Advice about Identity Fraud
Credit card identity fraud is on the increase. So what is credit card identity fraud and what steps can you take to prevent it.
Credit card identity fraud occurs when a fraudster is able to access details from your bank or credit card statements or utility bills and use that information to make an application for a credit card in your name. Once the credit card application has been approved the fraudster can then purchase goods and services in your name. You then become a victim of credit card fraud.
To prevent becoming victims of credit card fraud ensure that you:
Always shred any financial documents that you no longer want to keep in your possession. Fraudsters will resort to any method to obtain your financial details including even going through your rubbish.
Always check your credit card statements and note whether any unauthorised transactions have taken place. Report any suspicious transactions immediately to you credit card issuer.
Get a copy of your credit report and check whether any credit card issuer has carried out a credit search against your name. If they have it is because they have received an application for a credit card in your name. If you have not made such an application, report it to the credit card issuer.
If you move home inform all relevant official bodies so that you do not receive any mail at your old address. Alternatively contact Royal Mail for details of their re-direction service.
Don’t ever reveal your PIN to anyone including police or bank staff. In fact no one needs to know your PIN except you. Never write down your PIN. If you do and your credit card gets stolen the credit card issuer will not reimburse you for your losses. Remember that chip and PIN is an excellent anti-fraud measure as without your PIN the fraudster cannot purchase goods and services at retail outlets or draw cash from an ATM. However, beware that goods and services can be purchased on the internet as your PIN is not required. Even this loophole may soon be closed as some credit card issuers are introducing a system that requires you to enter a password to ensure that you and not someone who has access to your credit card are making the purchase. However, the best remedy is to always check that your credit card is in your possession. As soon as you realise that your credit card has been stolen report it immediately to your credit card issuer and to the police.
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