Identity Theft on the rise yet again

Posted in 'Identity Theft' by Richard Catlin

06 February 2012

Total levels of fraud in the UK increased by 9% in 2011 compared to the previous year, according to the latest figures from CIFAS, the UK’s Fraud Prevention Service.

Identity fraud in particular saw a massive surge, with over 113,000 cases, accounting for almost half of all recorded fraud and up 10% on 2011 figures.

There are two main types of fraud included in these statistics. The first is Application Fraud and involves the opening of new credit facilities by a fraudster - using either an innocent person’s identity without their knowledge, or by creating a new, fictitious individual with fake documents.

Facility Takeover Fraud – where fraudsters take control of an existing account though tactics such as intercepting or redirecting post and computer hacking - is also on the up, rising 18% compared to the same time 12 months ago. Over the past five years, the increase is a quite shocking 300%.

Although most bank customers are protected against financial losses from fraud (unless they have been negligent) and so should eventually get any lost money back, it is likely to involve a lot of time and effort to sort things out – not to mention the emotional distress and worry that comes with such a personal and invasive crime.

A CIFAS spokesperson has urged organisations to put even more effort into protecting consumer data and keeping it safe, as well as reminding consumers of the importance of doing their bit and to “treat data in the same way that we would guard a prized possession”.

There are a number of fairly simple steps that most people can take in order to better protect themselves against fraudsters. First off, you can find out if any aspect of your lifestyle puts you at an increased risk of falling victim by using the Free Identity Theft Check Service on checkmyfile.

It will give you an identity theft score, highlight where you might be vulnerable and give you hints and advice about staying secure.

For even more detail, you can download a digital copy of our publication Identity Theft – Prevention and Victim Assistance – described by the Institute of Credit Management as "….invaluable to all of us who value our own identity" to your Kindle or compatible device in 60 seconds for just 77p – click here or search for 'Identity Theft Prevention and Victim Assistance' in the bookstore.

Finally, if you want true peace of mind, subscribers to our Multi Agency Credit Report get Free Identity Theft Assistance - giving expert help should you be unlucky enough to fall victim.