Financial Crime World

Identity Thieves Strike Again: Uncovered - The Surge of Identity Theft Cases in the UK

Identity theft is a significant and growing issue in the UK. This section provides an overview of identity theft and its alarming increase in the UK.

What is Identity Theft?

  • Identity theft refers to the unauthorized acquisition of an individual’s personal information, often including financial data, biographical details, and passwords.
  • This sensitive information can be exploited through identity fraud, where criminals use the details to commit illicit activities.

Alarming Statistics

According to Cifas, a leading fraud prevention organization in the UK:

  1. An estimated 3.8 million fraud incidents were reported between April 2018 and March 2019.
  2. There was a noteworthy 17% increase in fraud cases compared to the previous year.
  3. Over 8% more cases were recorded in the National Fraud Database in 2018 than in 2017.
  • People under 21 experienced the most significant rise in fraud.
  • Over 33,000 individuals aged 60 and above became victims of identity theft in 2018.

The Value of Stolen Identities

Identity theft is a lucrative commodity for fraudsters. They can use stolen identities to:

  • Open new accounts
  • Apply for loans
  • Access existing accounts

Victims may face financial losses and long-term damage to their credit history.

Social Media Risks

Old social media profiles and inadequate security settings can serve as a treasure trove of information for identity thieves. In 2018:

  • 65% of identity fraud victims had visible social media profiles.
  • Abandoned profiles with inadequate security settings can also be targeted.

Protecting Yourself

Take the following measures to reduce the risk of identity theft:

  1. Shred sensitive documents before disposing of them.
  2. Promptly report lost payment cards or critical documents.
  3. Regularly monitor your accounts for unexplained activity.
  4. Keep your social media profiles secure.

Victim Support and Recovery

In the unfortunate event that you become an identity theft victim, your bank or credit card company may offer reimbursement for any losses. However, the road to recovery can be long and arduous.

  • Fraudulent activity may damage your credit history.
  • This may make it more challenging to secure loans or credit in the future.

Stay Informed and Protect Yourself

Stay informed about potential identity theft threats and protect your personal information through services like Equifax’s Credit Report & Score. Sign up for daily alerts if your details appear on websites known for fraudulent activities.

A proactive stance can help save you from costly and time-consuming consequences.