New Report Reveals Increase in Identity Fraud and Theft Ahead of Tax Season
Allstate Identity Protection (AIP) has launched a quarterly report titled “Identity Fraud in Focus” to address the growing prevalence of identity theft and online fraud. In Q4 2021, cases of identity fraud surged by 11%, with new credit and loan accounts fraud increasing by 61% year-over-year. Despite the rise in these types of fraud, AIP reported a decline in unemployment and tax fraud, which constituted 1% and 0.6% of total efforts, respectively. The report highlights emerging threats and encourages vigilance as tax season approaches.
- Launch of 'Identity Fraud in Focus' report to educate on online threats.
- Total identity theft and fraud cases increased by 11% in Q4 2021.
- Notable decrease in unemployment fraud cases, contributing to $17 million saved in taxes for members.
- Fraudulent creation of new credit and loan accounts grew by 61% from 2020 to 2021.
- Identity theft cases are on the rise, accounting for over half of total fraud incidents.
Allstate Identity Protection launches “Identity Fraud in Focus” to inform the public about emerging online threats
“In today’s digitally connected world, cyber fraud and identity theft have become the ultimate crimes of opportunity: as quickly as vulnerabilities are detected and protected against, new ones emerge. Yet, few resources exist to help Americans, experts and the news media understand digital fraud and the latest attacks,” says
To help solve for this, Allstate Identity Protection is launching Identity Fraud in Focus, a quarterly report designed to shine a light on the latest lines of attack being utilized by identity fraudsters.
Key Takeaways from Q4 2021:
Between October and
Fraudulent creation of new credit and loan accounts grew by
“Stories from our members are a constant reminder that identity theft and fraud come in all shapes and sizes. From fraudulent online purchases of
Be on the Lookout for Disability Fraud
After defrauding the government agencies that handle unemployment fraud, scammers may be turning to the state-level agencies that oversee disability benefits. Between November and
As this year’s tax season gets underway, AIP recommends Americans watch out for signs of disability fraud. Victims may receive a letter related to disability benefits for which they did not apply, or an employer may notify the victim that someone has filed for disability in their name.
Unemployment Fraud on the Decline
AIP continues to see reports of unemployment and tax fraud on the decline, with both constituting just
By resolving these unemployment fraud cases, AIP helped members save nearly
“Though steep drop-offs in unemployment and tax fraud are encouraging, we expect to see both on the rise again this tax season, as many victims of these types of fraud do not realize they have been targeted until they file taxes,” Bertolucci added.
For more detailed findings and insights from AIP experts, please visit the full Identity Fraud in Focus report.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220224005243/en/
Allstate Media Relations
mediateam@allstate.com
(847) 402-5600
Source: Allstate Identity Protection
FAQ
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