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| Typical APR | Per Mth | ||
|---|---|---|---|
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10.8% | £138.85 |  |
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12.9% | £141.49 | |
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13.7% | £142.50 | |
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13.7% | £142.50 | |
| * Based on £3000 over 2 years and is not a full search of the whole market | |||
Latest figures from CIFAS - the UK's Fraud Prevention Service - paint a mixed picture on the identity theft front.
Although the number of victims of impersonation was up by 19.9% (at 67,406) in 2006 when compared with 2005, and the number of attempted identity frauds identified by CIFAS members was up by 21.6%, the situation is in fact better than these statistics imply. CIFA says this is because the rise in the number of attempted ID frauds detected by its members before an account was opened increased during 2006 by almost 40%. Hence, a higher proportion of victims whose identities had been compromised never in fact reached the stage of having money stolen from their accounts, or having products taken out in their name.
The top three false or stolen documents used by fraudsters to attempt identity fraud in 2006 were: utility bills, passports and bank statements.
While the growth in attempted identity frauds increased by 21.6%, attempts to commit fraud such as including lies in application forms (e.g. for finance, insurance or other products) also increased, but less steeply (by 8.2%). Although both of these figures represent record levels of attempted fraud, this trend would be far more worrying if early detection rates hadn't also increased, says CIFAS.
CIFAS's 250 member organisations share data on identified frauds in the fight to prevent further fraud and, by doing so, avoided losses during 2006 totalling more than £789 million - an increase year on year of 15.9%. This means that fraudsters were frustrated in their attempts to steal £90,162 an hour during 2006, up from £77,802 in 2005.
Meanwhile, the volume of facility takeover fraud is low when compared with identity fraud and application fraud. Nonetheless, the 63.4% increase in this kind of fraud in 2006 is noteworthy. Whilst CIFA says it's difficult to pinpoint the cause of this, it could be attributable in part to the rise seen in online 'phishing'. (Phishing is the use of 'spoof' emails and websites that are designed to deceive recipients into divulging personal financial data (e.g. credit card numbers, account numbers, user names, passwords, etc.) to facilitate identity fraud.
15 July 2008 © Moneyextra.com
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