Back in march we discussed data from a new survey indicating that companies are not reporting all data breaches. And it appears also that customers are not reporting a;; incidents of fraud, making it very difficult to track and prevent data breaches and fraud.
"A lot of fraudulent activity goes unreported today, making it difficult for online businesses to fully understand the prominence and seriousness of the problem," - Reed Taussig, president and CEO of ThreatMetrix
According to the earlier data, 60% of organizations "pick and choose" which data breaches they decide to report on and, despite legal requirements for reporting, only 10% will report breaches they are required by law to do so. It's clear, from this, that the law is not enough of a driver to reporting data breaches.
On the consumer end, 42% of those surveyed had been victims of online fraud but a whopping 80% didn't report it. For those who reported it, it was almost entirely only to the online business directly, not to any Government body. This likely means that our perception of online fraud is very skewed.