Cases of identity fraud recorded to the Cifas National Fraud Database rose by nearly a fifth in 2019 – the sharpest rise in the last five years, according to the latest research from Cifas, the UK fraud prevention membership body, made up of banks, insurers and other businesses.
Identity fraud occurs when a person’s personal data is abused through applications, often to purchase a product, take out a loan or open a new account. This type of fraud is often enabled by criminals posing as bank staff or the like, and targeting the public by email, text or phone call and manipulating them into handing over personal and sensitive data.
The latest figures from Cifas’ database show that identity fraud is steadily rising, with cases up 32pc over the last five years. In 2019 there were 223,163 cases recorded – an 18pc increase when compared to the previous year, and the largest rise in cases over a five year period. A large majority of these cases involved financial products; bank and credit cards accounted for nearly half (42pc) of all cases recorded, followed by bank accounts at 22pc and loans at 10pc.
The majority of victims of identity fraud were aged over 31; probably, Cifas suggests, because they are more likely have a better credit score compared to younger people. But it was victims aged over 61 where the sharpest rise occurred – up 22pc in 2019 when compared to the previous year, and this age group also had the highest proportion of victims of impersonation for plastic card products.
Nick Downing, Chief Intelligence Officer for Cifas, said: ‘Having your identity stolen can be devastating, and victims often suffer financial loss, damage to their credit rating and emotional distress. In many cases people never find out how criminals got hold of their details, and clearing things up afterwards can be costly and time consuming.
‘Never share personal or financial details on email, texts or over the phone, and provide as little information about yourself on social media as possible. Remember that fraudsters are always on the look-out for any information they can use to steal someone’s identity, and so always ensure that you keep your personal information personal.’
Ashley Hart, Head of Fraud for TSB, said: ‘Fraudsters thrive on numerous platforms, working hard to trick personal information out of innocent people – which is often the first step in a fraud. Tricks such as fake online quizzes on social media and fictitious job offers on job boards are becoming increasingly common.
‘Educating and supporting victims of identity fraud is vitally important, but being cautious online and treating every call, text and e-mail out of the blue with suspicion will go a long way to keeping your identity safe. Using different, unique, passwords for your e-mail account and your online banking will help to limit the damage caused by a data breach elsewhere.’
