Identity Fraud Protection Services: Double Digit Growth to Continue, Yet Confusion and Usability Issues Threaten Market Share

Table of Contents

• Overview
• Primary Questions
• Findings and Analysis
• Consumer Perceptions Drive Adoption of Identity Protection Services
  • Five Factors to Gain Market Share
  • New Accounts Fraud Incurs the Highest Losses, Victim Impact
  • Credit Cards are Most Targeted for New Accounts Fraud
• The Propagation of Consumer-facing Solutions to Fight New Accounts Fraud
  • Consumers Express Strong Liking for New Data Mining Services
  • Consumers Want Convenient, Web-based Access to their Credit Data
  • One out of Four Buy from Issuers-But Half Receive Credit Monitoring for Free
• State of the Union: Identity Fraud Protection Services Industry
  • Credit Monitoring Renewal Rates Mirror Purchase Rates, But Need Improvement
  • Fraud Alerts: The "Middle-Ground" Approach to Identity Fraud Protection
  • Data Mining: Popular New Offering Needs Refinement to Realize Full Potential
  • Credit Freezes: The Next Frontier in Identity Fraud Protection
• Identity Protection Services Overview
  • Fraud Alerts: Vendor Overview
  • Resolution-Oriented Services: Vendor Overview
  • Data Mining/Scanning: Vendor Overview
  • Credit Monitoring Services Overview
• Partnership Opportunities for Financial Institutions
• Child Identity Fraud Protection
• Related Research
• Methodology
• Appendices
  • Appendix A: Three out of Ten Have Used a Credit Monitoring Service
  • Appendix B: Most Consumers View their Credit Report Infrequently
  • Appendix C: Almost One in Five (18%) Has Used Identity Theft Insurance
  • Appendix D: One out of Three Consumers Wants FI-Provided Identity Insurance
  • Appendix E: One of every Four Fraud Victims Purchases Credit Monitoring
  • Appendix F: Almost Three-fourths of Issuers Offer Credit Reports or Monitoring

Table of Figures

• Figure 1: Identity Fraud Protection Market Size
• Figure 2: Comparisons of Incidence Rates and Average Fraud Amounts
• Figure 3: Types of Fraudulent New Accounts Opened
• Figure 4: Definitions of Identity Fraud Protection Services
• Figure 5: Fraud Protection Services that Consumers Are Most Likely to Purchase
• Figure 6: Preferred Features for Potential Purchasers of Identity Safety Services
• Figure 7: Consumer Sources of Credit Monitoring Services
• Figure 8: Analysis of Consumer Fraud Protection Services, by Category
• Figure 9: Credit Monitoring Subscribers' Likelihood of Renewal
• Figure 10: Consumer Usage of Fraud Alerts
• Figure 11: Analysis of Identity Protection Services
• Figure 12: Fraud Alerts Features by Vendor
• Figure 13: MyTruston Features
• Figure 14: Data Mining Features by Vendor
• Figure 15: Credit Monitoring Features by Vendor
• Figure 16: Credit Monitoring Services Offered by Banks
• Figure 17: LifeLock for Kids and Family
• Figure 18: Child Identity Fraud Protection Services
• Figure 19: Consumer Usage of Credit Monitoring
• Figure 20: Frequency of Credit Report Access
• Figure 21: Consumer Usage of Identity Theft Insurance
• Figure 22: Consumer Preferences for FI-provided Identity Safety Features
• Figure 23: Consumer Behavior Changes after Fraud Victimization
• Figure 24: Percentage of Issuers Meeting Javelin Criteria for Identity Fraud Detection