Fraudsters like to give themselves a Christmas present

It’s that time of the year.

We’ve seen ID fraud attempts soar this year, led primarily by current account fraud, which gives ID thieves a stepping stone to a wider range of financial products.  The brunt of recent increases have been felt by older members of society, who often have a good credit rating and have lived at the same address for a long time.  They now account for one in 20 detected current account frauds in the UK.

 

For those who think their personal information may have been compromised, one of the first things to do is look for unfamiliar credit applications appearing on their credit report. People who think they have become victims of identity fraud should notify the police, contact their bank and check their credit report.

 

Highlights:

  • Current account fraud has risen to the highest levels yet.
  • Elderly couples and pensioners account for one in 20 (4.6 per cent) detected current account frauds in the UK. This compares to 2.8 per cent in 2014 and 1.9 per cent in 2013.
  • When looking at identity theft across all applications for financial products, the biggest increase has been among extended families from multicultural backgrounds in settled communities. 
  • The group is now fraudsters’ second most targeted segment, accounting for 11.1 per cent of all ID theft victims.  Young renters are the still the number one target.