CIFAS tells us that the “age of data-enabled fraud” has arrived. The first quarter of 2012 saw:
– Overall fraud increased by 30 percent, compared to the same period in 2011.
– Overall fraud figures driven by a 40 per cent increase in identity fraud and a staggering 86 per cent increase in the takeover of accounts.
– Misuse of accounts became the second most common type of fraud
The increase in fraud levels is alarming and everyone should take as much care as possible to ensure that they don’t become a victim. Worryingly, one could argue that the increase in fraud is down to the current economic state. If this is true, and if you also take into account the reported “double-dip recession”, the chances are that these figures might increase further still.
CIFAS Communications Manager, Richard Hurley, commented:
“If anyone was sceptical about the role that identity data or personal details play in fraud, then these figures remove any shred of doubt. Businesses and organisations across the UK and beyond must now recognise that the rules have changed. Data and information — whether digital or not — can no longer be taken at face value. Nor can processes and safety be assumed to be ‘someone else’s responsibility’. By not taking every step to guard their own personal data, both individuals and organisations are effectively leaving their doors and windows open for digital thieves to come and steal it.”
What processes does your firm employ to protect its digital data?
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