First-time buyers and younger homeowners are at increasingly high risk of cyber crime.
According to Experian, the number of financial applications made by third party fraudsters between January and June was 14% higher when compared with the same time in 2018.
Third party fraud occurs when sensitive information is stolen from a person and used without their knowledge and against their wishes. This type of fraud is prominent online with cyber criminals using social engineering tactics to steal data but conventional data theft through stealing mail is also rife.
Frauds committed against people that have recently bought their first home increased by 35% in the opening half of 2019.
Experian attribute the data losses to both poor physical and digital data defences. New mailboxes or poor storage facilities make stealing mail from new homeowners easier.
Similarly, the credit checking service also suffered from greater data breaches with new homeowners slow to acclimatise and embed cyber defences after moving in.
As a result, young homeowners suffered a 91% increase in card fraud between H1 2018 and H1 2019.
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