The Industrialisation of Identity Fraud: experience of cyber gangs from the UK

Fuelled by the growth of the internet, identity fraud has over the last ten years transformed from cottage industry to a mass-market crime opportunity operating on a global scale.

The dramatic increases in identity fraud we have witnessed over the last few years have coincided with its movement from being predominantly opportunistic into the realm of organised crime. Ten years ago it was a lot more costly to obtain someone’s details and, therefore, it was more difficult to make a profit out of identity fraud. Identity frauds were committed by opportunist thieves and small time crooks who had stumbled on an opportunity or had stolen information – in person – from wallets, handbags, homes and dustbins.

While they still represent a threat, dustbins and other personal effects are no longer the data sources of choice for identity fraudsters. Bin raiding is dirty, unpleasant manual work, and any form of direct theft includes a high risk of being caught. In addition, consumers are more aware than ever of the risks of disposing of sensitive information and are increasingly shredding important documents. Dustbins simply are no longer profitable for the serious identity fraudster – who is now e-enabled, IT savvy and (anti-)social networked.

The full article from Experian’s Decision Analytics Fraud Consultancy team explains why the criminals ultimately responsible for the bulk of identity fraud will remain untouchable, and how the organisations with most to lose can take the lead in foiling the fraudsters.

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