Could you be a Victim of Identity Fraud?
Identity fraud is on the rise in the UK, with annual fraud losses estimated at £70 billion. Fraudulent applications have risen by 4% since 2011, with mortgage fraud rising by 8% and insurance fraud by a whopping 23%. Credit card fraud has reduced by 40% year on year, however, which suggests the card companies have enjoyed some success in reducing fraud by using better verification and security technologies.
Identity fraud is referred to as a silent crime due to the amount of time it can take to uncover the problem. On average in 2009 it took victims 416 days to discover their identity had been compromised - more than enough time for the fraudsters to wreak significant damage on the victim's finances and credit score.
Checking your credit report on a monthly basis is a great way to protect yourself from identity fraud. Almost all financial applications made in your name will show up on your credit file, which will allow you to act promptly to stop anyone committing identity fraud using your details.
Our Identity Fraud Infographic shows the most common victims, worst fraud locations and ways to protect your identity.
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