25 February 2017
Visit dh.com

ID theft drives rise in UK fraud cases - Cifas

21 January 2013  |  6001 views  |  0 ID Fraud

The number of recorded fraud cases in the UK rose five per cent last year, to nearly 250,000, according to Cifas, with identity theft accounting for more than half of all incidences.

The fraud prevention service says its members identified 248,325 cases in 2012, 150,000 of which had an identifiable victim.

In total, 123,589 of the cases involved the fraudulent use of identity details (either those of an innocent victim or completely fictitious ones), a nine per cent increase on 2011.

Furthermore, facility takeover fraud - where a crook gains access to and hijacks the running of an account - rocketed by 53%. This means that those frauds where the criminal requires identity details accounted for 65% of all cases in 2012.

In contrast, fraud carried out by actual account holders fell 15% to just under 46,000. A large chunk of these cases appear to be people acting as money mules for criminals.

Peter Hurst, chief executive, Cifas, says "it is time for all organisations and consumers to start reviewing their approaches to preventing fraud rather than just dealing with its effects. Investment in proper fraud prevention systems and approaches, from online security to data sharing, and education are the cornerstones of such an approach and - without them - the only thing that is guaranteed is an ever increasing fraud losses to organisations and society at large."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Brits trust banks more than government to protect them from fraud

Brits trust banks more than government to protect them from fraud

21 January 2013  |  7435 views  |  0 comments | 13 tweets | 7 linkedin
EU card fraud nets organised crime EUR1.5bn a year - Europol

EU card fraud nets organised crime EUR1.5bn a year - Europol

08 January 2013  |  11103 views  |  1 comments | 16 tweets | 3 linkedin
UK government body to invest £1.5 million in m-commerce security projects

UK government body to invest £1.5 million in m-commerce security projects

23 November 2012  |  8308 views  |  2 comments | 11 tweets | 6 linkedin
Massive surge in online ID fraud - Experian

Massive surge in online ID fraud - Experian

17 July 2012  |  8495 views  |  0 comments | 1 linkedin
Banks backing UK government online identity project

Banks backing UK government online identity project

03 November 2011  |  11341 views  |  8 comments
UK fraud up 16% in 2008 - Cifas

UK fraud up 16% in 2008 - Cifas

26 January 2009  |  9438 views  |  2 comments

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextra visit dh.com

Who is commenting?

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
12506 views comments | 52 tweets | 72 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
8522 views comments | 40 tweets | 34 linkedin
High rate of defaults hit P2P lending sectorHigh rate of defaults hit P2P lending sect...
6771 views comments | 18 tweets | 13 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
6691 views comments | 7 tweets | 4 linkedin
Visa opens London innovation centreVisa opens London innovation centre
6032 views comments | 20 tweets | 19 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job