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10 November 2006
A new survey by an online security company suggests that the cost of ID fraud in Britain could rise as high as £3.8 billion by 2010.
Garlik, the company who carried out the survey, say the rise, virtually doubling the current cost, will result from the increased sophistication of criminal operations, which will operate like businesses, Vnunet reports.
Report author Stephan Fafinski said: "Our most startling finding was the move towards the organised nature of crime and how people use the internet and online resources to gather information."
He said that stolen information is often traded on "very transient web sites" to enable fraudsters to obtain information, with no legal protection currently in place to prevent this.
Garlik CEO Tom Ilube told Tech Digest this week that the shift to online identity theft had been so great that only one to two per cent of ID crime now involved people using methods like sifting through rubbish.
If you’ve been affected by identity fraud or want to know more about how to protect yourself, click here.
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