World Economy

Identity Fraud Soars to New Highs in UK

Identity Fraud Soars to New Highs in UKIdentity Fraud Soars to New Highs in UK

Cifas, the UK’s leading fraud prevention service, has released new figures showing that identity fraud has continued to rise at record levels in the first six months of 2017. A record 89,000 identity frauds were recorded, up 5% from last year. Representing over half of all fraud recorded by the UK’s not-for-profit fraud data sharing organization, 83% of identity frauds were perpetrated online, finextra reported.

The latest figures show there has been a sharp rise in identity fraudsters applying for loans, online retail, telecoms and insurance products. Although the number of identity fraud attempts against bank accounts and plastic cards has fallen these still account for more than half of all identity fraud cases.

Simon Dukes, Chief Executive of Cifas, said, “We have seen identity fraud attempts increase year on year, now reaching epidemic levels, with identities being stolen at a rate of almost 500 a day.

 “These frauds are taking place almost exclusively online,” he added.

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