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Bank Accounts Top Target for Fraud

Bank Accounts Top Target for Fraud

According to data company Experian, current accounts have become the number one target for financial fraudsters in the UK.

Experian is employed by many high street banks to help them detect criminal activity.

It said that 0.89% of applications for current accounts came from criminals in the first quarter of 2015.

This figure means that bank accounts have overtaken mortgages as the biggest source of attempted fraud, and in comparison, 0.83% of mortgage applications were fraudulent over the same period, due to an "exponential increase" in identity fraud.

Experian said of those who tried to fraudulently open an account 49% used a stolen identity, which was up from 32% in the first three months of 2014.

Director of identity and fraud at Experian said: "Knowing what your bank can and cannot ask you for will help you avoid phishing scams.

"Making sure sensitive mail is shredded is also important."

Jon Sacker of Financial Fraud Action UK added: "It's important to be alert, so if you get a call, text or email out of the blue, don't reveal any information unless you are absolutely sure who you are dealing with."


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