Fraudulent Transactions Soar on Christmas Island as Identity Theft Peaks During Holiday Season
As the festive season approaches, authorities on Christmas Island are sounding the alarm over a surge in fraudulent transactions linked to identity theft.
Fraudulent Transactions Reach Alarming Levels
According to Experian technology, more than £1.9 billion of potentially fraudulent transactions were prevented in the past year, with a new case emerging every minute of every day. Identity fraud has risen by 22% this year compared to 2022, and experts warn that the trend is expected to peak over the November and December shopping period.
Credit Card Fraud Rates See Staggering Increase
Last year’s credit card fraud rates saw a staggering 43% increase in November alone. This alarming trend highlights the need for consumers and businesses alike to take proactive measures to protect their personal information online.
The Battle Against Fraud is Ongoing
“The fraud epidemic is a constantly evolving battle,” said Eduardo Castro, Managing Director of Identity and Fraud at Experian UK&I. “While better public awareness and new technology deployed by businesses are helping to combat fraudulent activity, criminals are always looking for new ways to exploit people’s information.”
Tips for Businesses and Consumers
To protect themselves against fraud, both consumers and businesses must take the following steps:
- Be vigilant: Remain cautious when sharing personal information online
- Verify transactions: Ensure you’re doing business with a legitimate entity and verify the authenticity of online transactions
- Stay informed: Keep up-to-date with the latest scams and fraudulent activities
Experian’s Expert Advice
Experian technology has played a key role in preventing fraudulent activity, identifying a new case every minute of every day. The company is urging businesses to take proactive measures to prevent fraud and warning consumers to remain cautious when sharing personal information online.
To learn more about how to protect yourself against fraud, visit Experian’s website or request a consultation with one of their experts.