Hackers try new tactics to drain your financial accounts

Personal Finance

Criminals are getting creative in how they try to drain your financial accounts.

There’s not much good news for consumers in Javelin Strategy & Research’s 2018 Identity Fraud Report, released Tuesday. The firm has been tracking trends in the space for 15 years.

A record 16.7 million consumers experienced fraud or identity theft in 2017, blowing away the previous record set in 2016 of 15.4 million victims. The total amount stolen also rose, to $16.8 billion.

“It used to be … that one type of fraud would be up, but another would be down,” said Al Pascual, senior vice president of research and the head of fraud and security at Javelin.

This year, he said, there’s a broader upward trend across different fraud categories. Where there is a decline, it’s typically because thieves have more than made up the difference with a lucrative opportunity elsewhere.

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