Increased identity fraud pushing half a million people into debt

As online fraud looms at a record high, with a recent report showing seven out of ten Internet users are regularly targeted by fake banking emails, consumers are now being warned of the implications of getting their identities stolen.

According to home insurer LV=, nearly half a million victims of identity fraud have already been blacklisted by lenders as a result of the theft, making it much more difficult for them to secure credit.

The firm warned that many more are at risk of being blacklisted, following the huge jump in online fraud. Those affected are also in danger of falling into debt due to the high legal fees they are forced to pay in order to clear their names.

In a recent study of 6,000 Britons, 27% said they were unable to secure credit as a result of mistaken identity.

LV= managing director, John O’Roarke has said: “Our research shows that an unfair credit rating is a common problem for many and more worryingly, identity fraud is likely to rise sharply in the coming years.”

Article sourced from www.debtmanagementtoday.co.uk Wednesday 10th June 2009

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