Cifas reveals cases of identity fraud rise by nearly one third over last five years

Identity fraud occurs when a fraudster abuses personal data to impersonate an innocent party, or creates a fictitious identity, often to open a new account or obtain a product.

Identity fraud has been steadily rising over the last five years, with recorded cases in 2019 up a staggering 32% when compared to 2015. This type of fraud accounts for the majority – 61%, in fact – of all cases recorded to the National Fraud Database by Cifas members.

The majority of identity fraud cases (42%) were committed to obtain a debit or credit card, closely followed by a bank account (22%), with almost all of these cases taking place online.

Mike Haley, CEO of Cifas, explained: “In an increasingly digital world, there’s a growing need to improve the way in which we protect our personal information as we know that, if it falls into the wrong hands, the consequences can be devastating.”

Haley continued: “One of the most common methods used to access people’s data is by sending an e-mail or text pretending to be a bank or service provider. With this in mind, we need to be vigilant in terms of who we share our information with, in the same way that service providers need to ensure that they’re dealing with the right person and take all necessary actions to protect people’s personal information. Only by working together can we effectively take action against the growing problem of fraud.”