Identity fraud accounts for two in three fraud cases

The use of fake identity details or the impersonation of an innocent victim now accounts for 52% of all fraud.

According to the latest Fraudscape Bulletin produced by CIFAS, the UK’s Fraud Prevention Service, overall fraud levels decreased by 3% taking confirmed frauds to just under 114,000.

14% of fraud involved account takeover meaning that 66% of fraud directly related to the abuse of identity details.

CIFAS Communications Manager, Richard Hurley, said: “CIFAS has long highlighted that data is the cornerstone of the fraudster’s trade. “With two thirds of all recorded fraud now relating to the abuse of identity details, the message is clearer than ever.

“Organisations and individuals must develop new ways of safeguarding their personal data, otherwise they effectively provide the fraudster with a licence to steal money.”

CIFAS reminded of the need to remain vigilant to the changing fraud landscape. Mr Hurley concluded: “Fraud, unfortunately, is a crime that shows no sign of disappearing; organisations and individuals must therefore find a way of staying one step ahead of the fraudsters.”

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