Below are just a few recent facts and statistics about credit fraud and identity theft.
"Year-on-year, impersonation fraud continues to grow. Since 1999, impersonation fraud has risen by 163% and is one of the fastest growing fraud types in the UK"
"False identity fraud went up 59% in Quarter 3 2002 and impersonation fraud up 25%. False identity/impersonation fraud remains the most rapidly growing type of fraud in the United Kingdom."
"An annual figure of £1.3 billion pa is the minimum quantifiable cost to the economy arising from identity fraud"
- Identity Fraud: A Study, Cabinet Office
"In the UK, identity fraud in itself is not a crime, although profiting from it is."
"Identity theft is Britain's fastest-growing white-collar crime, increasing at nearly 500% a year."
- BBC TV's Money Programme
"A recent report on identity theft warned that there is likely to be "mass victimisation" of consumers within the next two years. The report said consumers should be extra careful to monitor all their financial transactions for unexplained account activity, withdrawals, or fund transfers."
- The Gartner Group, a technology research group
"More than £1.6 million worth of card fraud occurs on UK plastic cards every day. A fraudulent transaction takes place every eight seconds"
"Experts report that a victim can spend anywhere from six months to two years recovering from identity theft."
"Most people don't find out they have been a victim of a stolen identity until they are turned down for a loan or credit card. A copy of their credit report explaining the denial may unveil weeks or months of fraud."
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