Identity fraud losses increase 15% as consumer costs more than double

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The 2020 Identity Fraud Report reveals financial institutions’ methods to identify and respond to fraud are no match for criminals’ high-tech schemes to hijack consumer accounts.

Fraud losses grew 15% in 2019 to $16.9 billion even as instances of fraud fell from 14.4 million in 2018 to 13 million in 2019, which resulted in consumers facing $3.5 million in out-of-pocket costs last year as criminals shifted their focus from card fraud to opening and taking over accounts.

“These findings should be a wake-up call for financial institutions, the payments industry, businesses and consumers across America,” said Krista Tedder, Head of

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IBM, R3, Mastercard join digital identity consortium Trust over IP (ToIP)

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The Linux Foundation has launched the Trust over IP (ToIP) Foundation with the aim of creating digital identity standards to enable parties to share data with trust. Aiming to ensure interoperability between different solutions for trusted data and digital identity.

  IBM, R3, Mastercard join digital identity                 consortium Trust over IP (ToIP)

The 17 founding steering committee members include Accenture, Evernym, IBM and Mastercard with contributing members such as DIDx and R3.

Motivations for forming the initiative were cited as the business challenge of managing digital assets and data as well as low consumer confidence with personal data. The combination, the

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Data breaches are making online user identity difficult

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We can no longer rely on personal data alone to confirm user identity online. Databases are now so routinely hacked into, compromised and distributed to criminals over the dark web that today’s user verification systems – which chiefly rely on user’s personal data for success– are becoming increasingly exposed to the risk of user impersonation by malefactors.

Data breaches are making online user identity difficult

Information from Javelin Research suggests there were 14.4 million US victims of identity fraud in 2018 and Adam Lee, Chief Product Officer at Boku, argues the online world is over-reliant on easily-compromised personal data for

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Graduate Nurses Identity From Distance Learning Curriculum

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