CIFAS, the fraud prevention service, has figures that show that in the UK, cases of fraud increased by 10% in the first six months of 2011compared to the last six months of 2010. In the UK fraud is increasing as at an alarming rate and the CIFAS data can help explain what fraudsters of today are targeting.
The increase between the last half of 2010 and the first half 0f 2011 was 10% bringing the total reported cases to 111,500. Close to 50% are identity fraud cases with about 10% involving the access and illegal use of someone’s bank account.
CIFAS says that cases of the illegal use of someone’s facility or accounts have reached their highest point since 2009 and now are equal to 25% of all fraud committed. The accounts most often targeted are the ones that have links to credit, debit or store cards, with close to 40% of all cases dealing with those accounts.
Fraud that deals with altered or false cheques that subsequently bounce, or misuse of facility frauds and electronic payments that are fraudulent, account for nearly 50% of all the cases. Fraudsters are also beginning to target mortgages.
The methods most commonly used through the first half of 2011 were an attempt to hide poor credit by not providing a previous address or providing false employment information or false proof of income. For many modern fraudsters the financial and personal data of an individual is like an authorisation to print money, says CIFAS’ Richard Hurley.