In 2017 more than 305,000 instances of fraudulent conduct were recorded to the National Fraud Database:
- Identity fraud continued to rise, hitting an all-time high of 174,523 cases in 2017 (up one percent from 2016). 95 percent of these cases involved the impersonation of an innocent victim.
- Eight out of 10 fraudulent applications were made online.
- There was a 27 percent increase in 14-24 year olds becoming ‘money mules’.
- Overall bank accounts identified as being used as ‘mule’ accounts were up by 11 percent.
- More than a third of bank account takeover victims were over 60-years-old.
- Organizations successfully prevented over $1.6 billion in fraud losses through non-competitive data sharing.
This ‘retargeting’ by identity fraudsters can be seen as a shift towards more accessible products, such as mobile phone contracts, online retail accounts, retail credit loans and short-term loans.