If asked, who would you say are the type of people most vulnerable to identity theft? The young and transient, whose credit cards find their way to the doormats of long-left flat shares? The elderly and vulnerable, who unwittingly reveal personal information to fraudsters? How about the savvy and entrepreneurial?
A new report by Cifas reveals that around 20 per cent of identity fraud victims are company directors, even though they make up less than 9 per cent of the UK’s population. Cifas, a not-for-profit company which works to protect organisations and individuals from financial crime, says this makes company directors one of the most at-risk groups for identity fraud crimes.
Not only were company directors statistically more likely to be victims of fraud, but as with other victims they were also found to be at risk from being targeted more than once by identity fraudsters. The Cifas report suggests 17 per cent of director-level victims had suffered impersonation fraud more than once across the three-and-a-half-year period. This comes at a time when identity fraud is at an all-time high, having risen by more than 68 per cent since 2010 to almost 173,000 individual cases in 2016.
The reason for company directors’ high-risk status is the fact some of their personal details will always be in the public domain. Their correspondence address, date of birth and occupation are all freely available through Companies House. Such information can give thieves a head start in piecing together the details they need to apply for loans or make purchases in someone else’s name.
On publication of the report, Cifas chair Lady Barbara Judge CBE advised the following: ‘There will always be more publicly available information about you if you run your own business compared to other individuals. I would encourage company directors to do as much as possible to separate their personal and company personas.