STAMFORD, Conn.—A high percentage age of consumers whose personal data is compromised by a data breach are likely to also then become fraud victims in the following years, a new report shows.
Of the $16 billion in total fraud loss for 2016, $8.3 billion came from victims who had experienced a breach in the past 12 months and $12 billion arose from victims who had breached in the previous six years, Javelin Advisory Services reported.
In the Javelin study, 2017 Data Breach Fraud Impact Report: Going Undercover and Recovering Data, researchers discovered the proportion of breach victims who became fraud victims rose to 31.7%, the highest rate in six years, reported DarkReading.com.
“Javelin claims its findings underscore the longevity of breached data and the interconnectedness between breaches and fraud. Increasingly smaller financial institutions are becoming aware of the Internet's criminal underground and monitoring the dark Web for mentions of their brand and customers,” DarkReading.com noted.