Identity fraud in the UK is on the increase with the number of cases in the first quarter up 17% from last year, according to fraud prevention association CIFAS.
However, many more fraudsters are being frustrated in their attempts at the application stage. Members using a CIFAS database designed to protect businesses and individuals from the crime have prevented 50% more cases at an early stage. The association calculates that this has saved companies over GBP163 million in the first quarter.
CIFAS chief executive, Peter Hurst, said: This increase highlights the need for all parties – in both the public and private sectors – to work together to combat this pernicious crime.
Members of the non-profit organization share information about frauds using a database to prevent further incidents. Over 240 companies in the banking, finance and insurance sectors are members.