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Bank Loan: Direct debit theft on the rise

Criminals are increasingly taking funds from consumer's accounts by stealing their direct debit details, it has been revealed.

Research from insurance firm LV= has revealed that theft via direct debit now accounts for 10.6 per cent of cases of identity fraud, compared to 0.01 per cent in 2001, reports The Daily Mail.

Furthermore, the number of criminals who have used consumer's direct debit details to set up payments to their own accounts has increased by 288 per cent since 2006.

Overall, around 26,000 account holders are thought to have been victims of these crimes, losing an average of £540.

John O' Roarke, managing director of LV= home insurance, told the news provider: "Most of us are aware of the need to protect card details.

"But the rise in fraudsters setting up direct debits in victims' names proves the need for everyone to regularly check bank statements and ensure they're not paying out for someone else's mobile phone or any other direct debit they don't recognise."

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800247365-ADNFCR

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