Non-compliance fines and losses<\/span><\/p><\/li>\n\n\n\n Customer churn and loss<\/span><\/p><\/li>\n\n\n\n Reputational damage<\/span><\/p><\/li>\n<\/ul>\n\n\n\n Without effective mitigation strategies, stolen documents, hacked accounts, or fraudulent bank accounts could cause significant financial loss for organizations of all types.<\/span><\/p>\n\n\n\n Consider that the <\/span>financial implications<\/span><\/a> to businesses in the UK equate to about \u00a34 billion directly related to identity theft. Data clearly indicates that <\/span>nearly 40% of all businesses<\/span><\/a> face some level of fraud related to data theft each year. Act quickly to mitigate these risks.<\/span><\/p>\n\n\n\n Data provided by CIFAS<\/a>, a non-profit membership association in the United Kingdom focused on fraud prevention, in their Fraudscape report shows that member organizations indicated that 310,000 cases of fraudulent conduct were added to the National Fraud Database (NFD) in 2020. About 82% of those cases were directly related to fraud or misuse of identity. <\/p>\n\n\n\n The report takes a deep dive into the underlying cause, noting that COVID-19 played a prominent role in this process as more consumers in the UK turned to credit cards to support their day-to-day living expenses. Consumers invested heavily into online purchases to meet basic needs, creating an increased risk for digital identity theft.<\/span><\/p>\n\n\n\n Fraudsters were using the pandemic as an opportunity to steal personal and financial information<\/a> from the public.<\/span><\/p>\n<\/blockquote>\n\n\n\n As noted by CIFAS, “Key to this was fraudsters using the pandemic as an opportunity to steal personal and financial information from the public.” The report also noted a 23% increase in companies being impersonated, which drove misuse of company accounts by an increase of 26%. These factors are likely attributed to the stimulus packages provided to UK businesses.<\/span><\/p>\n\n\n\n By 2022, the National Fraud Database (NFD) reported an even higher increase in fraudulent conduct, reaching 409,000 cases, the highest number ever reported. This was about a 14% increase from 2021 figures. Worryingly, another 12% increase drove figures up again in 2023.<\/span><\/p>\n\n\n\n Identity fraud was at an all-time high in 2024. CIFAS reported in December 2024 that identity fraud now costs the UK an estimated \u00a31.8 billion each year<\/a>. “About 64% of all filings by the 750-plus industry members were related to identity theft, accounting for 237,000 such cases,” it shares.<\/p>\n\n\n\n Identity fraud now costs the UK an estimated <\/span>\u00a31.8 billion each year<\/span><\/a>.<\/span><\/p>\n<\/blockquote>\n\n\n\n The Insurance Fraud Bureau (IFB) has taken aggressive steps to warn the public about the risks of the ever-increasing number of identity thefts occurring in everyday transactions. The agency notes that fraud cases stemming from stolen identities “have nearly doubled in the past 12 months.”<\/p>\n\n\n\n While anyone could be a victim, about 64% of those who suffer identity attacks are people over 61 years of age, yet CIFAS<\/a> also notes an increase in the number of younger people sharing sensitive data across social media. CIFAS Director of Intelligence Stephen Dalton states, “Identity fraud<\/a> continues to be a favored tactic for many criminals while exploiting innocent people to steal their identities and use personal details to fraudulently open and abuse financial products and services.”<\/p>\n\n\n\nThe State of Identity Fraud in the UK<\/strong> Since Covid<\/h2>\n\n\n\n
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![\"identity](\"https:\/\/www.complycube.com\/wp-content\/uploads\/2025\/01\/Losses-of-1.8-billion-1024x577.png\")
<\/figure>\n\n\n\nA Look at 2024<\/h2>\n\n\n\n
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<\/figure>\n\n\n\n![\"biometric](\"https:\/\/www.complycube.com\/wp-content\/uploads\/2024\/12\/5-1-1024x577.jpg\")
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