Published by Gbaf News
Posted on March 17, 2017
4 min readLast updated: January 21, 2026
“The latest CIFAS figures show the highest ever record of identity fraud cases last year, and it is now the number one fraud threat to UK businesses and consumers, accounting for 53% of all fraud. With identity fraud only set to rise further, businesses and consumers need to take action to address this damaging issue.
“Serious steps need to be taken by financial services companies to strengthen the security systems they have in place and the way they verify identities, especially for online applications. Companies need to consider investment in biometric processes to validate identities, and implement multi-layer approaches to challenge fraudsters’ attempts to compromise systems. Consumers are embracing biometrics in their everyday lives, for example using them to access their smartphones and in their passports, and financial services companies can maximise this technology to protect their customers and their businesses.
“There is a worrying knowledge gap in terms of how consumers determine safe places to share personal information. People are not aware of the value and opportunity their most basic personal details offer to fraudsters. Just a name, address and date of birth can be enough information for a criminal to steal an identity and financially exploit it, for example, by applying for a loan or credit card. With the increasing inclusion of personal information on social media, fraudsters are able to access an expanding pool of data which they can easily abuse. Individuals must take care to protect their details, and the financial industry must continue to work together to educate its customers to support this.”
For consumers, the following steps should be strictly followed as a first line of defence:
“The latest CIFAS figures show the highest ever record of identity fraud cases last year, and it is now the number one fraud threat to UK businesses and consumers, accounting for 53% of all fraud. With identity fraud only set to rise further, businesses and consumers need to take action to address this damaging issue.
“Serious steps need to be taken by financial services companies to strengthen the security systems they have in place and the way they verify identities, especially for online applications. Companies need to consider investment in biometric processes to validate identities, and implement multi-layer approaches to challenge fraudsters’ attempts to compromise systems. Consumers are embracing biometrics in their everyday lives, for example using them to access their smartphones and in their passports, and financial services companies can maximise this technology to protect their customers and their businesses.
“There is a worrying knowledge gap in terms of how consumers determine safe places to share personal information. People are not aware of the value and opportunity their most basic personal details offer to fraudsters. Just a name, address and date of birth can be enough information for a criminal to steal an identity and financially exploit it, for example, by applying for a loan or credit card. With the increasing inclusion of personal information on social media, fraudsters are able to access an expanding pool of data which they can easily abuse. Individuals must take care to protect their details, and the financial industry must continue to work together to educate its customers to support this.”
For consumers, the following steps should be strictly followed as a first line of defence:
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