Abstract
Overview
Income levels significantly predict the pattern of consumers' individual fraud
cases. This report shows how companies can improve the effectiveness of
fraud-fighting efforts by customizing them to the individual' s income levels,
protecting their bottom lines and that of their customers. This report
analyzes nationally-representative income-related fraud data, using identity
fraud incidence rates, consumer costs, fraud amounts, and consumer behaviors
for different income groups-namely the lower, middle, and higher income
segments to give specific recommendations. Javelin has uncovered what is, in
effect, an identity fraud economic divide, based on quantitative data from the
most nationally representative, up-to-date study of identity fraud in the US
of over 5,000 US adults, including 458 fraud victims.
Primary Questions
- How do identity fraud incidence rates, consumer costs, and fraud amounts
differ for lower, middle, and higher income segments, and why?
- How do victims among distinct income groups respond to identity fraud
differently?
- What behaviors changes do consumers affect after becoming identity fraud
victims?
- How can certain income segments be targeted in order to enhance identity
fraud prevention and detection?
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