‘Epidemic’ of identity fraud with 190,000 cases a year
IDENTITY fraud is now an ‘epidemic’ with almost 190,000 cases reported in just 12 months, new figures reveal.
Britons aged 60 and over are most at risk, while those under 21 are also considered vulnerable.
The total number of identity fraud cases recorded by the fraud prevention service, Cifas, increased by eight per cent in 2018 compared to the previous year. But the number of cases involving over-60s jumped by a huge 34 per cent to 33,000.
Fraudsters need only a few pieces of information to steal someone’s identity and most of this data is freely available on social media websites and online directories.
Often they need just a name, date of birth and address in order to open a bank account or take out a loan or credit card in someone else’s name.
Most people do not realise they have become a victim until they are hit with an unexpected payment demand or discover their credit rating has plummeted.
Experts warn older people are increasingly targeted because they are more likely to be approved for credit.
Identity fraud where criminals apply for a credit card in the victim’s name is now most common – with cases soaring by 41 per cent to 82,608 last year. Cifas said its figures ‘paint an alarming picture’.
In total it received 324,000 reports of all fraud types in 2018, a six per cent rise on the previous year.
Its report also highlighted a trend where bank customers are allowing fraudsters to use their account to move criminal funds. Banks reported 40,000 cases where so-called ‘mule accounts’ had been used to launder money, a 26 per cent increase compared to 2017.
Money mules are typically young and often students. Just last month the Mail revealed how criminals were targeting schoolchildren on
‘An alarming picture’
social media and bus routes. But Cifas also highlighted a 35 per cent rise in the number of over-40s letting crooks misuse their accounts.
Conmen typically pose as banks and the police, and tell customers that they will have to move their money into a ‘safe account’ – which they control.
Following Money Mail’s Stop The Bank Scammers campaign, banks must now refund fraud victims who lost money from May 28 – providing they took reasonable care to protect themselves.
Laura Suter, personal finance analyst at investment platform AJ Bell, said: ‘The figures show identity fraud is now an epidemic across the UK. More and more people are being scammed by increasingly savvy fraudsters using more sophisticated means.
‘But people are also willingly publishing their life details on social media, making these sites rich pickings.’