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Allstate reports applications for new credit cards, loans and account setups peak in October during pre-Black Friday shopping, totaling more than $9M in potential losses
Identity theft is ramping up earlier than expected. New data from Allstate Identity Protection1 shows a sharp rise in fraudulent account activity in October, surpassing November and December. The surge coincides with early holiday shopping and digital promotions, exposing consumers to increased financial risk.
In October 2024 alone, Allstate helped prevent more than $9 million in potential losses tied to fraud applications and new account scams. Fraud applications made up nearly 70% of all cases, while new account fraud posed the greatest financial threat, with estimated losses exceeding $7.3 million.
The data also reveals a seasonal spike in employment-related scams, as fraudsters target job seekers with fake postings and payroll schemes. Allstate urges consumers to stay alert as scammers evolve their tactics to exploit urgency and distraction during peak shopping periods.
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