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Identity related crimes are now the main fraud drivers in the UK

UK Fraud Prevention Service CIFAS has released a 58-page report that analyses the frauds recorded by the 270 cross-sector CIFAS Members during 2012.


Identity related crimes are now the main fraud drivers in the UK

UK Fraud Prevention Service CIFAS has released a 58-page report that analyses the frauds recorded by the 270 cross-sector CIFAS Members during 2012.

Divided into several easy-to-read sections, Fraudscape gives an overview, and then examines identity related crime (frauds related to the misuse and hijack of an innocent party’s identity details), geography, first party fraud (frauds committed by the genuine account holder) and fraud in terms of the products targeted.
2012 saw more frauds (248,325) recorded by CIFAS Members than in any previous year (a 5% increase from 2011) with identity related crimes accounting for nearly two-thirds (65%) of all fraud confirmed in 2012.
Headline revelations include:
• Identity related crimes – frauds where the criminals perpetrating them    misuse the personal data of victims – are now the main fraud drivers in the UK.
• 80% of all identity related crime was perpetrated online: confirming the importance of the internet to the modern fraudster.
• Frauds carried out by the genuine account holder fell in 2012 compared with 2011, but the fraudulent misuse of an account was still the second most common   type of fraud to have been recorded (18.5% of all frauds) with many of these carrying all the hallmarks of ‘money mule’ schemes.
• Geographical analysis conducted with Ordnance Survey has revealed that the long held belief that those living in flats are more likely to fall victim to   Identity Fraud is not true: other factors will be more important.
• Geographically, Victims of Impersonation are still most likely to be found in large urban areas, while those who have been Victims of an Account Takeover   are far more spread out. However, hotspots of fraudulent activity have also been identified in the Gosport/Portsmouth, Middlesbrough, Peterborough and   Manchester regions during 2012, together with Dover and the Malvern Hills.
• Bank, credit card and mail order accounts remained the products most frequently targeted by fraudsters, though the ever expanding range of products means   that fraud against bank accounts decreased in 2012 while fraud against loans and credit cards notably increased.
CIFAS Communications Manager, Richard Hurley, commented, “Fraud is a complex subject, affected by a wide range of factors, and the variations recorded during 2012 are proof of that. The role of organised crime (and what this actually means), consumer awareness, the economic situation in the UK, changing business practices and the rapid development of digital technologies are just a few of the influencing factors, and Fraudscape examines each fraud pattern within the context of the society in which the frauds took place. In addition, we also examine what the identified trends mean for organisations, individuals, regions, business sectors, law enforcement and government: from signalling that security processes need to be refreshed, through to the acceptance that some fraud will still evade detection”.
Click here to access the report.

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