A new report from Cifas reveals that identity fraud is at an all-time high and has grown by 125% in the last decade. A worrying trend is the movement of activity away from traditional identity fraud hotspots such as financial services – in particular credit cards and bank accounts – towards softer sectors such as telecoms, online retail and insurance.

This new approach sees identity fraudsters target easier, more accessible products, such as mobile phone contracts, online retail accounts, retail credit loans and short-term loans. Any products purchased with credit such as white goods under a financing deal are then sold on the black market.

Our own study carried out amongst ex-offenders reflects this. We discovered that identity fraud is considered one of the easiest crimes to commit and can also be extremely lucrative making it an incredibly attractive proposition for criminals. Deceased identity fraud - using the identity of someone that has passed away - tends to be even more profitable for fraudsters as it goes undetected for longer. It is therefore crucial that the so-called ‘softer targets’ take fraud prevention as seriously as financial service firms by putting into place solutions which will help them identify fraudulent activity at the application stage. Products such as Halo enable organisations to match credit applications against lists comprising the details of fully verified deceased individuals. This means that the company can investigate any flagged applications with a level of confidence that it is likely to be bogus; potentially saving them thousands of pounds in the long term.

For further information about how to detect deceased identity fraud please don’t hesitate to contact us (01274 538888)