Steps to beating identity fraud
Identity fraud is on the rise. Although chip and pin has reduced credit card fraud the fraudsters are now finding new ways of helping themselves to your money. SO BEWARE!!! A fraudster needs just a bank/credit card statement or a utility bill to prove name and address verification and this information is enough to obtain credit in your name.
Here are just a few tips to ensure you don’t become yet another victim of identity fraud.
Never reveal your PIN – This cannot be emphasised enough. Never for any reason tell anyone your PIN. This includes officials like bank staff or police. Never write your PIN on a piece of paper and keep it with your credit card. This is because if your credit card gets stolen the fraudster will have full access to all your money in your bank account/credit card and you will become fully liable for all losses.
Conceal your PIN at the Cash Machine – Conceal your hand when entering the PIN into the keypad. These fraudsters are extremely innovative and have strategically placed unauthorised cameras to record pin numbers.
Check your bank and credit card statements – Look out for any unauthorised transaction/s and if there are any report it/them immediately to your bank/s.
Shred – Never discard your statements (bank/credit card) and utility bills with your rubbish. Fraudsters will even search garbage bins to get hold of these documents in the hope of obtaining your name and address. Fuelled with this information they can then make applications for credit in your name and you will be liable for any debts incurred.
Inform your bank, credit card providers and utility companies of your new address – If you move home inform the authorities above of your new address so that the fraudster cannot intercept post sent to you at your old address. Otherwise the fraudster will use your name and address to prove residence and obtain credit in your name. Why not subscribe to the Royal Mail’s re-direction service so as to avoid any mishaps?
Check your credit report – Obtain a credit report to find out if any lenders have checked your credit file. This is because the lender will only carry out a credit search if you have made an application for credit. If you have not and the credit search reveals that one has been made in your name you must inform the lender, or you will become a victim of identity fraud.
To summarise, remember an application for credit can only be made in your name if the fraudster has access to your bank/credit card statements or utility bills. Always keep in mind the importance of shredding your old/no longer needed financial documents so that they can escape the attention of prying eyes.
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