- Synthetic Fraud
- Account Takeover Fraud
- New Account Opening Fraud
The true impact from the incident is the potential fallout that can occur as a result of a massive amount of exposed PII data. Card fraud/compromised card fraud may not be impacted, but other types of fraud may rise, including: Synthetic Fraud, Account Takeover and New Account Opening Fraud.
The True Financial Impact
- In the last year alone, exposed consumer PII records rose 126%.
- New account fraud account for ~$3.4B, and by 2021, industry estimates peg synthetic fraud to account for 40% of all credit card charge offs — costing lenders $6 Billion annually.
- Dark Web crime rings are increasing as the availability of exposed PII grows substantially.
- Mobile account takeover fraud is up 56% in the past year to more than 679,000 incidents.
Breached PII Linked to the Above Financial Impact:
- Contact Details: Name, mailing address, email address, and phone numbers.
- Loyalty Account Information: Account number and points balance, but not passwords.
- Additional Personal Details: Company, gender, and birthday day and month.
- Partnerships and Affiliations: Linked airline loyalty programs and numbers.
- Travel Preferences: Stay/room preferences and language preference.