Number of fraudulent current account application detections is on the rise

THE NUMBER of fraudulent current account applications being detected jumped last year, according to analysis.

Credit-checking company Experian said criminals were behind 159 in every 10,000 current account applications in 2017, up from 138 in 2016.

Current account fraud is more likely to affect men than women, according to the figures, which are based on Experian’s fraud data. Experian operates fraud prevention system National Hunter, which enables financial institutions to crossmatch applications against more than 100 million previous application records to spot potential frauds. Experian said renters are particularly vulnerable to identity fraudsters because their post is often left in communal areas or in mailboxes which can be easily accessed by other people.

Its analysis suggests those who may be particularly vulnerable to fraud are aged 18 to 25, share private low-cost housing and move regularly.

Nick Mothershaw, director of identity and fraud solutions at Experian, said: “Fraudsters know renters can be easy targets and seek out flats where post is left lying around in hallways or on stairs.

“Even locked mailboxes aren’t necessarily secure if a fraudster can fish the post out, or find a copy of the key.”

He said renters moving often can find it hard to keep track of their post, adding: “Fraudsters can take advantage of an old address knowing people won’t be monitoring their mail.”