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Identity Fraud Protection Services: Double Digit Growth to Continue, Yet Confusion and Usability Issues Threaten Market Share
Javelin Strategy & Research, Dec 2007, Pages: 36
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
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
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