A Certified Financial Fiduciary at New Century Planning in New Jersey, Robert M. Ryerson has helped others understand identity theft through his book, "What's the Deal with Identity Theft?" Published in 2016, Robert M. Ryerson's book covers this form of fraud in extensive detail.
As the tools people use to manage their financial lives change and grow, so too do the ways in which identity theft is committed. Consumers should be aware of the newest tactics being used to steal identities.
Intermediary new-account fraud makes it easy for criminals to funnel money out of victims' existing accounts. After compromising the first account, the criminal creates a fraudulent account, often with a peer-to-peer payment service, to move money around. Approximately 1.5 million victims were affected by this type of identity theft in 2017.
Identity thieves have also begun targeting more types of accounts, rather than focusing on the usual suspects like bank accounts and credit cards. Cryptocurrency wallets, brokerage accounts, and loyalty accounts have seen a significant increase in attack frequency. These new fraud methods have grown in part thanks to the adoption of more secure traditional financial instruments, such as chip-enabled credit cards.
