Identity Fraud in UK Growing Rapidly

According to the Fraud Prevention Service, CIFAS, UK, the "facility takeover fraud" also referred to as "account takeover fraud" grew at a staggering rate of 174% from January to September 2008. The facility takeover fraud, which takes place when a scammer compromises user's account(s) by seizing the account details through phishing or other methods, aims to control and take over the account(s) of Internet users.

Security specialists said that fraudsters just need the main parts of the user's personal details to carry out ID fraud. The rise suggests in ID theft indicates that scammers are developing more techniques to gain access to personal information and have become more sophisticated in their techniques.

Moreover, by being aware of the fraudsters' methods of acquiring personal data, from shoulder surfing to phishing, the matter of securing personal data becomes one of high importance to all UK organizations and individuals.

Security specialists said that the danger of increasing number of people becoming victim to identity theft and 'facility takeovers' becomes prominent if users are not fully conscious of the best way to take care of their own private data as well as of others. Moreover, with the current economic situation, it is simpler for perpetrators to carry out this kind of fraud.

The specialists also stated that human mistake is ordinarily the most vulnerable link in data security. Therefore, both organizations and individuals need to do more to safeguard the data within their possession, be it personal or that relating to fellow employees and customers.

Meantime, a survey by Equifax, an agency for reporting consumer credit, reveals that more than one in 5 people operate bank accounts online during work hours and this could severely put them in danger of ID theft. The findings also indicate that employees could be falsely made to believe that they are secured when doing personal transactions during work time.

However, the specialists suggested users to watch out for e-mails that ask for private details, as no legitimate institution ever request for such information.

Related article: Identity Fraud Looming on Users of Facebook

» SPAMfighter News - 11/23/2008