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Young renters top targets for identity fraud

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Written by:
06/05/2015
Younger people who live in rented accommodation are most likely to be victims of identity fraud.

Research by Experian showed that young and single renters were three times more likely to be the victims of identity fraud.

It said identity theft was now the most common type of fraud in the UK.

The arrival of seven day current account switching had added to the number of fraud risks consumers face.

Renters are victims of almost a quarter (22%) of all current account identity frauds and details are also commonly stolen for credit card and loan applications.

One-sixth (16%) fraudulent credit card applications and a similar amount (17%) of illegal loan applications used details stolen from young renters.

More affluent homeowners are also struggling with fraud. Wealthy couples are the next biggest targets for identity thieves.

These people accounted for 11% of all identity theft in 2014.

Nick Mothershaw, director of identity and fraud at Experian, said: “Young renters are the biggest target for identity thieves.  Shared hallways and easily accessible properties mean that rental tenants’ details are most at risk compared to other demographics.

“Also they are prolific users of mobile and online services meaning that fraudsters have even more avenues to try and steal people’s details.

“Wealthy couples also continue to find themselves as a target due to the large pay days on offer to identity thieves, but the good news is that financial institutions are constantly improving in the fight against fraud.

“The latest analysis reveals the effective work being done by lenders to detect and prevent fraud, but it also highlights the need for people to think about how they protect their personal information both on and off line.”

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