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01/31/2023
Pay Attention to the Human Cost of Identity Fraud
ALM Credit Union Times
Millions of words have been written about the financial cost of identity fraud, for both the financial institution and the victim – and for good reason. In 2021 identity fraud cost U.S. businesses an estimated $52 billion, according to Javelin Strategy & Research.
But victims pay an additional price, as well, that credit unions should keep in mind as they look beyond the dollars and cents. A recent survey by the Identity Theft Resource Center (ITRC) took a deep dive into the emotional, physical and physiological effects on fraud victims, and the data show that victims are increasingly dealing with nonfinancial ramifications – from sleep problems to severe mental health effects.
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