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Cyber crime grows despite anti-fraud adoption (Image: Shutterstock).

San Francisco-based Javelin Strategy & Research’s 2019 Identity Fraud Study revealed 14.4 million scam victims in 2018; and complex and sophisticated fraud types at elevated levels, despite extensive anti-fraud measures adoption.

The report noted the recent shift to embedded chip cards is helping to stifle existing card fraud, which showed the steepest decline of any fraud type in 2018. While existing card fraud losses dropped from $8.1 billion in 2017 to $6.4 billion and the incidence fell from 5.47% to 4.40%, high-impact fraud types like account takeover and new-account fraud remain alarmingly common, demonstrating that fraudsters continue to find and compromise new targets.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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