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ID Authentication details increasingly targeted by fraudsters
Jun 3 2009, 12:29 PM
Fraudsters are using personal identity authentication details to steal £1.2 billion a year from banks, finance institutions and consumers, it has been warned.
According to research conducted by LV=, increasing levels of identity fraud are being blamed for the 40% increase in credit card rejections that was witness in the first quarter of 2009.
A study from the insurance company suggested that nearly half a million people in the UK suffer a poor credit rating and have been refused a financial product because they have been the victims of identity fraud.
This figure is expected to rise by a further 440,000 by 2014, with consumers typically having to pay £2,100 in legal fees to remove the mark against their name.
LV= boss John O'Roarke said: "We've seen a massive increase in the number of people targeted by fraudsters, illustrating the importance of vigilance in protecting personal information."
The research also revealed that 27% of people have been given a bad credit rating because their ID authentication data was mixed up with that of previous residents in their home, a partner or someone with a similar name.
Last month, it was revealed that identity fraudsters are using a variety of scams to trick airlines out of tickets and money.
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