Credit card fraud on the rise
Wednesday, August 22, 2018
Between January and July this year, 33,305 people had their identity stolen by criminals who took out credit cards in their name, new figures from fraud-prevention organisation Cifas show. This type of fraud has increased by 12% since the same period in 2017, now accounting for 39% of all identity fraud cases.
But in a twist not all of these incidences relate to people that are alive. Deceased identity fraud is now the fastest growing form of fraud and scammers are using the personal data of the deceased to apply for credit cards. Typically this type of fraud is considered more attractive as it tends to go undetected for longer making it more lucrative than strealing the identity of someone that is alive.
Research shows that the amount of deceased data available for sale on the dark web has doubled in two years.
However, as well as buying the personal information of people that have died online, scammers are also stealing items of post of deceased individuals which can normally be found piled up in the hall when the house is put up for sale.
To reduce the risk of deceased fraud credit card providers need to use fraud prevention products such as Halo which flag up applications made in the name of someone that is know to have passed away. This stops the fraud at source saving millions of pounds each year.
For further information about deceased ID fraud don’t hesitate to contact one of our team.