Identity fraud soars to new record highs

Fraud prevention service Cifas has released new figures showing that identity fraud continued to rise at record levels in the first six months of 2017.

Related topics:  Finance News
Rozi Jones
23rd August 2017
fraud credit card theft tech
"We have seen identity fraud attempts increase year on year, now reaching epidemic levels, with identities being stolen at a rate of almost 500 a day."

A record 89,000 identity frauds were recorded, up 5% from last year, while 83% were perpetrated online. 

The latest figures show there has been a sharp rise in identity fraudsters applying for loans, online retail, telecoms and insurance products. Although the number of identity fraud attempts against bank accounts and plastic cards has fallen, these still account for more than half of all identity fraud cases. 

Often victims do not even realise that they have been targeted until a bill arrives for something they did not buy or they experience problems with their credit rating. To carry out this kind of fraud successfully, fraudsters need access to their victim’s personal information such as name, date of birth, address, their bank and who they hold accounts with. 


Fraudsters get hold of this in a variety of ways, from stealing mail through to hacking; obtaining data on the ‘dark web’; exploiting personal information on social media, or though ‘social engineering’ where innocent parties are persuaded to give up personal information to someone pretending to be from their bank, the police or a trusted retailer.

Simon Dukes, Chief Executive, Cifas, said: “We have seen identity fraud attempts increase year on year, now reaching epidemic levels, with identities being stolen at a rate of almost 500 a day.

“These frauds are taking place almost exclusively online. The vast amounts of personal data that is available either online or through data breaches is only making it easier for the fraudster.

“Criminals are relentlessly targeting consumers and businesses and we must all be alert to the threat and do more to protect personal information.

“For smaller and medium-sized businesses in particular, they must focus on educating staff on good cyber security behaviours and raise awareness of the social engineering techniques employed by fraudsters. Relying solely on new fraud prevention technology is not enough.”

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