Misuse of personal information affects not only individual consumers, who may have their identity stolen or banking details misused when making online transactions, but also business enterprises. In Australia, there are over two million businesses, most of which are micro or small businesses that often do not have the capacity to lose assets to identity misuse and frauds of this nature, or the resources to deal with the consequences of frauds. On the most serious occasions, identity crime losses will lead to the total failure of the affected business. This study examined the economic scale of the problem of identity crime and misuse targeting businesses in Australia. Although little research has been conducted to assess the scale and cost of this type of crime, this study provides estimates of the direct and indirect costs borne by affected businesses.
Estimating the cost to Australian businesses of identity crime and misuse
Australian Institute of Criminology