Facebook ‘hunting ground’ that could cost you thousands

Young people are increasingly falling victim to ID theft. Felicity Hannah has been finding out why

There’s been a 52 per cent rise in identity fraud victims aged 30 and under (Rex)

Forget cluless grannies, growing numbers of young people are falling victim to identity theft and it’s costing them. Where once the so-called digital natives were the least likely be hit by fraudsters, new figures from Cifas, the UK’s fraud prevention service, have shown there’s been a 52 per cent rise in identity fraud victims aged 30 and under to 24,000 a year – a figure that has more than doubled in the last 5 years.

At a time of life when many young people are not earning a huge amount while repaying student debts and potentially saving for their first home, falling victim to fraud can have a catastrophic impact on their finances if they are considered culpable and unable to claim back their cash. According to Action Fraud, the average cost of an identity fraud attack is £1,190 but it’s common for people to lose as much as £9,000, with many failing to report these crimes to the police because they believe there’s no point.

It can take hours of effort for a victim to prove they were not responsible for any debt or spending, and to protect their various accounts following fraud. And even once they have overcome the initial attack, if their details remain available to criminals the nightmare might not be over after just one hit.

Overconfident

It might come as a surprise to many that a generation raised to be tech savvy is increasingly susceptible to fraud. There’s an idea that young people raised online are more aware of the risks, while the older people who are less familiar with online scams and offline fraud are more likely to fall victim.

However, it seems that younger people are increasingly easy to target precisely because they are so used to accessing services through the web. Lisa Hardstaff, identity fraud expert at Equifax, explains: “Whilst young people are probably the most technology-savvy, they appear to be the most blasé about protecting themselves from financial and identity fraud.

“We know that younger people are the least worried about identity fraud and use their phones to check their bank account details wherever they are, for example, which may mean their financial information is more exposed.” Research carried out by the credit reference agency also shows that half of 18 to 24-year olds store personal information like PINs and online passwords on their smartphones, while 60 per cent check their bank accounts and balances on the move even if they don’t have access to a secure internet connection. What’s more, 54 per cent admitted to using the same password for more than one account, compared with a national average of only 40 per cent.

Oversharing

Another risk is the amount of personal information that ends up being shared online. By sharing birthdays, connecting with parents and grandparents, and mentioning products and services we use it’s easy for fraudsters to build up a detailed picture of our habits.

Matt Sanders, from Gocompare.com, warns: “Social media sites provide a rich seam of personal information which can be used for identity theft and financial fraud. Social media platforms encourage users to provide as much personal information as possible, including users’ full names, birth dates, relationship status – even pet names.

“Crooks can use this information to build up a personal profile and guess the answer to bank and payment card provider security questions. So, we would recommend users of these sites to use privacy settings to protect their personal information.”

Simon Dukes, chief executive of Cifas, adds: “Fraudsters are opportunists. As banks and lenders have become more adept at detecting false identities, fraudsters have focused on stealing and using genuine people’s details instead… The likes of Facebook, Twitter, LinkedIn and other online platforms are much more than just social media sites - they are now a hunting ground for identity thieves.”

Top tips to steer clear of fraud

• Never provide card details or personal information in response to an unsolicited email, call or web request. Verify the contact details by searching for the official website and calling the number displayed there. Never follow an emailed or texted link. 
• ​Do not let your card out of sight when paying, for example, in a restaurant.
• Keep your social media locked down to known friends, or be very careful about what you share.
• Avoid using the same passwords for social media and online banking.
• Protect your smartphone with a PIN.
• Regularly update your computer’s firewall and antivirus software.
• Always log off from websites when you’ve finished a transaction and, ideally, only shop or bank using your personal PC.
• Check your bank statements regularly and contact your provider immediately if you suspect fraud. 
• Check and remember when a new payment card should be sent out and contact your card provider immediately if it doesn’t arrive.