Your identity is one of your most essential assets. If stolen, it will become difficult to access valuable needs. Identity theft is when one’s details are stolen, irrespective of the victim being alive or deceased, while identity fraud is using the stolen details to access goods and services.

Without the proper identity verification checkpoints, these crimes continue to be on the rise. What must you know about Uks National Fraud Intelligence Bureau and identity theft? Let’s find out in this article!

Identity Theft and Fraud

The primary facilitator of identity fraud is data breaches. Fraud against individuals is usually targeted at young or older people, but it is now progressing on a larger scale with high-net-worth companies or corporations. Criminals are constantly finding new ways to steal data and identity online to bypass verification processes, like phishing through emails and trading the confidential data disclosed.

How to Prevent Identity Theft

There is no sure safeguard against identity theft, but there are measures one can take to reduce the risks of cyber crime.

  • Keep sensitive documents, such as passports and credit cards, in a secure place.
  • Be conscious and careful of the information that is shared on the internet. Keep your digital footprint very minimal.
  • When documents are obsolete or are no longer needed, discard them properly. It is advisable to shred or burn.
  • When browsing online on pages that require personal information, for example, online shopping, verify the website is secure.
  • Do regular checkups on bank accounts and statements to quickly detect any suspicious activity.

Uk’s National Fraud Intelligence Bureau

The National Fraud Intelligence Bureau (NFIB) works alongside Action Fraud to identify and investigate different economic crimes. Reports are given by Action Fraud to be duly analyzed by experts, which is given to law enforcement agencies to apprehend criminals. These reports can be obtained but are not limited to several channels like individuals and businesses, data from the public sector including banking, insurance, telecommunications, and some intelligence systems.

The reports from Action Fraud are examined and cross-referenced with data from other anti-fraud agencies such as Credit Industry Fraud Avoidance System (CIFAS) and Financial Fraud Action UK (FFA UK). The report is to identify the most prolific criminals and prevent further attacks. According to the UK’s National Fraud Intelligence Bureau’s Fraud and CyberCrime Dashboard, in the past year, there have been over 426,996 reports of cybercrime and a total loss of £3.1 billion in the UK, with London having the highest number of victims.

Upon further inspection, the most commonly reported scam people have fallen victim to are online, with almost 70,000 reports in the past 13 months. Coming in second was advance fee fraud (the situation where the scammers ask people to pay money in advance for receiving either more money, gifts, or benefits), with 25,117 reports recorded.

What to Do if You’re a Victim of Identity Fraud

A security breach does not mean identity theft, but it takes significant time and effort to resolve if it happens. Here are some signs to know if your identity is stolen. If you’re a victim of identity theft or fraud, below are some steps to reduce any damages because it could happen even with the most thorough precautions:

  • Alert companies of the stolen identity.
  • File a report to the local police department
  • Place a freeze hold on bank accounts and credit reports
  • Be extra security conscious on all accounts
  • Review bank statements for unusual or unauthorized transactions.

The NFIB was founded to transform the United Kingdom into a more fraud-resistant society, working alongside the london police force and other partners. During police investigation, they look into a range of crimes, including identity theft, to make people aware of threats which ultimately makes verifying identities more reliable.