Identity theft accounts for nearly half of all bank account frauds

There were 153,100 cases of bank-account fraud in the first eight months of 2011 – and 47% of them were due to identity fraud.

Bank-account fraud is up by 1.5 per cent on the same period last year, according to figures from CIFAS , the UK’s fraud prevention service. And the breakdown for January to August shows that ID fraud is still criminals’ favoured method: Identity Fraud: 72,204 cases. Includes cases of false identity and identity theft.

Misuse of Facility: 36,327 cases. Where an account, policy or other facility is used fraudulently – such as paying in false or altered cheques.

Application Fraud: 30,240 cases. This relates to applications with material falsehood (lies) or false supporting documentation – but where the name used is the fraudster’s own.

Facility Takeover Fraud: 14,393 cases. This occurs where a person unlawfully obtains access to an existing account holder’s or policy holder’s details, and fraudulently operates the account or policy for his own (or someone else’s) benefit.