Identity theft rises 57% - are you doing enough to help your customers protect their identities?

02 August 2016

By Steve Cunnington, Senior Product Manager

Your customers take time and effort to protect their families, their homes and their cars, but are they doing enough to protect one of their most valuable assets -their identities? In the last month alone just in the UK two independent bodies, have raised concerns about the alarming rise in identity theft.
 
- CIFAS highlighted a 57% rise in reported identity theft in 2015
- Research undertaken by the Office of National Statistics (ONS) estimated 5.8 million incidents of fraud and computer misuse in the UK, including 3.8 million fraud offences, committed during 12 months to March 2016

The ONS also highlights that almost two-thirds of fraud incidentsinvolve a loss of money or goods, with only 43% of victims receiving a full refund - identity fraud is a crime that can have a real impact on us all. 

Whilst many organisations have taken steps to minimise the likelihood of financial crime within the organisation, criminals have become increasingly more sophisticated. Cyber-crime has become the primary channel for fraudulent activity with 86% of all reported identity frauds perpetrated online in 2015 (CIFAS).

Recent research commissioned by Collinson with mass affluent consumers across 10 countries indicates growth in the demand for identity protection:

- With 57% of consumers deeming identity protection to be a valuable product
- When looking at the results by generation, Generation X and Millennial consumers rate this even higher, with 58% and 62% respectively
- Consumers who already use these types of identity protection services rated their perceived value at 72%, compared to 32% for non-users.

Despite these statistics and customer concerns, the advice and protection available to customers is limited and fragmented. So should organisations do more to help their customers understand how they can protect their identities? Or should organisations offer their customers protection solutions - helping to provide peace of mind?

The evolution of regulatory controls globally, requiring organisations to notify customers of data breaches, is a sign that there is greater onus on organisations to help protect their customers from cyber-crime.  Organisations are now under more pressure than ever to provide preventative solutions and demonstrate a commitment to customer ID security.


To find out more about the growing consumer demand and value of ID protection products click here.

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About the author

With over 30 years' experience in Financial Services, Steven is responsible for leading the development of the new identity theft solutions provided by Collinson.