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Identity fraud on the rise in 2008
Jan 29 2009, 10:13 AM
A report published this week (January 26th) by the fraud prevention service Cifas has revealed a 16% jump in the incidence of fraud, including identity fraud, across the UK in 2008.
Overall fraud has been on the decline in recent years but 2008 saw a 5.7% rise in the number of cases that had been successful and were only discovered after an account or credit card had been acquired fraudulently.
Facility takeover crime, which involves a fraudster obtaining access to an account legitimately held by another individual using their identity verification details rose dramatically last year.
Peter Hurst, Cifas chief executive, commented: "Fraudsters adapt their methods in response to changes in the financial markets. Organisations must acknowledge this by arming themselves against the onslaught."
He added that businesses must invest more in identity fraud prevention as the situation is becoming more serious.
Last year (November 2008) Cifas celebrated its 20th anniversary leading the fight against fraud.
It is estimated that Cifas members who use the fraud prevention database have saved over £5 billion since the organisation's creation.
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