Data Breach Notifications: Victims Face Four Times Higher Risk of Fraud
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If a consumer gets a data breach notification letter, they are four times more likely to suffer identity theft within the next year. Data breach notifications were intended to help consumers take protective action when their private data is exposed. But there seems to be a disconnect between data breach notifications and consumer understanding of possible outcomes of data breaches. New data shows that consumers who have received data breach notifications within the past year are at a much greater risk for fraud than the typical consumer. Yet, these same consumers rarely attribute the fraud to their data breach exposure. This report also contains an update of data breaches for 2009, implications of changes to the legislative landscape, and the technical means by which data breaches occur.
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2009 Financial Alerts Forecast: Alerts Remain Highly Valued, but Consumer Adoption Slowed Due to Inadequate, Limited Offerings
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Four forces should be fueling increased adoption of financial alerts: Money is tight for Americans; identify fraud is on the rise; consumers crave more control over their finances and value alerts; and regulators soon could make alerts a banking requirement. Yet the number of households receiving e-mail and/or SMS text alerts remained flat. This report explores national survey data that indicates that consumers are growing dissatisfied with alerts that fail to deliver real-time information, are too generic and are too difficult to tailor on the fly. Javelin also forecasts adoption for alerts, profiles why regular recipients of alerts make prized customers, what alerts consumers value most, and advises financial institutions how they can profit from alerts by sharing control with their customers.
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