1.9m have had their stolen ID used to commit financial fraud

6th February 2024

New analysis by FICO has suggested that 1.9 million consumers have had their stolen ID used to commit financial fraud

The research has also found that fraud protection is the highest priority for individuals when opening a financial account.

The findings found that 4.3% of respondents have had their ID stolen and used by a fraudster to open a financial account, a further 5.4% think it’s probable their stolen identity has been used to open an account.

34% rank good fraud protection as their top consideration when choosing a new account provider with 73% of people had it in their top three.

The research showed that ID theft to open financial accounts is the type of fraud that worried most people (30%) whilst one in five consumers most fear having their bank account taken over by a fraudster.

16% are most worried about being tricked into sending money to a fraudster with biometrics are a favourite security choice, with 68% preferring to use fingerprints.

Sarah Rutherford, Senior Director, fraud marketing at FICO said “With our data showing that nearly 1 in 10 UK adults believe they have probably been the victim of identity mis-use, vigilance is obviously key.

“This goes beyond just having their identity stolen; it’s about it actually being used in a fraud and all the pain that brings. It’s also important to note that our data merely indicates those who KNOW their stolen identity has been used for financial fraud. Most people don’t find out immediately about fraud in their name – if ever. And, of course, a fraudster is unlikely to only use a stolen identity once, so the value of the fraud will be considerable too.

“It’s not surprising, therefore, that consumers are looking for financial services providers they can trust who are doing the best to protect their identity and finances. And it’s good to see that the previous resistance to the use of new verification tools such as iris, face and fingerprint scans, is waning as individuals recognize the benefits.”