Skip to main content
Equifax
Enquire Now Login
IDMatrix
  • Features
    • Identity Verification
      • Multiple Verification Sources
      • Document Verification Service
      • Super & Payroll Search
      • Document Upload
      • Equifax Biometrics: Seamless Identity Verification
      • Your Business Rules
    • Fraud Assessment
      • Device Intelligence
      • Fraud Lookup
      • PEP and Sanctions Screening
      • Velocity Assessment & ID Takeover Alert
      • Phone Number Validation
      • Second Factor Authentication
      • Knowledge Based Authentication
      • Visa Checks via VEVO
      • Australian Death Check
      • Email Risk Search
  • Why
    • Range of Delivery Channels
    • Highly Configurable Platform
    • Comprehensive Reporting Portal
    • Solutions Delivery
  • Packages
  • Resources
    • News, Articles & Case Studies
  • Home
  • Resources
  • News-and-articles
  • Identity theft, credit fraud, on the rise

Articles

Identity theft, credit fraud, on the rise

Published on 25 August 2014
ALMOST $2 billion worth of credit applications in the past year were flagged as potential fraud risks, with identity theft fast becoming the modus operandi for fraudsters.
 
CREDIT information company Veda analysed $1.6 trillion worth of credit applications in the year to June 30 and found that $1.9 billion worth of those applications posed fraud risks.
 
Veda red-flags applications if any of the details, like address or driver's licence, are associated with a previous known fraud.
 
Red-flagged applications have increased by 52 per cent in two years and are rising as a percentage of all credit applications, the company says.
 
Veda's general manager of fraud and identity solutions Imelda Newton said a number of lenders were processing high-risk applications, unaware of the possible links to fraudulent activities.
 
Ms Newton said identity theft was the fastest growing form of credit application fraud, as fraudsters continuously change their tactics.
 
"What we've found is that the fraudsters have adopted using stolen identities as opposed to using fictitious identities," Ms Newton said.
 
"In fact, over the past year, we've seen the use of those stolen identities increase 103 per cent."
 
The information can be collected by fraudsters breaking into people's homes, taking mail from their letter boxes or stealing wallets and handbags, Ms Newton said.
 
The fraudster then assumes the victim's identity and applies for credit in their name.
 
Ms Newton says people can protect themselves against identity theft by putting an alert on their credit file.
 
http://www.theaustralian.com.au/news/latest-news/identity-theft-credit-f...
Tags: Identity, takeover

Recommended Articles

  • Fact trumps fiction as identity fraud spikes

Case Studies

  • Through innovation and early adoption of new technologies, many digital-savvy mortgage brokers are digitising the home loan application process without compromising on personal service. Their focus is on removing effort for borrowers, boosting conversion rates, improving choices and accelerating deal speed. And they each recognise that these goals can only be achieved in a compliant and responsible manner.

    Read More
  • ING DIRECT challenges the way Australians think about banking by delivering simple and straightforward products and exceptional customer experience. ING DIRECT recently set out to solve the customer onboarding friction when electronic verification is not sufficient.

    Read More
  • As Sovereign Credit, part of the John Hughes Group, began to extend their business from primarily vehicle finance into personal loans, they were looking to proactively mitigate their increasing risk profile. They did this by implementing early warning FraudCheck solution from Equifax.

    Read More
  • BOQ is one of Australia’s leading regional banks, with over 250 branches across Australia. Since 1874 they have prided themselves on building long-term customer relationships based on mutual respect and understanding, offering a full range of personal banking services.

    Read More
Equifax

Secondary menu

  • Terms & Conditions
  • Privacy Policy
  • About Us
  • Contact Us
  • Sitemap
FOLLOW Us
  • facebook
  • twitter
  • linkedin

Copyright © 2025 Equifax Pty Ltd., a wholly owned subsidiary of Equifax Inc. All rights reserved. Equifax and EFX are registered trademarks of Equifax Inc.
Other Equifax sites
  • image description
  • image description
  • image description
  • image description
  • image description
  • image description
  • image description

Welcome to IDMatrix

Please select a site
Login to:    IDMatrix   Portal
Forgot your password?