ID Theft: SARs On The Rise

Identity Theft Reports Jump; Most Attributed to Family

Tracy Kitten, Managing Editor

The majority of identity theft incidents reported by U.S. financial institutions don't relate to phishing attacks and spoofed website pages. According to a new ID theft report from the Financial Crimes Enforcement Network, most cases of ID theft are linked to a victim's family members or coworkers. 

John Summers, a project officer at FinCEN and a lead in FinCEN's report, "Identity Theft: Trends, Patterns and Typologies Reported in Suspicious Activity Reports", says ID theft perpetrated by family, friends and business partners ranked No.1 among SARs filed by U.S. depository institutions in 2009. "In 27.5 percent of the filings, this was the highest," he says. "It basically means someone close to them was getting access to their files and using their information."


Summers says only 3.5 percent of the ID theft incidents reported in SARs related to computer viruses and Trojans, such as Zeus. For vishing and phishing, the incidents reported were even fewer. "The only ones I found were in new data, and it would only come out to .15 percent," he says. "That does not mean those types of attacks did not occur and account for theft and losses. It just means that the victim was not aware and did not report it as a phishing (or vishing) attack."

To read the entire article, click here - http://www.bankinfosecurity.com/articles.php?art_id=3031&rf=2010-10-26-eb