Overall fraud levels reached their highest level on record in 2011 after rocketing 9% from the figure recorded in 2010, CIFAS has revealed.
The fraud prevention service revealed that over 236,500 frauds were confirmed in 2011, a larger number than any previous year.
Facility takeover fraud, where fraudster’s access and misuse a victim’s account, led the way with an 18% annual rise last year. This capped a stratospheric 300% rise in this type of fraud in the last five years.
Meanwhile, identify fraud accounted for 113,000 fraud cases after a 10% annual increase, meaning it now accounts for 48% of all recorded frauds.
Richard Hurley, CIFA communications manager, said: “The continued increases in the levels of identity fraud and account takeover warn us all that not enough is done to combat fraudsters.
“It is obvious that fraud relating to personal data is an immense criminal trade so, fundamentally, it’s time for every one of us to start treating data in the same way that we would guard a prized possession; as something to be secured and protected without complacency.”
CIFAS also pointed to a worrying 13% increase in facility fraud levels, where an account, policy or other finance facility is legitimately obtained but later used fraudulently.
The organisation said that this increase demonstrated that organised criminals are now deploying a three pronged attack on their victims’ identities: either impersonating them, hijacking their accounts or tricking them into using their own details as a shield for criminal activity.
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