Table of Contents
- Overview
- Primary Questions
- Findings and Analysis
- Methodology and Definitions
- Recommendations
- Lower Income Segment
- Higher Income Segment
- Higher Income Has Highest Fraud Rates at 5.37%, But Lowest Consumer Costs
- Lower Income Has Lowest Fraud Rates, but Highest Consumer Costs at $603
- Lower Income Hindered by Disinclination to Transact Online, Not
Necessarily Lack of Access
- Some 57% of Lower Income Access Web Versus 69% of all Consumers
- Victims Who Switch FIs and Forms of Payment May Have Greatest Impact
- After Identity Fraud: Lower-Income Victims Avoid Online Banking while
Upper-Income Victims Increase Online Monitoring
- Debit Card Fraud More Prevalent for Lower Income
- Credit Card Fraud More Common Among Middle and Upper Income Segments
- For Lower Income Individuals, Fraud Takes Longer to Detect
- Time from Compromise to Misuse Significantly Shorter for Middle to Upper
Income
- Higher- and Middle-Income Groups Victimized More Often with New
Store-branded Credit Cards
- Lower Income More Often Defrauded with New Telephone Accounts
- Highest Income Level Suffers Highest Rates of Existing Card Fraud at 4.54%
- Existing Card Fraud Higher for All Levels of Income
- Appendix
- Higher Income Consumers $100K-$149K Pay Higher Average Consumer Costs
($709)
- Income Breakdown Shows Resolution Time Grows as Income Shrinks
- After Fraud, Different Income Groups React in Opposite Ways
- Higher Income Turns to Online Monitoring; Lower Income Turns Away from
Online Channel
- Consumer Education Needed
- Some 68% Access Internet but only 60% Use Anti-Malware
- Highest Average Fraud Amounts and Consumer Costs Experienced by Upper
Income Asians despite Fast Resolution Times
- African Americans Suffer Highest Rates but Lowest Fraud Amounts of any
Ethnicity
- Middle Income Victims More Likely to Experience Fraud from a Purchase or
Transaction
- Family Members Are Frequent Fraud Sources for Upper and Lower Income
Victims
- Regardless of Income Level, Half of All Fraud Victims Monitor their
Accounts Online More Frequently
- Two-thirds of Victims Avoid Online Registration of Personal Information
- Nearly Half of Existing Non-Card Fraud Victims are Lower Income Individuals
- Middle Income Consumers Comprise 30% of Existing Non-Card Victims
- Misuse Duration Is Significantly Shorter for Most Middle- and
Higher-Income Consumers
- Almost 16% of Lower Income Consumers Report Misuse that Lasts One Year
or More
- Lower-Income Victims Engaging In More Traditional Fraud Protection
Activities Prior to Information Compromise (By Income Group)
- Online Bill Pay Is Low among Fraud Victims from All Income Groups
- The Lower the Income Level, the Longer the Fraud Detection Times
- Over Half of Middle- and Upper-Income Victims' Frauds Are Detected
Within One Week
Table of Charts
- Chart 1: Incidence Rates, Fraud Costs, and Resolution Times (by Income
Level)
- Chart 2: Consumer Behaviors among Individuals with Internet Access (By
Income Level)
- Chart 3: Impact of Identity Fraud on Consumer Behaviors (by Income Level)
- Chart 4: Existing Credit Card versus Existing Debit Card Fraud (by Income
Level)
- Chart 5: Fraud Lifecycle and Resolution Time (by Income Level)
- Chart 6: Prevalence of New Account Fraud (By Income Level)
- Chart 7: Table of One-year Fraud Incidence Rates (by Income Level)
- Chart 8: Incidence Rates and Average Fraud Costs (by All Income Levels)
- Chart 9: Changed Behaviors of Highest Income and Lowest Income Adults Due
to ID Fraud
- Chart 10: Consumer Financial Behaviors (All Consumers)
- Chart 11: Table of Incidence Rates and Average Fraud Costs (by Ethnicity)
- Chart 12: Source of Theft of Personal Information (by Income Level)
- Chart 13: Consumer Behavior Changes after Fraud Victimization (All Fraud
Victims)
- Chart 14: Breakdown of Existing Non-Card Fraud Victims (by Income Level)
- Chart 15: Duration of Misuse (By Income Level)
- Chart 16: Consumer Financial Behaviors (By Income Level)
- Chart 17: Fraud Detection Times from Misuse to Discovery (By Income Level)
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