Australian fraud cases with identity theft grow 80%

24 November 2016

According to the latest figures from an information agency reporting on the credit data in Australia, over the last financial year identity theft saw a considerable rise by 80% aggravating losses for banks. The report points to the growth of perpetrators involved into the theft of genuine personal information to use it for applying for credit, notably for credit cards.

The increase by 80% made this kind of fraud the second most widespread type of scam attempts after the false personal identities. Personal data are in most cases stolen because of actions of hackers compromising devices of the online users.

As an increasing number of consumers go online for shopping and banking services with businesses also shifting into the internet space, the growth in online identity thefts seems natural. According to the report data, within half a year from the beginning of 2016, 55 percent of phony applications were filed online, 45% up from the 2014 figures.

The study also showed that phony transactions made by fraudsters cost Australian banks 469 million dollars in 2015, which is a 13% over the year before. The key contribution was made by growing cases of stolen card data which were used for fraudulent payments online.

In the total fraud share identity theft amounted to 19% of the total scam applications, and 71% share belonged to false personal information.

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