ID fraud taking its toll

The number of keyloggers have increased by 250 per cent between January 2004 and May 2006, according to research published this week.

The study by vendor McAfee shows that identity theft exacts a high toll on national economies around the world. In the UK, the Home Office has calculated the cost of identity theft to the British economy at $3.2bn (£1.63bn) during the last three years.

'Identity theft is a global phenomenon that threatens all of us, which means we all need to become more aware, more vigilant and less trusting to protect ourselves,' said Jeff Green, senior vice president of McAfee Avert Labs.

'By learning where we are vulnerable, and how and why criminals engage in identity theft, we can then take the necessary precautions to avoid being victimised.'

Additional findings show that the number of phishing alerts tracked by the Anti-Phishing Working Group has multiplied 100-fold over the same period of time.

A recent report by the Information Commissioner entitled 'What Price Privacy Now?' said fraudsters at the bottom end of the criminal spectrum collect information from public sources such as the electoral roll, Companies House and social networking sites.

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Further Reading:

Cost of ID fraud could reach £3.8bn in four years

Companies must wake up to ID fraud threat

Firms more at risk from ID fraud