ID fraud costs UK £2.7bn a year

[Jake Kouns <jkouns () opensecurityfoundation org>]

http://www.theregister.co.uk/2010/10/18/nfa_id_fraud_survey/

Identity fraud affects 1.8 million Britons every year, costing £2.7bn
in the process, researcher claimed today.

A study by the National Fraud Authority - published on Monday at the
start of identity fraud prevention week - found that fraudsters gain
by more than £1,000 from every stolen identity. Stolen credentials are
used to pay for goods and obtain lines of credit. Fraudulent benefit
applications under false names have also become a way to make a
dishonest living.

Ultimately the general public pays for the crime in the form of higher
fees to banks as well as higher taxes.

Dr Bernard Herdan, chief executive of the National Fraud Authority,
commented: "Stolen and false identities are a significant enabler of
crime and this issue demands a co-ordinated response across government
and the private sector."

"The work we've undertaken has allowed us to gain a better
understanding of the issue of identity crime. We are now working
actively with our partners to improve the UK's response to
identity-related crime and help reduce its devastating impact," he
added.

Victims are faced with the chore of repairing the damage to their
financial standing caused by incidents of identity theft, a process
that can take up to 200 hours.

NFA has teamed up with Action Fraud to draw up a useful check-list of
steps that can be taken to minimise incidents of fraud, including
shredding potentially sensitive documents such as utility bills and
financial statements. Obtaining regular statements from credit
reference agencies is also recommend. On the PC and internet front,
applying privacy settings and restriction the information you upload
onto social networking sites is highly recommended. Surfers should
also use up-to-date anti-virus software.
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