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.
