New IDIQ Report Finds Staggering Surge of Spear Phishing and Utility Payment Fraud

Identity Theft Restoration Cases Up By 62%

TEMECULA, Calif., April 25, 2024 /PRNewswire-PRWeb/ -- IDIQ®, a financial intelligence company that empowers consumers to take everyday action to control their financial well-being, featuring the flagship IdentityIQ® brand, today released its IdentityIQ 2023 Scam Report, identifying identity theft trends from 2023 and predictions for this year.

The report, based on proprietary data, highlights that spear phishing scams targeting specific individuals increased an alarming 150%, and utility payment fraud involving stolen identities or impersonation of utility companies rose 50%. IdentityIQ members needing identity theft restoration services increased by a staggering 62%, correlating with the record-high number of data breaches in 2023.

"As recent surges in identity theft continue to escalate, helping safeguard customers' personal and financial information continues to be a top priority for our company," said Scott Hermann, CEO of IDIQ.

AI-powered scams are poised to pose a major threat for the foreseeable future, leveraging sophisticated technology to deceive victims. With the advancement of AI, scammers are now able to create deepfakes, manipulate audio and video to impersonate loved ones or authority figures, and utilize AI-generated voice phishing to replicate real voices for convincing scams. Additionally, AI-powered chatbots and robocalls with AI technology are designed to trick victims into revealing personal information.

The rapid increase in AI scams underscores the urgent need for heightened vigilance in safeguarding against evolving cybersecurity threats. Additionally, fraud schemes related to the upcoming elections, including AI-powered misinformation campaigns, present new and timely risks that demand immediate attention.

"Staying informed about emerging scam tactics and AI technology can help individuals stay one step ahead," Hermann said. "AI scams are expected to become even more prevalent, posing significant challenges for individuals and businesses alike."

The report shares ways the public can help protect themselves from these scams, including:

•     Exercise caution with unexpected emails, attachments, and links.
•     Verify the source by visiting a company or organization's official website and contacting them through official means before sharing personal information.
•     Stay informed about emerging scam tactics and AI technology, which can be done through IdentityIQ educational blog articles.
•     Utilize IdentityIQ identity theft protection services for proactive monitoring and real-time alerts.

This is the second report focusing on identity theft data that IDIQ has released through the IdentityIQ brand, following last year's 2022 Trends in Identity Report.

For more information and to download the IdentityIQ 2023 Scam Report, please visit here.

About IDIQ:
IDIQ® is recognized as one of the fastest-growing industry leaders in financial and identity protection. With the flagship IdentityIQ® brand, the company delivers real-time alerts and credit report information to not only protect but also educate consumers and businesses. The IDIQ family of brands also includes MyScoreIQ® for financial health and protection; Resident-Link® technology for on-time rental payment reporting to help build consumer credit scores; Credit & Debt®, a credit and debt education-based membership platform; and IDIQ® Pre-Paid Legal Services?, a leading provider of voluntary employee benefits.

For more information, visit http://www.IDIQ.com.

Media Contact

Kristin Austin, IDIQ, 951.397.7595, [email protected], https://www.idiq.com/

SOURCE IDIQ