Digital Identity Insights: Four Takeaways from the 2023 FTC Consumer Sentinel Report

The FTC’s 2023 Consumer Sentinel Data Book indicates that fraud patterns are shifting, with government benefits fraud rising 82% year over year and imposter scams continuing to increase in both volume and consumer losses, increasingly through email and social media. Although overall identity theft declined, including decreases in new credit card, bank account, medical services, and student loan fraud, reports involving existing bank accounts rose, highlighting risks from account takeover and synthetic identities. Payment-related scams remain a major vulnerability, as investment fraud reached $4.6 billion in reported losses and cryptocurrency losses rose to $1.4 billion, reflecting the risks associated with real-time and peer-to-peer payment systems. The discussion calls for stronger digital identity verification, improved customer identification and KYC practices, greater consumer education, and collaboration among financial institutions and regulators, while noting evolving liability rules in the United States and United Kingdom.

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