Unmasking ID fraud

Costing the UK economy an astounding £1.7bn a year, identity theft is the fastest growing type of fraud in the country. Sarah Hills discovers what cover is available for businesses wanting to steer clear of identity fraud

The 21st Century has presented yet another opportunity to the schemes sector, with the advent of a new modern crime, identity fraud, which is estimated to cost the UK economy a staggering £1.7bn a year.

It is the fastest-growing type of fraud in the UK and, according to the Cabinet Office, it is one of the most difficult crimes to combat. It is estimated that a quarter of UK adults have either had their identity stolen themselves or know someone who has.

Last October, the government-based