Experian Warns of Rising Identity Fraud Risks During Christmas Season

Experian Warns of Rising Identity Fraud Risks During Christmas Season

(IN BRIEF) Experian is warning consumers and businesses to protect personal information during the Christmas season, as identity fraud spikes amid increased spending. New data shows fraud rates in the last quarter of the year have risen by 21% over three years, with younger people aged 25-39 most at risk. Identity fraud accounted for 83% of Christmas-related fraud in 2023. Experian’s ‘Elf Squad’ campaign offers tips to safeguard data, such as using strong passwords and checking credit reports. While financial institutions have prevented £710 million in fraud this year, criminals continue to adapt, highlighting the need for ongoing vigilance.

(PRESS RELEASE) LONDON, 25-Nov-2024 — /EuropaWire/ — Amid a surge in identity theft during the festive period, Experian is urging consumers and businesses to safeguard their personal information. New research reveals a 21% increase in fraud rates during the last three months of the year over the past three years, as online criminals exploit the busy holiday season, with British consumers expected to spend £28 billion.

Key findings include:

• 83% of Christmas fraud in 2023 was identity-related.
• Younger individuals aged 25-39 were the most frequent victims.
• Identity fraud rose by 12.5% in the first half of 2024 compared to the same period in 2023.

Paul Weathersby, Experian UK&I’s Chief Product Officer for Identity & Fraud, highlighted the urgency:
“Fraudsters are increasingly active during the holidays, targeting people through emails, texts, and calls. Staying vigilant is essential to prevent falling victim.”

To raise awareness, Experian launched its latest social media campaign, ‘Elf Squad’, offering practical tips for protecting personal data during the holidays.

Fraud continues to inflict significant financial damage, with Authorised Push Payment (APP) fraud costing consumers £213 million in the first half of 2024, largely driven by online scams. However, financial institutions have thwarted £710 million of unauthorized fraud during the same period thanks to advanced fraud prevention technologies.

Weathersby added, “While technological advancements are making a difference, fraudsters continually adapt, and the fight against fraud demands constant vigilance.”

Experian, a leader in fraud prevention, has successfully blocked over £9.5 billion in fraudulent applications in the past five years.

Tips for Protecting Yourself from Identity Fraud:

• Use strong, unique passwords for online accounts and secure your home Wi-Fi.
• Avoid oversharing personal information on social media.
• Be cautious with emails, texts, or calls requesting sensitive information.
• Check your credit report regularly for suspicious activity.

Victims of identity fraud are advised to check their credit reports, contact relevant lenders, and report incidents to Action Fraud, the UK’s national fraud reporting center.

To view Experian’s ‘Elf Squad’ campaign, visit: experian.co.uk/Santa.

NOTES

To watch our latest Christmas Film, ‘Elf Squad’ visit: experian.co.uk/Santa

How to protect yourself from identity fraud

·       Don’t share too much personal information on social media, such as mother’s maiden name, home address or when you’re away. It’s also important make sure your security and privacy settings are up to date across all platforms and devices.

·       When you move home, always re-register on the electoral roll as soon as you can. This helps ensure your details are no longer registered at your previous address, making it more difficult for a fraudster to commit fraud there using your identity. It’s a good idea to set up mail redirection for a while too.

·       Make sure you have a strong, unique password for each online account you have. This means fraudsters are less likely to gain access to multiple accounts, even if they do manage to compromise one account.

·       Ensure your home Wi-Fi has a strong password, never sign in to password-protected accounts on unsecured public Wi-Fi and make sure you have up-to-date antivirus software

·       If you receive emails or text messages, always be cautious about attachments, links or telephone numbers. If in doubt, visit the firm’s website independently or contact them using details you already have, such as the telephone number on the back of any payment card.

·       Be careful when sending money to third parties from your bank account. Consider starting with a token payment, such as £1, and then getting confirmation of safe receipt from the genuine recipient before transferring the remainder.

·       Keep your private documents safe at home and be careful traveling with important ID documents. Always destroy mail or documents with personal information once no longer needed.

·       Check your free credit report at least once a year and keep an eye out for anything suspicious. Your report will show any recent applications for credit or other new accounts. You can also monitor your free Experian Credit Score. Any significant score changes could signify fraud.

What to do if you’re a victim of ID fraud

·       Check your free statutory credit report, with all three credit reference agencies. You can then identify all information that does not belong to you and raise the alarm.

·       Contact any relevant lenders to inform them of the fraudulent information

·       Ask Experian, or another credit reference agency, to dispute the fraudulent information with all relevant companies and lenders. A notice of dispute will also be added to the fraudulent information.

·       Add a password to your credit report. this is called a ‘Password Notice of Correction’ and should be unique and only known to you.

·       Add self-registration details with Cifas, the UK’s fraud prevention service. A credit reference agency can sometimes do this for you.

·       Contact Action Fraud, the UK’s national reporting centre for fraud and cybercrime.

About Experian

Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money.

We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.

We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

Media Contact:

Gerry Tschopp
Head of Global External Communications
+1 714 830 7756
+1 949 677 3377
gerry.tschopp@experian.com

SOURCE: Experian