Identity Theft Crime

Identity theft is on the rise, and increasing by a staggering 500% a year in the UK alone, a rate at which experts believe will make this type of fraud crime one of the most serious financial threats to both individuals and the economy in the next few years.

One of the reasons for this identity theft boom in the UK is that this is such as new type of crime that there are not yet any specific laws to deal with it in Britain, or any compensation available for the victims. This means that there are no serious deterrents for identity thieves, as they cannot be sentenced or fined for this specific crime, and if taken to court only receive light sentences for related offenses.

Identity theft cases are complicated, and can include hundreds of victims in the same scam, and this is time consuming work for already burdened police resources with very little chance of a conviction. These are the main reasons why only 1% of these identity theft crimes are fully investigated by the police in the UK every year.

If you do become a victim of identity theft, at the moment there is very little you can do to resolve your case. Financial services will close any false accounts opened in your name, and refund money stolen from your account if they are satisfied you have been the victim of identity theft, but if you have compromised your identity willingly (such as by lending your credit card to a friend you thought you could trust) then you may well end up paying and debts or charges run up in your name.