UK identity fraud in the asset finance sector has surged by over 60% since 2017, according to new analysis from GBG, a provider of global identity and fraud intelligence. While the sector remains smaller in volume compared to banking and insurance, experts warn its growth trajectory is a red flag for lenders and lessors alike.
Cases of asset finance fraud increased from 970 in 2017 to 1,560 in 2024 — a 60.82% rise — marking it as the third-fastest growing sector for identity fraud over the seven-year period. Although it accounted for just 0.65% of total fraud cases in 2024, the sharp rise suggests fraudsters are increasingly eyeing niche finance segments that may be more vulnerable to synthetic IDs or weak digital onboarding checks.
“Criminals are clearly diversifying,” said Gus Tomlinson, Managing Director at GBG. “While plastic cards and bank accounts remain the biggest targets, we’re seeing significant upticks in sectors like asset finance, insurance, and communications —areas that haven’t traditionally been the focus.”
The study, which analysed identity fraud trends across nine sectors between 2017 and 2024, revealed that insurance fraud saw the most dramatic rise — up by 211%, with cases jumping from 4,215 to 13,108. The communications sector followed closely, with a 114.77% increase.
Plastic card fraud remains the most common identity fraud type, accounting for over 94,000 cases in 2024 — an increase of 60% from 2017 and now comprising nearly 40% of all cases. Bank account fraud, while growing at a slower rate of 12.42%, still makes up more than 24% of all fraud.
More traditional finance areas saw declines: mortgage fraud dropped by 33.33%, and loan fraud fell 22.16%, indicating possible improvements in fraud detection or a shift in criminal preference. “Fraudsters appear to be moving away from highly regulated sectors and toward those with faster access to funds or less stringent verification,” Tomlinson noted.
Interestingly, asset finance fraud recorded a dramatic year-on-year drop of 80.09% between 2023 and 2024, indicating that either fraud prevention measures have been tightened or criminals have redirected their focus. By contrast, the communications sector saw a 72.72% surge in the same period, becoming a key focus for fraudulent activity in the digital age.
GBG’s analysis is based on identity fraud case data collected from 2017 to 2024 across multiple sectors: Cifas Fraudscape. The study tracks changes in fraud volume, percentage share, and sector rankings, providing insights into both long-term trends and short-term year-on-year shifts. The data encompasses over 239,000 identity fraud cases recorded in 2024, up from approximately 174,500 in 2017.