Wealthiest at Greatest Risk of ID Fraud
The wealthiest are warned by companies like Experian to keep a close eye on their consumer credit information. Experian, a global information solutions provider, revealed last week the results of their research into the victims of identity fraud.
Their findings include a few startling facts. The people who are victimized the most are the wealthiest, and the successful homeowners. The next group is those who rent their accommodations. London is the identity fraud capital of the UK. The risk of becoming a victim of fraud is four times greater than the UK average. Residents of Kensington are the most at risk, being five times more likely to become a victim of identity fraud. Of the 54 UK areas classified as being ‘very high risk’, 34 are within the M25 and 20 of those are in London itself.
The two most common forms of identity fraud are the misuses of a person’s previous address and credit card or store card fraud.
More than half of all victims are 30 – 50 years old, are an equal balance of male and female, and are in the wealthiest category or are living in rental accommodations.
There are some trends that seem to indicate whether a person is in a high target group. Renters and young singles in a shared accommodation, high-flying graduates, thriving people including young families, and people living in premium city residences.
Consumers need to be aware that identity fraud goes farther than misuse of credit cards. Criminals may take a second mortgage out on a home, or apply for a secured loan against a home. After obtaining the money, they disappear leaving the homeowner with the legal responsibility for the loan.