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Young fraud victims on the rise

12 October 2018

Startling new figures show a marked increase in the number of young people falling victim of identity fraud. New figures from Cifas reveal in the first nine months of 2018 some 3,527 young people were victims of identity fraud. That is a 24% increase on 2017.

Most of these cases involved debit, credit and store cards.

Cifas CEO, Mike Haley, said: “Our new figures are alarming to say the least.”

The research by the anti-fraud organisation also shows a rise in the number of youngsters being used as money mules. In the first none months of this year a total of 9,636 people under the age of 21 allowed criminals to use their bank accounts to launder cash. This form of money laundering carries a maximum prison sentence of up to 14 years. That is a 26% increase year-on-year.

Cifas is now calling on banks to do more to educate young people about the dangers of such frauds.

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