Fraud committed by a criminal who has stolen someone else’s identity is identity fraud usually used online and some boiler room management scams. By stealing documents such as your passport, driving license or bank statements – or online ID, such as usernames, passwords and personal security questions – thieves can now take cash from your accounts, commit benefit fraud, or take out new credit cards or loans, all in your name. Online frauds that sucker victims into revealing crucial private data, known as ‘phishing’ scams, are becoming more common. But for most people, the greater danger still lies in more old-fashioned methods: burglars who steal documents and chequebooks; fraudsters who intercept your post; and even thieves who dredge through bin bags.
Shaw Capital will give you tips on how big is the problem nowadays on online scams and fraud. In the UK, more than 70,000 people were victims last year, according to figures from the Credit Industry Fraud Avoidance Service (CIFAS). Given the large number of cases, the sums involved are hardly huge – the Association for Payment Clearing Services puts the total taken by identity fraudsters last year at £37m, but this is a 66% jump on the previous year. However, they calculate the overall cost to the economy – including the time and money spent by banks in combatting the crime – is a massive £1.3bn.
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