The UK’s fraud prevention service (CIFAS) has reported a 10% rise in reported fraud by banks and other firms in first six months of 2011, compared with the second half of 2010, along with some shifts in fraudulent activity.
Over 111,500 confirmed frauds were recorded on the National Fraud Database by CIFAS members, with identity frauds still almost one in two of all recorded frauds, and a further 10% of cases involving the illegal hijacking of a victim’s account.
Bank accounts and plastic card accounts remained very popular targets, with plastic card accounts commonly hijacked (38% of all account takeover cases).
Meanwhile, frauds involving the misuse of an account or facility rose to their highest levels since 2009, accounting for 24% of all frauds.
On mortgage fraud, CIFAS says underlying motivations are changing, with more frauds now bearing the hallmarks of individuals struggling to meet lenders’ current requirements.
Commenting on the figures, CIFAS communications manager, Richard Hurley, says: “The volatility in fraud previously identified by CIFAS shows no signs of abating.”
He adds: “Whether it is the organised criminal, the opportunist or the genuinely needy who commit it, the changes not only in frequency, but also method, prove that businesses, individuals and public organisations alike must start taking this threat more seriously.”