Fraud Risk Soaring For Data Breach Victims

Source: Kathy Kristof / CBS News

Attention Target and Neiman Marcus shoppers. If you got a security breach notice, you’d best take it seriously. The latest comprehensive study on identity fraud found that the threat of a crook using your stolen data has soared.

If your data had been stolen three years ago, you only had about a 10 percent chance of falling prey to identity thief. Today, one-third of those who are affected by a security breach become victims of identity theft, according to Javelin Strategy and Research, which has done comprehensive annual studies of identity theft since 2006.

If your debit card information was stolen, the chance is even higher – 46 percent of consumers with a breached debit card in 2013 became fraud victims in the same year, according to the Javelin study.

Worse, the risk is not isolated to fraudulent charges being made on the card that was lost. Increasingly, identity fraud is moving to “account takeovers” where the crook will change the address, password or phone number on anything and everything from your utility bills to your PayPal account, running up charges while locking you out.

To read this article in its entirety visit CBS News.

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