A recent study conducted by Javelin Strategy and Research has determined that fraud is down by 11.5% compared to 2005. The total damage of identity theft and the related fraud totaled $49.3 Billion compared to $55.7 Billion in 2005. This finally shows a measurable impact in the incredible efforts of corporations and average people who have become more vigilant over security and sensitive information.
A contributor to this decline may be that “Nationwide, there were about 500,000 fewer victims“, but 2007 may trend higher given the magnitude of the TJX breach.
Unfortunately, $49,300,000,000 is a tremendous cost, but given an ROI calculation there is plenty of room for improvement and still manage a healthy return.