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Fraud rate doubles as cybercriminals create new accounts in users' name

Maria Korolov | Aug. 26, 2015
To get more value out of stolen personal information, cyber criminals doubled their rate of account creation fraud this summer, according to a report report from Vancouver-based NuData Security.

"If your identity was taken over, you have to deal with a lot of rigamarole to clean that up, but in the end, it is the bank's responsibility and their liability to clean that up," he said. "But if you have to go through all that with bank ABC, you'll probably never do business with bank ABC in the future. So there's the financial cost, and there's the trust cost."

 

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