“Identity fraud underwent a marked decline and shift over the past year. This great news is a testament to the significant efforts businesses, the financial services industry and government agencies are making to educate consumers, protect data, and prevent and resolve identity fraud. Economic conditions also appear to have contributed to this year-to-year decline, as well as increased security measures and some significant law enforcement successes. The rise in out-of-pocket costs carries a warning. Consumers can not put their finances on autopilot in ignore important safeguards. Simple safeguards may dramatically reduce fraud risk, such as frequently monitoring banking, credit and other financial activities, securing computers and paper records, and activating electronic alerts to help prevent fraud and address the situation quickly when it occurs.”

"The financial services industry, businesses and law enforcement have been working harder than ever to crack down on fraud and to educate consumers about how they can protect themselves, and this year’s study clearly indicates these efforts are having a positive impact. In order to retain consumer trust and confidence, businesses must continue to take all steps necessary to safeguard data and educate customers about how to protect themselves and respond to incidents. Now is not the time to let up. Consumers should remain vigilant and be careful not to expose personally identifiable information over social networks and to acquaintances.”