Reports of identity breaches, theft, and abuse in the US decreased by 16% in 2023 (compared to 2022), but cybercriminals already have enough personal information to carry out their malicious activities.
Identity theft, also known as identity fraud, occurs when someone gains access to personal information (such as a social security number, phone number, date of birth, etc.) and uses it without the victim's knowledge. The fraudster can use the information to empty bank accounts, open new ones with the victim's information, make purchases , and more.
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Many people fall victim to identity theft when companies they have given their information to are breached by hackers. In data breaches, hackers illegally access a company's database and steal sensitive employee or customer information. Criminals can then use the stolen information to commit identity theft or sell it to others on the dark web.
Also, criminals often deceive people by sending phishing emails and messages that supposedly come from legitimate companies, such as banks, online stores, etc. In these cases, the users themselves provide their personal information, such as credentials, to seemingly legitimate pages.
The Identity Theft Resource Center (ITRC) has been helping victims of identity crimes for over two decades. The “2023 Trends in Identity Report” was based on this outreach and assistance.
Of the total number of identity crimes recorded, 53% involved compromised credentials, 38% actual abuse, and 2% attempted abuse.
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However, despite the decline in reported incidents, the non-profit organization warned that attackers are getting better at tricking victims their, likely thanks to generative AI (GenAI), which is now widely used. Victims are also facing more “serious” types of identity theft and may need more time to deal with such an incident.
Furthermore, as mentioned above, scammers already have enough personal information at their disposal (from previous breaches and scams) to open new accounts in their victims' names.
Although identity theft scams have declined, GenAI is ramping up job scams. The ITRC recorded a 118% increase in attempts to scam job seekers. Victims were asked to provide sensitive personal and financial informationto supposed employers. Such scams often start on LinkedIn or job search platforms.
However, job scams still only made up 9% of the total recorded by the ITRC last year. The majority were Google Voice scams (60%), which are usually carried out via social media.
See also: FBI: New crypto scam via fake job ads
“The latest information from our conversations with victims, and from data from our other reports, shows an environment where identity criminals are more effective and efficient in carrying out attacks,” said ITRC CEO Eva Velasquez. “The result is fewer victims reporting these crimes. However, the impact on people and businesses is arguably more damaging at a time when there are too many victims of identity crime and too few resources to help.”
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Source: www.infosecurity-magazine.com
