Loss from identity fraud is "a big, big number"

www.moneynews.co.uk > General finance > Loss from identity fraud is "a big, big number"

Loss from identity fraud is "a big, big number"

Wed 14th Oct 2009

Identity fraud is having a significant impact on the economy and businesses need to protect themselves from the problem, a security expert has suggested.

James Webb, a spokesperson for the National Identity Fraud Prevention Week, made his comments following research by Fellowes and the National Fraud Authority, which indicated that 71 per cent of employees believe their company could do more to protect customer information.

He pointed out that there are heavy penalties for any loss of data by businesses, such as the £3.2 million fine handed out to a bank in 2008 by the Financial Services Authority.

Mr Webb highlighted that many companies have yet to put in place policies on how to handle sensitive information, which is an issue since lost data can lead to fraud.

"We know that identity fraud costs the UK economy in excess of £1.2 billion, so it's a big, big number," he said.

Businesses should be doing more to protect themselves from this threat, added Mr Webb.

Click here for more general finance news

Related News : General finance
	Citizens Advice welfare applauds government
	Confused.com energy defends British Gas
	Bank of Ireland passes stress test
	Tesco Mobile deal 'courts consumers'
	Scottish Widows Investment Partnership notes favourable response
	Customers should fix now, says moneysupermarket.com energy
	Confused.com highlights importance of getting the best deal
	Prices on the rise, says moneysupermarket.com energy
	Bank of Scotland economic report 'suggests transitional phase'
	Clydesdale and Yorkshire Banks security advice issued