Revealed: New case of financial fraud reported every 15 seconds in 2018

Credit and debit card details can be sold for as little as £5

UK, April 4, 2019: Brits are at risk by leaving their personal information unprotected, with a new incident of financial fraud recorded every 15 seconds last year, figures from Experian reveal.1

Third-party credit card fraud – where a fraudster makes an application using someone else’s personal details - rose by almost a third (31%) in 2018, compared to the previous year.

Criminals use individuals’ personal data to carry out identity fraud, with details sold online for relatively cheap sums. Credit and debit cards numbers can sell for between just £5 and £75, depending on the size of the card’s limit and passports details can be bought for £1,500.2

Checking your credit report regularly is a way of protecting yourself against identity fraud, as you can spot any unfamiliar accounts or suspicious credit applications immediately. But 49% of adults3 have never checked their report, while of those who have done, a fifth (20%) had done so more than three years ago.

The findings show how valuable personal information is and why consumers need to think about protecting their personal information, much like they would for their physical possessions.

To help the public protect the things they can’t see, Experian has launched Identity Plus*. Designed to tackle identity fraud, the new service delivers a comprehensive package of fraud prevention measures, and additional support for those who are unfortunate enough to become a victim of fraud.

Tom Hopkins, Director of Subscription Products at Experian, said: “With more and more of our lives lived online, it’s important that people are taking steps to protect their identity and keep their details safe. You wouldn’t leave your door unlocked at night, so why wouldn’t you take the same precautions when it comes to your own personal information?

“Identity Plus offers an extra level of reassurance by alerting customers to potential problems. If the worst does happen, our dedicated caseworkers will be on hand to help resolve issues and provide guidance.”

Customers with Identity Plus will benefit from the following features:

  • Daily fraud reports

Customers will receive an updated fraud report each time they log into their Experian account. The report features key information that may help identify fraudulent activity.

  • Fraud alerts

Weekly alerts about changes to a customer’s credit report can be delivered by email or text message. Alerts relate to when accounts are opened or closed, or when the customer’s credit report is searched.

  • Web monitoring

ID Plus scans open and dark web sites that sell individuals’ personal details, and alerts the customer if anything looks suspicious or fraudulent.

  • Customer and fraud support

If a customer becomes a victim of fraud a dedicated case worker will help them through the steps to resolve the issue and make sure their credit report is accurate. The customer’s report will continue to be reviewed regularly even after the case is closed.

END

1 Experian’s UK&I Fraud Report 2018

2 Experian, How much your information is selling for online/Experian data

3 YouGov survey conducted with 2,077 adults, February 2019

*Customers can sign-up for the service and get a 30-day trial for free.  After the first month, the subscription cost for ID Plus is £6.99 a month. Customers can continue to sign-up for an Experian account, and get their Experian Credit Score for free.

Media Contacts:

Weber Shandwick for Experian

Tel: 020 7861 0762 / Email: experian@webershandwick.com

About Experian

Experian® is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

We have 16,000 people operating across 37 countries and every day we’re investing in new technologies, talented people and innovation to help all our clients maximise every opportunity.  We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index. Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the company.