LV= warns unfair blacklisting due to id fraud is set to boom
on: April 29, 2009, 3:50 am
new report* released by LV= shows that the number of Brits whose
credit rating has been badly damaged by identity theft is likely
to almost double within the next five years, with up to 240 people
a day being affected.
new research by home
insurer LV= shows that nearly half of all Brits (46%), have
experienced some sort of credit problem**, with 27% blaming mistaken
identity, and 29% said they had no idea why they had encountered
is warning people that if they believe they have been refused
credit unreasonably, they should investigate it further. It could
be a sign that they have become a victim of identity theft.
help assist the growing number of people affected by this problem,
insurance now offers customers free access to an Identity
Fraud Helpline. The helpline is staffed by specially trained expert
advisers who will explain what people can do if they think they
have been a victim of identity fraud.
LV= research, undertaken by the Centre for Economics and Business
Research (CEBR), includes views from over 6,000 adults who were
questioned about their experiences in applying for credit cards
and other services. The research shows that as many as half a
million adults* have been 'blacklisted' as a result of being hit
by identity fraudsters, with the figure predicted to rise by a
further 440,000 over the next five years.
the past decade identity fraud cases have rocketed, rising on
average by 33% annually for the past eight years***. The research
also reveals that victims of identity fraud face costs of over
£2,100 to clear their name.
O'Roarke, managing director of LV= home insurance, said: "In
the last ten years we've seen a massive increase in the number
of people targeted by fraudsters, illustrating the importance
of vigilance in protecting personal information and monitoring
for any problems that might prove to be a 'symptom' of identity
research shows that an unfair credit rating is a common problem
for many and more worryingly, identity fraud is likely to rise
sharply in the coming years. That's why we've set up the LV= identity
fraud helpline, free to all our home
insurance customers, so that anyone who thinks they might
have become a victim of identity theft has somewhere to go for
help and support."
Notes to Editors:
* Opinium research indicates 2% of people have been a victim of
identity fraud. UK adult population is 47.9 million (derived from
the Labour Force Survey); CEBR predicts cases will rise by 440,000
cases in the next five years.
** Credit problems are defined to include being denied a loan
(including mortgage), credit card, utility or service contract,
being investigated by bailiffs, incorrectly receiving a court
summons or unpaid bills.
*** CEBR analysis based on CIFAS data: in 1999 there were 9,000
reported cases of identity fraud, rising to 77,500 in 2007.
LV= is a registered trade mark of Liverpool Victoria Friendly
Society Limited (LVFS) and a trading style of the Liverpool Victoria
group of companies.
employs over 3,800 people, serves around 3.2 million customers
and members, and manages around £7 billion on their behalf.
We are also the UK's largest friendly society (Association of
Friendly Societies Key Statistics 2008, total net assets) and
a leading mutual financial services provider.
is authorised and regulated by the Financial Services Authority
register number 110035. LVFS is a member of the ABI, AMI, AFS
and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.
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