Transaction Trends

A new report from Cifas, a British fraud prevention firm, has found that identity fraud has risen five percent in the UK through the first six months of 2017, with a significant majority of frauds being perpetrated online.

Of the 89,000 identity frauds committed in the UK so far in 2017 – nearly 500 a day – a staggering 83 percent were perpetrated online, the report found. Additionally, where online retail ID fraud experienced a 55.8 percent increase in ID fraud cases, plastic cards and bank accounts experienced 12 percent and 14.2 percent decreases. Despite these decreases, plastic card and bank account ID fraud still accounts for over half of all ID fraud.

“We have seen identity fraud attempts increase year on year, now reaching epidemic levels, with identities being stolen at a rate of almost 500 a day,” Cifas CEO Simon Dukes said in a release, “these frauds are taking place almost exclusively online. The vast amounts of personal data that is available either online or through data breaches is only making it easier for the fraudster. Criminals are relentlessly targeting consumers and businesses and we must all be alert to the threat and do more to protect personal information.”

The report recommended that small and business owners in particular ensure data security through increased cyber security training among employees and vigilance with regard to posting and sharing personal information like birthdays on social media.