Identity fraud now accounts for 56% of all fraud reported by Cifas members, with identities being stolen at a rate of almost 500 a day. In H1 of 2017, there has been a significant rise in identity fraudsters applying for loans (53%), ecommerce (55%) and telecoms (60%). Although the number of identity fraud attempts against bank accounts and plastic cards has fallen, these still account for more than half of all identity fraud cases.
“Today’s research by Cifas shows identity fraud attempts against bank accounts and plastic cards continue to plague the sector,” Attila Dogan, Head of Revenue Protect at Adyen, says. Furthermore, spikes in fraud attempts tend to immediately follow data breaches. To protect the consumer against identity theft, Attilla suggests that technology can protect businesses against the usage of stolen card data and identities.
“Intelligent data solutions are vital in understanding the difference between a fraudulent transaction and one by a genuine shopper. Blocking genuine shoppers also presents a great loss in revenue for businesses”, he concludes.
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