ID theft increases despite increased security
ATLANTA - Identity theft rose in 2016 even while we added additional security layers like the credit card chip.
It is seems counter-intuitive, doesn't it? But according to new market research, ID fraud is up 16 percent from the year before. More security but more fraud?
Well many of us now have chips in our credit or debt cards. That is, in fact, an added layer of security at check out at the store. But, if you've noticed not all retailers are using them, some still have you swiping. And so that chip does you no good at those businesses. But, according to recent market research by Lifelock, here is where you'll find a 40 percent increase in fraud -- places where your card is not present. Like those times you order online. Security experts predicted this when the chip technology came out - that online shopping theft would increase and it has.
Here's the good news. The dollar loss didn't go up so much. And that is because the theft was on existing credit card accounts and not new ones.
Brush up on ID theft security.
- The Federal Trade Commission provides info on protecting your identity.
- The FTC shows you what to do if you are already a victim.
- Get up to date on ID theft schemes.
NEXT ARTICLE: Get on a tax prep schedule