News & Views - Savantor

Rising identity fraud

Monday, 19 May 2008

In a dramatically titled ‘Victims of ID Fraud’ report Experian shows that the number of identity fraud incidents reported to Experian has continued to grow during the second half of 2007. Between 1 July and 31 December 2007, 3,554 new victims of identity fraud contacted Experian’s Victims of Fraud service to get help reclaiming their identities which contrasts with the 3,500 cases reported during the whole of 2006.  In the second half of 2007, 71% of victims first discovered they had become a victim by monitoring their credit report and seeing fraudulent activity recorded on it.

Experian’s report reveals that the typical identity fraud victim will be aged between 26 and 45. They will work in professional occupations, own their own (often detached) home and will be high income earners. In fact, those earning more than £50,000 a year are almost three times more likely than average to fall victim to identity fraud.

Forwarding address fraud, where a fraudster redirects the victim’s post to a drop address that he/she then visits to collect mail, continues to grow and is now the most commonly perpetrated method, representing 36% of identity fraud committed. Present address fraud, previously the most common method, declined to 30% from 46%.

London remains the identity fraud capital of the UK, with residents – on average – almost twice as likely to fall victim compared with the average score across the UK. Kensington is London’s the identity fraud hotspot, with residents – on average – three-and-a-half times more likely to fall victim compared with the UK average. Residents of Richmond-upon-Thames, Putney, Wimbledon and the Kings Road area of Chelsea are also amongst those at the highest risk – being over three-times more likely to fall victim.

So the perhaps unsurprising conclusion is that high income earners living in expensive parts of London are more likely to suffer from id fraud.  Surely it would not be difficult to eliminate this if Experian were to send an sms message to anyone who claims to be opening an account, applying for a card or a loan against a name where those products already exist.  After all we don’t do those things so frequently that being asked if it was really you would be a problem.  Why not get customers to pay for a proactive service rather than the reactive service of paying to check your credit record.

Savantor Services

Savantor Services

Savantor services are tailored to Client needs based on our core service areas

Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Savantor Services

Job Opportunities

Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe

View more
Savantor Services

Savantor Views

Find out more from our Savantor brochures, MarketEye back copies and Industry opinion

Collateral Market Eye News & Views Sign Up to receive MarketEye

Client Quotes

EMV Migration Planning

"It was a strategic imperative for the bank to be EMV compliant for our payment cards and the experience that Savantor brought to the company has proved to be invaluable."

Eddie Sweeney, Chief Technology Officer - AIB Bank - Ireland

Platform Selection & RFP Management

"OP-Pohjola Group has used Savantor in both acquiring and issuing for platform/service provider research, RFI/RFP processes and subsequent contract negotiations. Savantor's approach and commitment have always been very professional and transparent. They have been of great help for the company in providing us important insights and background information beyond vendors sales speeches."

Kai Lindstrom, Head of Acquiring - OP-Services Ltd - Finland

Payments Workshop Material

"Savantor helped ACI build a payments onboarding workshop for new technical staff in ACI EMEA. Their extensive experience took our outline and built a great starting presentation of industry facts that we have now customised further into a half day session that is used for all new joiners. Our Americas and APAC regions have also taken the material and customised it for their regions. A great job by Savantor has meant new joiners to ACI hit the ground running."

Richard Sanders, Principal Solution Consultant - ACI - Worldwide EMEA

Moneris Solutions

"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."

Jeff Guthri, COO - Moneris Solutions - Canada

Acquiring market insight and strategy review

"Savantor brought an independent perspective and valuable insight that enabled Rabobank to ratify options for delivery and future growth and make informed business decisions in support of our target business model. Having used Savantor on a number of strategic projects, we have no hesitation in recommending their services to others."

Evert R Fekkes, SVP Payment & Savings Services - Rabobank - Nederland

Card Migration

"I was impressed by the speed with which the Savantor team were able to start delivering and as a team they have made a significant contribution to the success of the Programme."

Bjorn Niels, Programme Director - ABN AMRO Bank - The Netherland

Credit Card Launch

"Savantor's knowledge and experience were the key differentiators in selecting them and they contributed greatly to the success of the product launch and the effectiveness of the ongoing operational service."

Toine Schepers, Operations Director - Primeline - The Netherlands

Payments Platform Strategy and Sourcing

"We were in urgent need of external independent expertise to supplement our internal resources. Senior consultants had to quickly integrate with our team and actively contribute. Their experts quickly forged strong working relationships and delivered to our brief. We enjoyed working with them to develop our future platform strategy."

Evert R Fekkes, SVP - Payment & Savings Services - Rabobank Nederland

Clients - Request Support

Send us a support request and one of our specialists will be in contact to assist you.

Consultants – Upload your CV

Register your CV with us and gain access to a range of job opportunities through our online job search portal.