ID theft could cost £3.8 billion

ID theft could cost the UK economy nearly £4 billion by 2010.

Nov 30, 2006
By David Howell
Picture: Centre for Justice Innovation

ID theft could cost the UK economy nearly £4 billion by 2010.

The research, by security specialist Garlik, indicates that the current level of ID fraud would double over that time period as criminal gangs would continue to organise themselves into business-like collectives, making ID fraud more efficient. Charlie McMurdie, Detective Chief Inspector at the Metropolitan Police, told VNUnet: “The internet is borderless, and arguably it is an easy place to commit crime. There are big financial gains to be had with little risk. Organised crime is definitely going online, and policing of the internet is now essential.”

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