2017 was a Great Year...

2017 was a Great Year . . . For Identity Thieves

Every year has its ups and downs, and 2017 has been no exception. For example, it’s been a good year for the stock market and a bad year for hurricanes. But for identity thieves, this has been the best year ever, and that’s bad news for the rest of us. ​

According to the Stealthbits cybersecurity report, the rate of cyber attacks doubled in 2017 over 2016, exposing the personal information of millions of people around the world. The Equifax breachmade headlines by exposing data on over 145 million U.S. consumers, but earlier breaches made headlines, too, as Uber admitted a breach of 57 million rider and driver records and Yahoo admitted that a 2016 breach had exposed not 1 billion people, as previously reported, but 3 billion people! Javelin research estimates that the volume of cyber fraud has increased 400 percent over the last 4 years, totaling $3.7 billion in 2016, and 2017 is only increasing that trend. So, cyber thieves are making out like bandits. ​

However, 2017 wasn’t all bad news for the rest of us. The increasing cost of data breaches is motivating businesses to invest in better information security. For example, more and more businesses are using two-factor authentication or bio-metrics such as facial recognition to provide stronger protection than just passwords. Businesses are also beginning to use “machine learning” (basically, super-powerful pattern recognition and computer analytics) to spot identity theft earlier. More businesses are also sending alerts by email or text so consumers can react quickly and determine for themselves if their accounts are being misused.​

Another silver lining in 2017 is that the Equifax breach raised awareness about the threat of identity theft. Experian reported in May that half of consumers surveyed didn’t think they were at risk of identity fraud. But after news of the Equifax breach broke in September, friends and families around the country were talking about identity theft and prevention. The biggest lesson of this year may have been that businesses can’t protect us from data breaches, so each of us needs to be responsible for the safety of our own identities, from setting up alerts and checking our medical benefits statements to choosing an identity protection service. Because if one thing is certain, it’s that next year will bring new and evolving risks to our identities. So, this new year consider adding a resolution to protect your identity and stay safe out there! ​