Loading...

Fraud in the United Kingdom

Published: May 18, 2017 by Guest Contributor

Experian’s ID Fraud Tracker, a quarterly analysis of fraud rates across consumer financial products, found that British families who are struggling financially — about 4 million people — are increasingly becoming prime targets of financial fraud.

The research performed on data from 2014 to 2016 in the United Kingdom also revealed:

  • There has been a 203% increase in the total number of fraudulent credit applications over the past two years.
  • Current account, credit card and loan fraud were the most common types of credit products fraudsters applied for in other people’s names, making up 94% of the total.
  • 35% of all third-party fraud came from households with high salaries and large disposable incomes.

Fraud’s increasing around the world. We all have a responsibility to be vigilant and take measures to protect our business and customers, online and offline.

Protect your customers >

Woman concerned over phone

Related Posts

Account farming is the process of creating and cultivating multiple user accounts, often using fake or stolen identities.

Published: November 18, 2024 by Julie Lee

By implementing effective identity risk management, financial institutions can protect themselves and their consumers from identity fraud.

Published: November 5, 2024 by Brian Funicelli

Mobile identity verification confirms the legitimacy of users accessing services via their mobile device.

Published: October 29, 2024 by Julie Lee