Asset finance has emerged as a rare success story in the battle against identity fraud, with cases in the sector dropping by a staggering 80% in the past year, according to newly released data from fraud intelligence specialists GBG.
The analysis, cited in the 2025 Fraudscape report by Cifas, highlights identity fraud trends across UK industries between 2023 and 2024. While overall identity fraud rose by 4.94%, reaching 249,417 cases in 2024, asset finance bucked the trend, recording just 1,560 cases compared to 7,837 the previous year.
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Experts say the sharp decline suggests that targeted anti-fraud efforts in the asset finance sector have been highly effective.
“Many sectors have seen successful reductions in fraud, particularly asset finance and online retail,” said Gus Tomlinson, Managing Director at GBG. “This suggests that targeted prevention measures can be effective when properly implemented.”
While asset finance recorded the most dramatic improvement, other sectors weren’t as fortunate. Plastic card fraud continues to dominate, making up nearly 38% of all identity theft cases in 2024. Meanwhile, communications fraud soared by over 72%, making it the fastest-growing identity scam by volume.
While fraud targeting the asset finance sector now accounts for less than 1% of identity theft cases, experts stress that continued vigilance is essential across all industries.
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By GlobalData“Identity fraud continues to evolve,” warned Tomlinson. “The continued rise in overall fraud figures serves as a reminder that businesses must remain vigilant. Strong identity verification processes, regular security updates, and cross-sector intelligence sharing remain crucial tools in combating these evolving threats.”
