Capital One
Identity fraud
The challenge
Capital One turned its attention to the problem of Identity Fraud which is one of the UK's fastest growing crimes.
What is Identity Fraud?
Identity (ID) Fraud takes place when someone’s personal information is used by another person without their knowledge. The fraudster uses these details e.g. driving licence, bank statements and medical records, to obtain credit or buy goods.
It is thought that about a quarter of the population in the UK has been a victim of identity fraud or knows someone who has been affected.
Criminals get the information in a number of ways. These include taking information from a stolen wallet, going through rubbish bins, or hacking into online information.
Capital One found out that the victims of ID Fraud can be unaware for weeks that their identity has been stolen. By the time they find out the criminal may have used their identity to apply for a credit card, a loan, take out a mobile phone contract or even a passport. The debts mount up and appear in the innocent person’s name. If the situation goes on unchecked it can lead to court actions and ongoing problems with getting a mortgage or even a job.
It is very stressful to discover that someone has been using your details to spend your money and it can take a long time to put the situation right.
What do you think?
What could Capital One do to make the situation better for their customers?