News Article - 09 August 2007
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Companies which continue to rely on paper documentation as forms of identity are contributing to the rise of fraud, a report has warned.

According to credit reports firm Experian, 70 per cent of companies still accept documents such as utility bills, passports and bank statements as proof of identity, states ITPro.co.uk.

"It's staggering to think that today's businesses are still using paper documents to confirm a person's identity," said fraud consultant Anne Green.

"Companies need to break the paper chain and move with the times," she urged.

Identity fraud is responsible for costing the UK about £1.7 billion annually, with 80,000 incidents being reported last year, the findings show.

Ms Green called upon companies to move to electronic authorisation, which she stated could be quicker, cheaper and safer than its paper alternative.

According to data from fraud prevention service CIFAS, corporate identity fraud costs firms about £50 million per year, with the figure expected to have increased by 1,300 per cent by 2020.

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