the Fraudian Slip Podcast: Sentilink – ITRC 2022 Predictions
- 12/17/2021
- 2
- 11
Home Help Center Sentilink – ITRC 2022 Predictions
Sentilink talks with the Identity Theft Resource Center in the newest Fraudian Slip podcast about what happened in 2021 and what is in store for 2022
- In 2021 the ITRC predicted a lack of government resources for identity crime victims, a chance to consumer behaviors around identity crimes, the continuation of pandemic identity fraud, and more consideration of privacy laws.
- The ITRC 2022 predictions include a shift to identity fraud, alternate digital banking forms, a rise in synthetic identity fraud, and the continuation of pandemic-related identity fraud.
- The ITRC sat down with Sentilink to recap the ITRC 2021 predictions and whether or not they came true and to look ahead to what we expect to see in 2022.
- You can learn more about the ITRC 2022 predictions and other topics discussed in this podcast by visiting our company website idtheftcenter.org.
- If you think you are the victim of an identity crime, call the ITRC toll-free by phone (888.400.5530) or live-chat on our webpage to speak with an expert advisor.
Below is a transcript of our podcast with special guest Jason Kratovil of Sentilink, and the ITRC’s newest board member
Welcome to The Fraudian Slip, the Identity Theft Resource Center’s (ITRC) podcast, where we talk about all-things identity compromise, crime and fraud that impact people and businesses. Listen on Apple, Google, Spotify, SoundCloud, Audible, Amazon now.
It’s that time of the year. We are not talking about the time of gathering with friends and families to celebrate the holidays and traditions. No. We are talking about something else that happens this time each year – when otherwise normal business people turn into fortune-tellers and try to predict the future.
We stare at tea leaves, toss some rune stones, our Magic 8 Balls get a workout, and we confuse snow globes with crystal orbs that predict what will happen in 2022. We are talking about the ITRC 2022 predictions. We’ve done that around the ITRC campus, and joining us to talk about what to watch out for in the next 12 months is Jason Kratovil from Sentilink and the newest member of the ITRC Board of Directors…along with the ITRC’s own CEO Eva Velasquez. First, let’s look back at our 2021 predictions.
A Recap of the ITRC’s 2021 Predictions and Whether or Not They Came True
Prediction #1
- What we said: Key U.S. government resources dedicated to financial and identity crime victims have been eliminated. The ITRC believes options for direct assistance will continue to decline in 2021.
- Eva Velasquez on what actually happened: Minor tweaks were made at the Department of Justice (DoJ) to allow the Office for Victims of Crime (OVC) to extend grants. However, the primary issues remain the same.
Prediction #2
- What we said: Cybercriminals are relying less on consumers’ personal information and more on consumer behaviors to commit identity-related crimes, making personal information less valuable and attractive to cybercriminals. The ITRC believes this could be a long-term trend.
- James E. Lee on what actually happened: Spot on prediction. The raw number of victims continues to decline as threat actors become more targeted and strategic. However, consumer data remains the coin of the realm even when businesses are the target of attacks. Social engineering scams (Google Voice, Instagram account takeover) have increased and rely on using psychological tactics rather than technical expertise to manipulate consumer behaviors.
Prediction #3
- What we said: The ITRC believes pandemic-related identity crimes will impact victims well into 2021. Re-victimization rates for identity crimes and compromises are rising, too.
- Eva Velasquez on what actually happened: We had no idea how right we were as there has been more pandemic-related identity fraud reported to the ITRC in 2021 than 2020. Given the amount of government benefits fraud, it will take years before all of the issues are resolved.
Prediction #4
- What we said: The ITRC expects privacy, cybersecurity and identity laws to continue to merge into a more holistic set of public policies – at least at the state level – as evidenced by California voters passing the Consumers Privacy Rights Act (CPRA), the toughest privacy law in the U.S.
- James E. Lee on what actually happened: Thumbs up. More than a dozen states considered state privacy laws that follow the basic principles in the CPRA. Two states passed general privacy and security laws, and several other states are still considering privacy laws. Congress is considering a federal privacy law with a mixed outlook for passage.
ITRC 2022 Predictions
James E. Lee: The shift from identity theft to identity fraud (from the accumulation of personally identifiable information (PII) to misuse of PII) will accelerate. That means consumer data protections will need to continue to evolve, too.
Eva Velasquez: Identity fraud will change consumer behaviors such as forcing consumers to withdraw from certain interactions, transactions and communication channels. For example, the continued improvement in phishing attacks will force some consumers to rethink online purchases and change communication habits for fear of falling prey to a perfectly spoofed email, website or text.
Jason Kratovil: Synthetic identity fraud, especially for children, will increase ahead of the full roll-out of new anti-fraud tools. (eCBSV)
Eva Velasquez: The ripple effects of pandemic-related fraud will continue into 2024, and other forms of benefit fraud will emerge; unemployment identity fraud will be a permanent addition to the fraud landscape.
James E. Lee: Supply chain attacks will pass malware as the number three root cause of data breaches. Ransomware may catch up or surpass phishing-related breaches.
Jason Kratovil: Cybercriminals will shift towards alternative, digital payment forms as the payment method of choice. Payment apps and services will surpass debit and gift cards in 2022. Cryptocurrency will surpass bank transfers and may exceed wire transfers.
Eva Velasquez: Revictimization rates will continue to increase, and a new “chain of victimization” will emerge. Social media account takeover, in particular, will leverage the followers and individual networks to create new chains of victims. Consumer behavior will play a stronger role than in previous years.
Contact the ITRC
You can learn more about the ITRC 2022 predictions, scams that impact your identity, privacy or security, or get help if you have been the victim of an identity crime by visiting the ITRC’s website at www.idtheftcenter.org.
We are taking the rest of the year off. However, we will be back in January with Season 3 of the Weekly Breach Breakdown and the Fraudian Slip. Thanks to each of you who listen to our podcasts and come to the ITRC for support and information.
From all of us at the ITRC, we wish you the happiest of holiday seasons with your friends and loved ones – and a safe, prosperous and secure 2022.
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