As our digital footprints grow, so does our risk of personal exposure to identity theft and fraud. In 2022, identity fraud claimed 40 million victims and amounted to losses of $43 billion.*
No one is immune to identity theft and if it becomes fraud, the effect can be wide-reaching regardless of income, education, or generation. Criminals are using cyber-attacks, digital account takeovers, and social engineering to perpetrate theft and fraud against employers and employees, causing them to have to defend multiple fronts to help secure their critical information and better protect against financial loss and stress. If our personal identifiable information (PII) is exposed, the battle becomes more about preventing fraud.
The pervasive nature of fraud can present significant problems for individual consumers and their families, as well as their employers and workplace communities. On average, identity fraud victims spent six to seven hours resolving credit, financial, legal, or other problems related to fraud and lost an average of $1,311 in 2022. Additionally, nearly one-quarter of consumers whose lives were affected by identity fraud in the past six years (23%) said that their professional lives were negatively impacted because they had to take sick days, show up late, or lacked focus because of the fraud that occurred.**
Read this whitepaper by Javelin, sponsored by Equifax, to learn more about the ever-changing digital landscape, education and resources that are available, and what you can do to help better protect your employees, their families, and your bottom line.
*Javelin Strategy & Research, 2023 Identity Fraud Study: The Butterfly Effect, March 2023.
**Javelin Strategy & Research, Identity Fraud: The Consumer Protection Imperative, August 2023.
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