percent leap in account takeovers, and an 18 percent increase in peer-to-peer payment fraud, Payments Journal reports. Fully $52 billion was lost to digital ID fraud, according to Javelin.

The total impact of traditional digital identity fraud – the misuse of a consumer’s personal information – a loss of $24 billion for 15 million consumers.

The financial damage from identity fraud scams involving direct contact with victims by criminals totaled $28 billion for 27 million consumers.

The losses are lower than in 2020, according to Javelin, when $56 billion was stolen. (Traditional identity fraud measured $13 billion that year.)

Javelin recommends banks offer complimentary identity protection, easy-to-access online tracking of fraud cases and restitution of stolen funds during investigations.

The research firm suggests that banks add behavioral biometrics tools to personally identifiable information and device-based controls to shield customers.

Article Topics

 |   |   |   |   | 

Latest Biometrics News


CISA, FLETC failed to protect law enforcement officers’ PII, other data

Two important arms of the U.S. Department of Homeland Security (DHS) failed to protect personally identifiable information (PII) and sensitive…


Digital Identity as a vehicle for financial inclusion

By Lance Fanaroff iiDENTIFii co-founder Across the world, governments and companies are looking for vehicles for financial inclusion. From banking…


Facial recognition and AI monitoring deployed in India’s largest railway network

India’s rail networks are adding AI and facial recognition systems to their stations, part of a growing biometrics and surveillance…


Biometrics investors pursue scale, sustainability balance

Budgets for biometrics and government digital ID programs made up the main theme of the most-read news items on Biometric…


New FaceTec CLO among avalanche of appointments in biometrics and fraud protection

New executives have been named by biometrics providers FaceTec, Pindrop and Fingerprint Cards, along with C-level appointments by Prove and…


Indonesia issues call for World Bank-backed digital identification project

Indonesia is looking for a company providing consulting services as a part of its upcoming digital transformation project backed by…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events