This crime targets unsuspecting individuals and corporations alike. It is multi-faceted and manifests itself in a plethora of guises.
Once a fraudster has stolen a target’s identity they have the potential to make purchases, open bank accounts, obtain credit cards, secure personal or business loans and even take over existing accounts. They can also use the stolen data to obtain genuine identity documents, including passports and driving licences, which in extremis, can in turn be used to set up fraudulent corporate enterprises.
Leading the fight back in the UK is the finance industry, which is investing increasing sums in advanced security systems, such as firewalls, biometric security and multiple authentication, to protect its customers, however; whereas recent reports suggest that this is having a significant impact, criminals still successfully stole over £1.2 billion in the U.K. through identity fraud and scams in 2019.