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Identity fraud reaches record levels

March 15th 2017

Cifas, the UK’s leading fraud prevention service, has today released new figures showing that identity fraud has hit the highest levels ever recorded. A record 172,919 identity frauds were recorded in 2016 ... more than in any other previous year. Identity fraud now represents over half of all fraud recorded by the UK’s not-for-profit fraud data sharing organisation (53.3% of all frauds recorded to Cifas), of which 88% was perpetrated online.

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The vast majority of identity fraud happens when a fraudster pretends to be an innocent individual to buy a product or take out a loan in their name. Often, victims do not even realise that they have been targeted until a bill arrives for something they did not buy or they experience problems with their credit rating. To carry out this kind of fraud successfully, fraudsters need access to their victim’s personal information such as name, date of birth, address, their bank and who they hold accounts with. Fraudsters get hold of this in a variety of ways, from stealing mail through to hacking; obtaining data on the ‘dark web’; exploiting personal information on social media, or though ‘social engineering’ where innocent parties are persuaded to give up personal information to someone pretending to be from their bank, the police or a trusted retailer.

Cifas has seen growing numbers of young people falling victim in recent years and this upward trend continued in 2016, with almost 25,000 victims under 30. In particular, it saw a 34% increase in under 21s, and is therefore again calling for better education around fraud and financial crime, and urging young people to be vigilant about protecting their personal data.

2016 also saw increases in victims aged over 40, with 1,869 more victims recorded by Cifas members.

Mike Haley, Deputy Chief Executive, Cifas said:

“These new figures show that identity fraud continues to be the number one fraud threat. With nine out of ten identity frauds committed online and with all age groups at risk, we are urging everyone to make it more difficult for fraudsters to abuse their identity. There are three simple steps that anyone can take to protect themselves: use strong passwords, download software updates when prompted on your devices; and avoid using public Wi-Fi for banking and online shopping.

“We all remember to protect our possessions through locking our house or flat or car but we don’t take the same care to protect our most important asset – our identities. We all need to take responsibility to secure our mail boxes, shred our important documents like bank statements and utility bills, and take sensible precautions online – otherwise we are making ourselves a target for the identity fraudster.”

 

 

By Get Safe Online