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Fraudsters evolving with credit crunch
The All Parliamentary Group’s latest report on Identity fraud has raised worries that as the credit crunch makes it difficult for fraudsters to obtain new credit, they are increasingly turning to account takeover to raise funds.
As banks begin to implement strict rules on their criteria for loans, mortgages and overdrafts, fraudsters are finding it increasingly difficult to gain new credit by copying someone’s identity. This has meant an increase in account takeover where a fraudster gains illegal access to a pre-existing account.
The All Party Parliamentary Group on Identity Fraud was established in December 2005 to provide a cross party voice to raise awareness of identity fraud. The group currently has 55 members from back-bench MPs to Peers. Different from a Select Committee, many of the members have elected to join to represent affected constituents.
The report has also gained press coverage for warning that the London 2012 will be an opportunity for identity fraudsters to take advantage of, by targeting users with 2012 phishing emails. The group has called for the City of London Police, the UK’s lead force for fraud policing to begin to prepare for the event saying: “preparation at the earliest possible stage is essential to ensure that criminal activity does not undermine the London 2012 Olympic Games.”
The Group also gives an update on the National Fraud Reporting Centre and in light of recent high profile data losses, calls for the Information Commissioner to take on the role of Identity Fraud Tsar.
Please see the report here for full details.
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