JAVELIN Finds Fraud Surprisingly Absent From Medical Data Breaches – For Now 

San Francisco, CA, June 23, 2016: 2015 was a diverse year for breaches. Data theft from government agencies, healthcare providers, financial institutions, telecoms, retailers, and social networks proved that no industry is immune from attack. Today, JAVELIN released, 2016 Data Breach Fraud Impact, which assesses how the relationship between data breaches and consumer identity fraud will change in the years to come as breached data will likely begin to surface. It also includes a case study on the Anthem SSN data breach and lessons learned.

Medical data contains a wealth of information that can provide value in perpetrating financial fraud. Patient records are certain to contain biographical details such as name, address, date of birth, and Social Security number — all of which have obvious applications in either new-account fraud or account takeover. Additionally, if full records are breached, the hackers may have access to family history, previous addresses, and personal habits. 

“While our data shows that we have not yet realized the fallout from medical data breaches that does not mean we can’t expect one in the next few years. With the count in the 10s of millions, researchers, consumers and fraud watchdogs alike are waiting to see what the fallout will be once this personally identifiable information (PII) and medical data hits the black market,” said Al Pascual, Research Director and Head of Fraud & Security at JAVELIN. 

The report, JAVELIN released, 2016 Data Breach Fraud Impact, examines what types of data are likely to become prominent breach targets, how consumers be empowered in the fight against breach-related identity fraud and the impact on patronage of a breached organization. 

Related JAVELIN Research

JAVELIN, a Greenwich Associates LLC company, provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. Javelin’s independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.

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