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Identity Fraud

Identity fraud is a very hot topic at the moment following a paper issued by Credit Industry Fraud Avoidance System (fraudscape 2017). So I thought I would talk a little bit about it as everyone is aware of it yet people are still happy to be so blasé about their details it seemed like a perfect opportunity to spread the word and give some advice.

 What is identity fraud?

It’s when a fraudster abuses personal data to impersonate an innocent party, or creates a fictitious identity, to open a new account or product. Identity-related crimes occur when a fraudster has abused identity details in order to commit fraud. This can be through impersonation or the creation of a fictitious (synthetic) identity (identity fraud) or using personal data to hijack the running of an account (facility takeover fraud).

 What do the figures say?

With almost one in every two crimes a fraud or cybercrime there has never been a more urgent time for us to be alert to both the external and internal fraud threats. The latest CIFAS figures show over 325,000 fraud cases last year, and that 53% of these related to identity theft. This type of fraud is reaching an industrial scale; as criminals tactics grow more sophisticated there's an increasing danger of personal details falling into the wrong hands.

The report shows the highest ever recorded level of identity theft, with almost 173,000 cases reported by their member organisations being cases of identity fraud and 88% of those frauds being internet-enabled. Fighting identity fraud must remain a top priority at the same time we need to manage demands for fast authentication checks and quick application processes therefore awareness is key (fraudscape 2017)

 Be sure to follow our blog for next week’s instalment on identity fraud! In the meantime follow us on twitter and keep up to date with all the latest news and information.

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