Q1 financial fraud figures suggest that at least 89 in every 10,000 applications for a current account are made by an imposter, meaning current account fraud has surpassed mortgage fraud (where 83 out of every 10,000 applications are thought to be fraudulent).

Experian attributes this rise to a significant increase in identity fraud. At the end of Q1 last year, 32 per cent of fraudulent current account applications were attempted by people who had stolen an identity – this year, that figure has risen to 49 per cent.

Current accounts are attractive targets for fraudsters, as they can not only withdraw money from accounts with a non-existent balance due to overdraft facilities, but also act as a stepping stone for applying to a wider range of financial products.

In response to the figures, Experian has launched a new interactive fraud dashboard. The dashboard documents fraud rates by financial product, as well as regional hotspots and high profile fraud facts. The dashboard can be accessed by clicking here.

“It is important for people to take measures to ensure their details remain their own,” said Nick Mothershaw, director of identity & fraud at Experian.

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“Knowing what your bank can and cannot ask you for will help you avoid phishing scams.  Making sure sensitive mail is shredded is also important.  Keeping an eye on your credit report can help you spot any suspicious activity.

“While fraudsters may test the security of lenders systems, increased detection rates are showing that their systems are clearly holding up.”