Today’s complacency is tomorrow’s nightmare
The latest CIFAS figures show over 325,000 fraud cases last year, and that 60% of these related to identity theft.
This type of fraud is reaching an industrial scale; as criminals’ tactics grow more sophisticated there’s an increasing danger of personal details falling into the wrong hands.
Fighting identity fraud must remain a top priority for businesses – they must ensure the systems they have in place to deflect fraudsters are up to scratch. This isn’t a tick box exercise, systems need to be regularly reviewed and improved to protect against new types of attack. At the same time businesses need to manage customer demands for fast authentication checks and quick application processes.
The fight against fraud mustn’t prevent good customers from getting fast and efficient service. If their expectations aren’t met they will take their money elsewhere, a business risk in itself. Balancing speed of service and security is key.
It’s crucial businesses do all they can to build, enhance and continuously develop their defences. Fraudsters are always on the move, on the hunt for their next trick, expanding their target pool and focusing on the identities of younger generations as well as older folk. Information from young people grows in value as earnings rise and people take on more financial products. Accumulating these details now is an investment in the fraud of tomorrow. Action has to be taken by businesses and end consumers to protect personal information at all ages; today’s complacency is tomorrow’s nightmare.