Financial management provider Experian has warned that UK identity fraud rates have grown by 22% in 2023 compared to the previous year.
According to the company, the fraud trend intensifies around November and December and often includes stolen credit card information, which fraudsters can gain by deploying a multichannel approach that covers emails, text messages and phone calls.
Additional personal information is also readily available for a price on the Dark Web, making it easier for criminals to hijack credit cards.
Eduardo Castro, Managing Director of Identity and Fraud at Experian UK&I, said: “The cost of being scammed by a fraudster is not just financial, as victims experience substantial distress too.
“Identity theft and fraud is increasingly prevalent in the UK, and it’s never been more important for people to think twice about their personal information. All unsolicited messages should be approached cautiously unless they are sure it’s genuine, and if there is an offer online which seems too good to be true, it more than likely is.”
More data from UK Finance reveals that British consumers have lost around £580m in the first half of 2023, with Authorised Push Payment (APP) fraud being responsible for more incidents than any other type of fraud, costing British households around £239m.
There is, however, an upside when it comes to combating fraud, with anti-fraud measures deployed by banks managing to stop around £651m from reaching criminals.
Castro added: “Better public awareness of scams and new technology being deployed by businesses across multiple sectors means criminals are facing new challenges.
“However, fraudsters are always looking at new ways to exploit people’s information. The fraud epidemic is a constantly evolving battle, so there is no room for complacency when it comes to prevention.”