According to the half-year figures released by the 250 member companies of CIFAS, the UK's fraud prevention service, over £360 million worth of fraud was prevented between January and June 2006.
Year-on-year figures showed a worrying trend of identity fraud increases – up by nearly 22 per cent.
This equates to more than 32,000 victims of impersonation, although CIFAS chief executive Peter Hurst said that over 9,000 more fraudulent applications were picked up at an early stage, proving that prevention methods were showing signs of success.
"The figures speak for themselves," he said. "The fact that fraudsters are denied £1,400 every minute of every day is, of course, good news. But the scale of fraudulent activity in the UK is alarming."
Mr Hurst said that businesses and institutions needed to maintain constant vigilance when processing loan applications and insurance claims and praised the work done so far.
"It is testament to the investment by our member companies in their staff that their skill in the detection of such frauds continues to grow," he added.To read more about loans, click here.
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