FALSE ID FRAUD UP 13% IN 2005
Rate of increase down, but MyEquifax urges consumers to remain vigilant
www.MyEquifax.co.uk
CIFAS, the UK ’s fraud prevention service that helps consumers protect their identity from misuse, has reported over 375,000 live records on its database at the end of June 2005. This is an increase year on year of 6% with false ID fraud up by 13%. Although the rate of increase is down compared to 2004, www.myequifax.co.uk , the only instant, online consumer credit information provider, is urging consumers to apply for a copy of their Equifax Credit Report to monitor their accounts for signs of fraudulent activity.
Neil Munroe, External Affairs Director of Equifax Ltd, comments, “The rate of increase for ID fraud hasn’t climbed quite as significantly this year as it did in 2004. But a 13% increase on 2004 is still pretty worrying.
“Consumers have certainly become more aware of the issue of ID fraud and the measures that organisations like CIFAS and Equifax can take to help combat this unseen crime. But our research still suggests that many consumers believe ‘it won’t happen to me’. The CIFAS figures reveal that there have been 39,000 cases of false identity in 2005 so far – far too many to ignore.
“ID fraud always involves an innocent victim and can be very distressing. CIFAS reports that it can take up to 60 hours of work for a typical victim to sort out their life and clear their name. We believe it can take much longer – up to as much as 300 hours! We, therefore, advise consumers to log onto www.myequifax.co.uk for a copy of their Equifax Credit Report and easy online access to all their financial information.
“Plus it’s now easier than ever for people to keep an eye on their accounts with Equifax Credit Watch, which monitors a consumer’s credit file and alerts them to any changes to the information by email or sms. This enables them to take fast action at the first sign of somebody fraudulently using their name to obtain credit.”
Equifax works closely with financial organisations to clamp down on ID fraud and help develop systems to protect consumers from this growing threat.
If you are looking for commentary on this subject, Equifax can provide consumer credit information experts who have extensive experience on this issue.
CIFAS ID Fraud Statistics – Key Points
- False identity fraud increased almost 13%.
- There were 376,351 records on the CIFAS database at the end of June 2005 which represents an increase of more than 6%.
- There were over 27,000 identified impersonations, up 7% on 2004.
- Research shows that approximately 30% of cases involve the use of identities belonging to deceased people.
If you would like to arrange an interview please contact Cecile Stearn, Sarah Samee, Claire Foster or Wendy Harrison at HSL on 020 8977 9132 or email cecile@harrisonsadler.com.
For just £14.95 consumers can obtain a copy of their Equifax Credit Rating, which includes their Credit Report, instantly, online at www.myequifax.co.uk .
