According to UK fraud prevention service CIFAS, over 40% of respondents cited ‘lost time’ as the worst side effect for victims of fraud. Another 30% cited the victim’s ability to trust organisations and individuals again, while 27% said financial impact and loss were the biggest problems.
A spokesman for CIFAS, said: “For victims of fraud, the financial loss is obviously a very real one. Lenders and suppliers, however, are in most cases under an obligation to refund any losses or debts taken out in an innocent party’s name. This means that such losses are actually temporary.
“Our research found the real trauma is the impact upon the fraud victims’ time, as they try to untangle themselves from the mess caused by a fraudster.”
CIFAS said that for the majority of victims, how fraudsters obtained the details required to impersonate them or to hijack an existing account remains unknown. Over 121,500 individual cases of impersonation or account takeover were recorded in 2011, said CIFAS.
“We all have a part to play in keeping our details secure, but these results demonstrate that organisations must always bear their customers in mind. Customers want to know that their data is safe, and they want to be able to trust the organisations with whom they hold accounts.
“While the damage to trust, caused by fraud, cannot be quantified in financial terms, this should serve as a stark reminder to all organisations that people expect them to provide secure services and protect their data at all times.”
