Experian data shows identity fraud attempts double in first half of 2011 Thursday 20 October 2011 PDF Print Experian, the global information services company, has released its latest Fraud Index which reveals that identity fraud attempts doubled in the first half of 2011, compared to Q4 in 2010. This pushed up the overall level of application fraud attempted against UK financial services firms for the third successive quarter. Experian also predicts a nine per cent increase in application fraud attempts during 2011*. The analysis, published at Experian's annual Identity & Fraud Forum, reveals that identity fraudsters were responsible for eight in every 10,000 applications made in Q2 2011 (April - June 2011), double the number of fraudulent applications recorded in the final quarter of 2010. This was driven by a 340% increase in current account identity fraud, from five to 22 in every 10,000 applications. Experian's analysis also highlights that 18 in every 10,000 applications for automotive finance, credit cards, insurance, loans, mortgages, current accounts and savings products made in the second quarter of 2011 were found to be fraudulent. These were five per cent higher than January to March 2011, and up nine per cent on the year. Over the same period the number of first-party fraud attempts - where a genuine individual misrepresents their circumstances - remained constant at 10 in every 10,000 applications. 42 in every 10,000 applications for current accounts were detected as fraudulent between April and June 2011, up 20 per cent on the first three months of 2011 and 59 per cent higher than during Q2 2010. For the second quarter in a row, current accounts were the most targeted financial product by fraudsters. Experian's Fraud Index collects data from both the National Hunter and Insurance Hunter fraud prevention systems, which are managed by Experian on behalf of its clients. Both systems provide a way for financial organisations to protect against fraud by comparing applications with previously submitted ones and pinpointing inconsistencies. Nick Mothershaw, Director of Identity & Fraud at Experian UK & Ireland, commented: "Identity fraud is back with a vengeance. Our analysis shows that we are witnessing a surge in the number of detected identity frauds, with current accounts the number one target in the UK. Fraudsters see the current account as an easier option, giving them a springboard for money laundering and from where they can also target more lucrative credit products such as mortgages, credit cards and loans." ENDS Notes to Editors: *Predictions based on Experian analysis of data from National Hunter anti-fraud data sharing scheme About Experian: Experian is the leading global information services company, providing data and analytical tools to clients in more than 80 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making, as well as offering ID verification. Experian also helps individuals to check their credit report and credit score, and protect against identity theft. Experian's Payments Gateway is the UK's leading Bacstel-IP solution used by 25 of the top Bacs Users by transactional volume and is the Bacs software of choice for some of the largest and most innovative Bacs originators. Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2011 was US$4.2 billion. Experian employs approximately 15,000 people in 41 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil. PR Contact: Ben Dobson Resonate PR 5th Floor Holborn Gate 330 High Holborn London WC1V 7QG 020 7861 3931 www.protectmyid.co.uk This press release was distributed by ResponseSource Press Release Wire on behalf of pr-sending-enterprises in the following categories: Business & Finance, for more information visit https://pressreleasewire.responsesource.com/about.