Identity theft is a crime, a type of fraud in which an imposter steals individual information of another person (or a company) and uses it by pretending to be someone else in order to gain some benefit (e.g. money or goods). An identity theft can cause a victim both a financial and emotional damage and also a waste of time and energy needed to avoid consequences of the fraud.
The identity theft can also affect companies, causing not only economic but also reputational damages (e.g. the imposter offers lower quality services compared to the ones offered by the original company). Moreover the companies are supposed to protect beyond themself, also their employees, clients and suppliers, and so they are responsible to damages caused to the third parties in a case of bad handling of their sensible data. Depending on a different country the fine for not proper handling such data could be very high. Therefore, in order to prevent that risk, the most important practices are the training of the employees about the risks and manners in which identity theft can be performed, and the countermeasures to adopt. Also it is advisable to have a good information system provided with adequate security and constantly updated.
Identities are more valuable than ever. Identity theft protection helps protect potential victims of identity theft. Companies typically offer four different services: credit monitoring, expert support, insurance, and information surveillance via internet and public sources. Through these, companies are can detect identity theft, and mitigate the damage thereof.
According to the new market research report “Identity Theft & Fraud Protection – Global Market Insights and Sales Trends 2024”, published by QYResearch, the global Identity Theft & Fraud Protection market size is projected to reach USD 10.81 billion by 2029, at a CAGR of 7.6% during the forecast period.
- Global Identity Theft & Fraud Protection MarketSize(US$ Million), 2018-2029
Source: QYResearch, “Identity Theft & Fraud Protection – Global Market Insights and Sales Trends 2024”
- Global Identity Theft & Fraud Protection Top10Players Ranking and Market Share (Ranking is based on the revenue of 2022, continually updated)
Source: QYResearch, “Identity Theft & Fraud Protection – Global Market Insights and Sales Trends 2024”
The global key manufacturers of Identity Theft & Fraud Protection include NortonLifeLock, Experian, FICO, TransUnion, Equifax, LexisNexis (RELX), cxLoyalty, Allstate, McAfee, Aura, etc. In 2021, the global top 10 players had a share approximately 64.0% in terms of revenue.
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