Identity theft and identity fraud: A volume crime

Identity [ID] theft occurs when an individual’s personal details are stolen and identity [ID] fraud is when that information is then used by criminals for financial gain. Research by virtual private network comparison site Top10VPN.com at the time of the last Cifas report in April 2018 revealed that fraudsters operating on the dark web could buy a person's entire identity for just £820.

The impact on the individual can be far reaching and costly. The crime can remain undetected for some time, allowing the fraudster to use the stolen identity to open accounts, pay for goods and services and support the activities of organised criminal gangs. The long term result can see the victim experiencing difficulties when they come to want to open and manage new accounts online in the future.

With identity theft cases in the UK hitting record highs, this report focuses on:
• Five types of identity theft.
• Eight tips to protect personal data from identity theft.
• Reaping the benefits of an ID Verification service when on-boarding a new customer or verifying an existing customer’s details.