ID Fraud occurs every 15 seconds
Wednesday, April 10, 2019
According to new research from Experian a new incident of financial fraud is reported every 15 seconds in the UK showing just how prevalent ID fraud is becoming.
Third-party credit application fraud was found to be fastest growing form of fraud, where a fraudster makes an application using someone else’s personal details. This increased by almost a third (31 per cent) last year compared to the figures from 2017.
The study warns that criminals are increasingly selling victims' personal information cheaply online, with credit and debit card numbers sold for between £5 - £75 and passport details for £1,500. Recently our own investigation found that deceased data – i.e. the personal information of people that have passed away - commands a premium. This is because typically this type of fraud goes undetected for longer, meaning it’s far more lucrative for fraudsters. The reason it goes unnoticed is because unlike fraud committed against people that are still alive, the dead person can’t report suspicious activity relating to their accounts.
The study has been conducted to mark Experian’s launch of its latest fraud prevention service, Identity Plus, which has been designed to protect consumers in tackling identity fraud. However, we believe that the deceased deserve protection too. This is why we urge credit providers to screen applications against deceased fraud prevention products such as Halo, which flags any applications which use the personal information of people that are known to have passed away.
For more information about deceased identity fraud please contact us on 01274 53 88 21