Recommendations on the Future Response to Large-Scale Identity Fraud

Fraud has reached ‘epidemic’ levels globally and i s the most commonly experienced crime in the UK, reaching an unprecedented 40% of all crime in the UK in 2022. The growing and rapidly evolving fraud threat is increasingly being recognised as a threat to the UK’s economic security, and by extension, its national security. Within the broader fraud threat, identity fraud is a growing area of concern.

In response to growing concerns in industry about the scale of identity fraud and to help inform the UK government’s future fraud strategy, in October 2024, the Centre for Finance and Security at RUSI and Cifas hosted a roundtable to discuss how to tackle identity fraud. Participants were drawn from financial institutions, regulatory technology companies, credit rating agencies and policy making roles.

The roundtable focused on articulating the current nature of the threat and identifying a range of policy, legislative, operational and technical interventions to inform the next UK fraud strategy.