Credit crunch fuels rise in cyber ID fraud
Press
Recent reports by crime watchdogs have revealed a rise in cases of cyber-related identity theft, as criminals find new and increasingly diverse ways of stealing the personal details of their victims.
According to an all-party government group, current restrictions on borrowing money (caused by the credit crunch) have forced criminals to target existing bank accounts, rather than acquiring fake identities to open new ones.
This means that, although traditional methods of acquiring personal details, such as sifting through rubbish and intercepting mail, have declined, cyber-related ID fraud is on the rise. This type of ID fraud involves using the internet to hack into victims' bank accounts.
The British Bankers' Association has advised customers to take the following steps to limit the threat of ID theft:
- Install up-to-date internet security software.
- Shred old bank statements.
- Keep cards and pin numbers secure.
- Report any suspicious activity to the police.
A spokesperson for leading ID theft assistance firm red24, which works with high-profile financial institutions, such as HSBC, commented on these reports:
“It is inevitable in times of recession that cases of fraud will rise, as people become more desperate for money. What we have seen is lenders cutting back on credit, meaning that fraudsters are now targeting existing bank accounts rather than opening new ones. Therefore, individuals now need to be more vigilant in terms of their online banking activities.”
About red24
red24 offers personal and corporate security services to clients across the UK in order to help prevent and protect against identity theft and fraud.
About red24