Our Identity Fraud Report 2021 recently revealed that there was a 19% increase in identity fraud between June 2020 and June 2021.
Due to this, it’s clear that identity fraud is a serious cause for concern. But, what does the crime involve, and how can you stop identity fraud? In this post, we examine everything you need to know about how to beat identity fraud.
Let’s start with the basics. The Metropolitan Police provide the following identity fraud definition:
“Identity fraud, or ‘ID theft’, involves the use of a person’s stolen details to commit crime.” The police add that, due to the nature of the crime, “many victims never find out exactly how someone got hold of their details, and clearing things up afterwards can be costly and stressful.”
The fake identity used doesn’t necessarily have to be that of someone living, or even real. Thieves often assume the identity of the deceased or create fake identities of people who never existed in order to commit a crime.
In the UK, identity fraud is a crime that affects both the individual who had their identity stolen and any businesses where the stolen identity was used to make fraudulent transactions.
With this in mind, let’s take a detailed look at identity theft vs identity fraud. Although the terms are often confused, “identity theft” and “identity fraud” are actually different. As a result, it’s important to not get the two terms confused.
Identity theft is the act of stealing personal, private, or financial information. However, identity fraud is committed when this stolen information is used.
In order to beat identity fraud, you first need to understand what the crime involves.
Sadly, identity fraud is a complex crime and there are a number of ways it can occur. However, the most common examples of identity fraud occur when fraudsters use someone’s identity details to:
Remember though, although these are the most common types of identity fraud, the crime can occur by other means, too.
Criminals commit these common acts of identity fraud by stealing personal information. This is often done by stealing someone’s wallet, intercepting post, or making contact with a potential target and pretending to be from a legitimate organization.
Simple signs that indicate you may have been a victim of identity fraud include:
Businesses around the world have a responsibility to prevent fraud and verify the identity of their users.
Thankfully, identity verification software can make that process swift, efficient, and accurate. By enlisting the help of a piece of identity verification software, your business can:
The whole process is seamless and can be completed in as little as six seconds. With the help of our identity verification platform, you can stop identity fraud in its tracks.
Here at Veriff, we help businesses of all sizes verify the person behind their account.
We believe that one day the world will be ready for a single digital identity that transcends borders and gives people rightful ownership of their data. Until then, our identity verification platform prevents fraud and helps to safeguard customers and businesses alike.
If you’re struggling to handle online ID checks, or you’re unsure how to verify the identity of your customers, then we’re the perfect partner for online ID verification. We never leave any devices, browsers, markets, or languages behind. Discover more about us and our online identity verification solutions today.
Looking at digital identity verification solutions for your business? At Veriff, we can help you get started with the process. Take a look at our starter plans to see exactly how we can help you.
We understand that every business is different and has unique needs. As a result, we can create tailored digital identity verification services that are customized to your business. Can’t see what you need in the starter plans? Book a free consultation today. We’d love to discuss a solution that meets your needs.