You are here: Home - Saving & Banking - News -

Identity fraud numbers increase

Written by:

By Adam Saville  

There was a 10% rise in identity fraud over the last year, according to the latest research by Direct Line.

Identity fraud is Britain’s fastest growing crime and according to Home Office data currently costs the UK £1.7 billion a year. Figures from the insurer show 136,966 incidents were reported between January and September 2007 – a 10% increase on the same period a year ago. Without expert advice, the situation may take as long a 400 hours to rectify and can cost up to £8000, according to the UK’s Fraud Prevention Service (CIFAS).

To combat identity fraud, Direct Line has advised customers to keep their documents, PIN and password details safe, and shred old bank statements. People should be wary of ‘phishing’ emails and phone calls and not disclose personal information over the internet or phone. Also when moving house, it is a good idea subscribe to a redirection service.

Andrew Lowe, head of home insurance at Direct Line, said: “Identity Fraud is a serious threat with the number of reported victims having increased significantly over the past eight years. Victims of identity fraud could encounter debt collectors, court actions and difficulties getting a mortgage, credit card or bank account if their credit report is not corrected.”

As a response to the rise in identity fraud, Direct Line is teaming up with Experian to provide policy holders with free access to identity fraud assistance. The service will be available to customers with a combined buildings and contents insurance policy.


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Investors urged to diversify

Commodities were the best performing asset class in 2007, according to Clerical Medical.