Companies Fail to Combat Identity Fraud

Companies Fail to Combat Identity Fraud

Companies Fail to Combat Identity FraudBusinesses are continuing to put their customers’ identities at risk by not taking proper precautions, and employees think it’s their bosses that should do more.

That’s according to a new survey by Fellowes and the National Fraud Authority which shows 97% of employees are not totally confident the firms they work for are protecting their customers’ identities.

The report out today shows 71% of employees, the highest figure in Europe, think the organisations they work for could do more to protect their customers’ sensitive information. Despite continual warnings a third of businesses (36%) still don’t know or are unsure if they have a comprehensive policy in place on how to handle potentially sensitive documents.

Every year identity fraud costs the UK economy in excess of £1.2 billion but the ramifications of fraud can be further reaching than merely financial. Nearly half of all businesses (43%*) fear the effect fraud can have on their reputations. Furthermore, with the dangers of ID fraud becoming increasingly well-known, worryingly only 36% of Britons claim to always shred documents containing sensitive information at home.

National Identity Fraud Prevention Week, a major awareness drive that begins today, aims to encourage businesses and consumers to take action now, ensuring ID fraud prevention is practiced with as much vigilance in the work place as it is at home. Until this is done instances of identity fraud are set to continue increasing leaving more victims in its path.

Tyron Hill, official National Identity Fraud Prevention Week spokesperson, Fellowes, comments:

“Businesses need to do more to inform their employees and reassure their customers that they are handling data responsibly. For example, it is shocking that nearly two in five employees still do not have access to shredders at work with which to destroy sensitive information. Today’s customers are more vigilant and informed when making decisions – businesses that are seen to do more to protect data are at a competitive advantage over those that aren’t, which can directly affect a business’ bottom line, especially during the recession. With the right resources, businesses and consumers can work together to ensure identities stay protected.”

For more information visit the National Identity Fraud Prevention Week website.

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