Millennials Most Likely to Fall Victim to Fraud as Consumers Set to Spend £28 Billion Over the Festive Period

New fraud awareness campaign launches to help consumers and businesses spot the signs of fraud Experian is a market leader in fraud prevention technology and has prevented more than £9.5bn in fraudulent applications over the last five years. Consumers and businesses are being warned to protect personal information amid a surge in identity theft during the Christmas period. New analysis from Experian reveals that fraud rates in the final three months of the year have risen by more than a fifth (21%) in the last three years. Amongst the hustle and bustle of the festive season in which British consumers are set to spend £28 billion, online criminals will be looking out for more ways to exploit people’s information to commit fraud and take out financial products like credit cards and loans in their name. The study also reveals:

• 83% of all fraud committed in the run up to Christmas 2023 was identity fraud
• Those most likely to fall victims in the Christmas period were younger people aged 25-39
• Identity fraud cases rose by 12.5% in the first six months of the year, when compared to the same period in 2023

Paul Weathersby, chief product officer, identity & fraud, Experian UK&I, said: “Our figures reveal that the UK fraud epidemic is showing no signs of abating, impacting victims of all ages, especially during Christmas. “Personal information is readily available for purchase on the dark web and fraudsters are typically more active during these months, using a multi-channel approach to seduce people into giving up their information through emails, text messages and phone calls. “As we all enjoy the Christmas festivities, it’s crucial to remain vigilant. To avoid becoming another victim, people must think twice when using their information to buy presents and gifts.” Ahead of the Christmas holidays, Experian is raising awareness about the dangers of identity fraud and importance of keeping your information safe.  It has launched its latest Christmas fraud awareness social media campaign. Offering consumer tips on how to keep their personal information safe, the campaign video features Father Christmas deploying his helpful ‘Elf Squad’ in order to protect his identity. Figures from UK Finance reveal that Authorised Push Payment (APP) fraud, where a victim is tricked – typically through a phone call, text message, or email – into transferring money to a fraudster cost consumers £213 million in the first six months of 2024, with nearly three quarters (72%) of cases originating online. However, financial services companies stopped £710 million of unauthorised fraud thanks to increasingly sophisticated fraud-prevention technology. Weathersby adds: “Financial services companies take fraud extremely seriously and it’s positive to see new technology and services having a real impact in fraud prevention. “However, the challenge is always evolving as criminals look for new ways to exploit people’s information, so there is no room for complacency.” Experian is a market leader in fraud prevention technology and has prevented more than £9.5bn in fraudulent applications over the last five years.