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Does identity fraud affect you?
By Experian
What would you do if your credit cards were stolen? If goods that you did not purchase were charged to your credit accounts? If unauthorised credit accounts were opened in your name?
These actions are typical examples of identity fraud, where criminals steal victims' identities in order to take over their credit accounts or to open new accounts in their names.
Most of us have never experienced identity fraud and many of us may be unconcerned and believe we're not affected by it. But we are.
Identity fraud affects everyone
Identity fraud is on the increase and is the UK’s fastest growing crime. According to the Cabinet Office, identity fraud costs the UK at least £1.3bn every year and is one of the more difficult frauds to combat. The trouble with a successful fraud is that both consumers and lenders are fooled. Although lenders are employing ever-more sophisticated methods to spot fraudsters, people who are targeted by fraudsters often take up to 14 months to realise they are victims of identity fraud.
When criminals buy goods and services on credit using false information, we all pay through higher prices and more expensive credit terms, even if our own accounts are untouched. And when someone is victimised by a particularly successful scam, criminals are more likely to continue cheating others using similar fraudulent operations.
How to protect yourself
There are a number of common sense measures you can use to effectively defend yourself against identity fraud and minimise the effects of the impact. Here are just a few:
- · Shred and destroy all personal and household documents before putting them in the rubbish, ie: bank and credit card statements, receipts, utilities bills, credit and debit cards, driving licences, payslips, insurance details, pre-approved credit offers
- · Safeguard your credit cards and treat them like money
- · If a credit card bill is late, call the customer service number immediately to make sure your mail hasn't been diverted to a new address
- · Review your statements carefully to make sure all entries are accurate
- · Report billing errors and lost or stolen cards to your credit card issuer immediately
- · Minimise the amount of personal information a criminal can steal. Don't carry extra credit cards, your birth certificate, or passport unless necessary
- · Sign your new cards as soon as you receive them
- · Keep a list of all credit cards, account numbers, and expiration dates so you can notify lenders quickly in case of theft or loss
- · Be sure you’re dealing with a reputable company before giving your card number or other information over the phone, unless you initiated the call
- · Check your credit report for accuracy at least twice a year or better still, have your credit report monitored. CreditExpert is an online service offered by Experian that monitors your credit report and alerts you to key changes.
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