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Identity Theft Statistics

"More than £1.6 million worth of card fraud occurs on UK plastic cards every day. A fraudulent transaction takes place every eight seconds" - – The Gartner Group, a technology research group.

Nobody knows the exact cost, but it is estimated that identity fraud costs the UK £1.7bn a year and is the fasted growing white collar crime. According to the BBC Money Program it is increasing at 500% year on year.

In the UK, identity fraud in itself is not a crime, although profiting from it is. Experts estimate that if you become a victim of identity theft and fraud you will spend anywhere from six months to two years recovering from it. In 2005 there were more than 100’000 victims of Id fraud in the UK.

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. (APACS )

Identity fraud has grown by 500% since the year 2000, while the impersonation of the dead to commit fraud has increased at a rate of 60% each year.

It is estimated according to MEL research that up to 18 million households in the UK regularily throw away sensitive financial documents without shredding them with a paper shredder.

According to PRCI Study people aged 31 to 40 are most likely to be repeat victims of identity theft, and the rate of impersonation fraud per 1000 population is more common in Manchester and Nottingham than in London. They also concluded that 50% of identity theft victim’s details were most likely to be used to obtain credit cards.

According to APACS in 2004 UK banks lost £12m to internet banking related fraud whereas £500 was lost to credit card fraud.

Another startling fact is that 95% of Britons have never checked their credit report. (Experian survey)

Some 6 million people in the UK claim to have been a victim of identity theft. (YouGov)

Those who earn over £60,000 are almost three times more likely to be victims of identity fraud and the better-off in the suburbs are four times more likely to be victims of identity fraud.

Your mother’s maiden name can be particularly useful to an identity thief.

These identity theft statistics are alarming. Don’t be an identity theft statistic. By shredding often and shredding well, you will go a long way to protecting yourself against opportunistic identity thieves who might be looking to raid your dustbin for useful personal details.

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Identity Theft Statistics

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