Javelin Identity Fraud Study: Scammers Shift Tactics, Targeting Information
SAN FRANCISCO, March 25, 2025 (GLOBE NEWSWIRE) — Javelin Strategy & Research, part of the Escalent Group, today published the 22nd edition of its Identity Fraud Study, titled “Breaking Barriers to Innovation.” This year’s findings reveal a concerning trend: scammers are no longer just after quick cash; they’re actively seeking personal information. By obtaining personally identifiable information (PII), fraudsters can exploit victims long after the initial scam.
These attacks affect both individual consumers and financial institutions, impacting the entire fraud landscape. The ease with which attackers can conduct large-scale fraud increases with the amount of information they possess. The scale of this deception is alarming: 7 in 10 victims who lost money to a scam handed over PII, inadvertently fueling a cycle of fraud.
The top types of information stolen include:
- Email addresses (43%)
- Phone numbers (38%)
- Banking details (28%)
These may seem harmless to share, but they serve as digital keys to financial and non-financial accounts. Many consumers don’t realize that an email address can provide fraudsters access to multiple accounts.
“Fraud professionals must start thinking beyond the existing regulatory and privacy restrictions, and start envisioning future possibilities,” said Jennifer Pitt, senior analyst in Javelin’s Fraud & Security practice and the report’s author. “The traditional mindset focuses on short-term risks, but real innovation comes from looking ahead and developing future-ready solutions.”
This involves strengthening fraud detection, enhancing identity verification, fostering collaboration across industries, and using advanced technology to disrupt fraud proactively.
Key Highlights from the Report
- Fraud and scam losses surged to $47 billion, up $4 billion from the prior year, affecting 40 million victims—1 million more than in 2023.
- Identity fraud accounted for $27 billion in losses across 18 million victims, while scams led to $20 billion in losses affecting 22 million victims.
- Consumers reported a rise in suspicious communications: 54% saw more unusual text messages, 47% more emails with suspicious links, 44% more robo-calls, and 42% more emails with suspicious attachments.
- 39% of account takeover fraud victims had their checking accounts compromised, and 23% had their email accounts taken over.
- 12% of fraud victims didn’t report their incident.
Pitt recommends that fraud and cybersecurity professionals urge consumers to “verify, then maybe trust.” This approach will help consumers pause before taking action.
Javelin’s Identity Fraud Study is a critical resource for understanding the financial and emotional impact of identity fraud in the United States. The online survey of 5,000 U.S. adults is conducted every autumn, with results published the following spring.
About Javelin Strategy & Research
Javelin Strategy & Research, part of the Escalent Group, provides strategic insights in the digital financial world. It offers these insights to financial institutions, including banks, credit unions, brokerages, insurers, payments companies, technology providers, fintechs, and government agencies. Javelin’s research pinpoints risks and opportunities in areas such as digital banking, payments, fraud & security, lending, and wealth management. For further information, visit javelinstrategy.com.
