The FTC Has Received Over 500,000 Credit Bureau Fraud Claims in H1 2023 Alone

Credit bureaus are institutions that can assess your ability to pay back debt and then sell this data to a lending agency with all things having been considered and taken into account. In spite of the fact that this is the case, they can also be involved in a number of scams especially in situations where users are not aware of what they can provide. It turns out that credit bureau frauds are reaching record breaking numbers according to new data.

With all of that having been said and now out of the way, it is important to note that there have been over 517,000 credit bureau fraud claims in the first half of 2023 alone. This comes from information presented by the FTC itself, and it lends credence to the notion that these scams are becoming an ever more prominent component of the threat landscape.

This is almost double the number that was seen last year when these reports seemed like they had started to plateau somewhat. The dip seen in 2021 is also now long gone, and these threats are now on the rise once again as identity fraud becomes rife in the industry.

In 2019, a 18% increase was seen over year. By 2020, this annual growth rate surged to a whopping 89%. 2021 was a much better year, although it too saw a 39% increase overall, with 2022 seeing a 49% increase. If the current trend persists, 2023 may prove to be the single worst year of the decade, and consumers may soon be overwhelmed by these types of frauds.

Untold quantities of data including highly sensitive and personal details such as credit card information could end up in the wrong hands. People committing these frauds often use tactics such as dumpster diving to get the information that can allow them to access accounts. Preventing access to lines of credit can be disastrous not just for consumers but also for the industries that are attempting to cater to them, so more work must be done to keep these threats at bay.

Read next: New Research Reveals that VR is Susceptible To Getting Hacked
Previous Post Next Post