Four million people victims of identity fraud in the UK

It’s National Identity Fraud Prevention Week this week in the UK. As part of Julian's identity fraud awareness push he'd like just go over some old ground. Fellowes a paper-shredding supplier commissioned a report which highlighted that 7 per cent of the UK population (4 million people) have been a victim of identity fraud at one time or another. If you visit CIFAS the UK’s fraud prevention agency they claim that the average cost per person of identity fraud is 1190 GBP. This figure is misleading as we don’t know whether this refers to the ‘consumer’ or ‘financial institution’. If it is the consumer, then this is the cost of recovering an individuals identity, however if it is the latter then this is the cost per individual to the financial institution i.e. bank. Read more...