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Identity fraud a growing problem, says finance website
Jul 10 2009, 12:10 PM
Identity fraud is a serious problem with more members of the general public falling victim to various types of identity verification crime.
This is according to a report on the website Financial Advice, which highlights the amount of times identity fraud is appearing in the headlines of the financial media.
The crime involves the ID authentication details of individuals being obtained by strangers, who then use the information to obtain credit.
When payment is due for the illegally acquired credit, the identity fraudsters simply vanish and the victim is left saddled with the burden of debts they knew nothing about.
Most people who find they have fallen foul of identity fraudsters are usually reimbursed by financial institutions.
However, the website warns that as the recession deepens, banks may become less willing to compensate identity fraud victims.
A recent study by consumer magazine Which? has found that one in five victims of identity fraud are not reimbursed by their bank or provider.
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