Identity fraud has emerged as a pressing concern in the UK, with The Times Newspaper reporting that the British public face an alarming average loss of £268 per person per annum, marking the highest per capita loss among 26 surveyed countries.

‍According to UK Finance, fraudsters ‘made off’ with a staggering £1.2 billion from UK consumers in 2022 alone, the equivalent of over £2,300 vanishing every single minute—a figure described as nothing short of terrifying.

The proliferation of social media has significantly exacerbated this issue, and its impact is not confined to the UK alone. CIFAS noted that more than 65% of fraud victims had an active presence on social platforms, providing a fertile ground for fraudsters to exploit their personal data.

Further compounding the problem is the current cost of living crisis in the UK, which has rendered many more reliant on credit, thereby heightening their vulnerability to fraudulent activities. Exploiting this vulnerability, fraudsters dangle fake deals for products and services to pilfer personal information for their own illicit gains. Alarmingly, individuals aged 60 and above are increasingly finding themselves targeted by identity thieves.

Mike Haley, the CEO of CIFAS, underscores that criminals and seasoned fraudsters have honed their skills in stealing and leveraging personal information to secure phones, loans, and retail accounts in the names of unsuspecting victims, resulting in the sharpest surge in identity fraud witnessed in a decade.

It is crucial for businesses like yours to conduct thorough compliance checks on your clients. This is important not only to protect your business but also to ensure the safety and security of your clients. If you have any worries or concerns about your current ID verification or AML process, please feel free to send an email to support@aplyid.com.