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Fraudscape 9 month figures update

Every year the Credit Industry Fraud Avoidance System (“CIFAS”) publish their figures in their Fradscape report. For 2022 the 9 month report has just been released using figures from the CIFAS National Fraud Database and the Enhanced Internal fraud Database along with intelligence provided by CIFAS members. The report analyses how levels of fraudulent conduct have changed over the first 9months of 2022 compared to 2021.

Introduction

CIFAS are a not-for-profit fraud prevention membership organisation and play an active role in the fraud prevention community. They are the UK’s leading fraud prevention service. The main purpose of the report is to provide insight to allow further prevention and detection of fraud by better understanding of the key fraud threats and enablers.

The figures show levels of fraudulent conduct are already 17% higher than the same period of 2021 and 11% higher than pre-pandemic levels.

Key Highlights

Identity fraud cases are up 34% (210,886 cases) on the same period for 2021 and up 23% on pre-pandemic levels. Although most identity fraud cases are online, there have been increases in cases through dealer and retailer channels.
Misuse of facility accounts for nearly a fifth (52,299 cases) of cases with a large proportion in relation to misuse of bank accounts which show intelligence indicative of mule activity.

False applications are up 45% (17,777 cases), mainly impacting the banking sector but there are increases in the asset finance, loans and mortgage sectors.
225 individuals were recorded for internal fraud – up 25% on the same period last year (+45 individuals). Most cases were in relation to false employment application (unsuccessful) and dishonest actions.

Every age group has seen an increase in identity fraud, however the most significant increase is for those aged 31-40 years (up 41%).

There has been a 38% increase in the number of companies recorded as victims of impersonation. This mainly involved telecom products (49% – all mobile phone products), as well as loans (21% – mainly company loans unsecured) and asset finance products (19% – mainly asset finance hire purchase products).

Criminals are targeting contact centres to try and understand what processes are used to gain access to accounts. They often try to socially engineer the contact centre agent to gain access to a customer account or use the information they get from the agent to target consumers.

Malware is an increasing method deployed by criminals to target devices and gather information to access accounts. Criminals often use kits sold on the dark web to install the malware on victim’s devices through apps or email links.

Social engineering is still a key method to harvest personal and financial information. Often posing as a bank, criminals will persuade victims to move their money into a safe account or allow access to accounts.

A copy of the report can be downloaded here: Fraudscape 2022

Should you suspect that you are a victim of fraud or other wrongdoing, please do not hesitate to get in touch at hello@tenetlaw.co.uk

Published on November 30, 2022

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