The latest figures from the National Fraud Authority show that account takeover fraud rose by 53 percent compared with the previous year.
This means that those frauds where the criminal requires identity details accounted for almost two thirds of all frauds recorded by CIFAS in 2012.
More than 8.8 percent of UK adults were a victim of this fraud and those who lost cash tended to lose an average of £1,203 each.
Stephen Harrison, National Fraud Authority Chief Executive estimated that this year’s AFI has put the loss to the UK economy from fraud at £52 billion.
He said that private sector businesses suffer the highest levels of loss and can also suffer other impacts like reputational damage. Loss to smaller businesses can even put their future at risk.
Trusteer, which makes products for cybercrime prevention, said it has seen an increase in the number of Man in The Browser (MiTB) malware activity, and in the sophistication and techniques cybercriminals use to steal credentials and credit card data.
A Trusteer spokesperson said that as infection rates increase, account takeover fraud, and account fraud, is becoming a top threat for organisations.
This is not just a matter of providing companies with software or hardware to fix.
Companies need to come up with a holistic approach which encompasses endpoint security as well as clientless detection and conclusive event correlation is required.
This means that security resellers are having to create layered security covering PC and Macs, desktops and mobile, client and client-less solutions.