Identity Fraud
Has your financial profile been stolen?
What is Identity Fraud?
Identity Fraud (or Identity Theft) is the fastest growing kind of fraud in the UK. It happens when someone gets hold of your personal details and uses them to obtain goods or services by pretending to be you.
Often, your details are used to obtain credit or other finance services, and this credit will most likely not be repaid. It can take months before you find out what's happening, by which time untold damage may have been caused to your credit rating.
In extreme cases, the fraudster may be able to 'hijack' your bank accounts and credit cards.
How can you prevent it?
Fraudsters only need a few of your details to begin their work. Even your name, address and birthdate can be enough to make a start, and every time they successfully masquerade as you they will be adding to their profile of you, making it easier and easier to commit further fraud.
Considering this, you should be very careful about who you give information to - if someone asks you for personal info, ask yourself why they need it, and only reply if you're satisfied it's necessary to do so and that the query is genuine. Banks are well aware of this fraud, and will never ask you for your account details or passwords etc unless you're the one making contact (for example, with telephone banking).
You should destroy any documents containing sensitive information rather than simply throwing them away - fraudsters often scour residential rubbish bins in the hope of finding such documents.
Credit Cards
Credit cards are as valuable as cash to a fraudster - once they have your details it can be easy to order goods online or over the phone, and while most card issuers will have anti-fraud guarantees, it's a hassle you don't need.
You should inform you bank immediately if you lose your credit cards or cashcards - if they fall into the wrong hands, they can easily be used fraudulently.
Also, if you move home, arrange for mail redirects so that any replacement cards etc are not left hanging around in your old letterbox.
Credit Reports
It's a good idea to keep an eye on your credit file, as any fraudulent activity will probably show up on it (such as applying for credit in your name). Services such as Experian and Check My File make this simple, and could save you a lot of trouble and expense if you spot any fraud in its early stages.
Next: If you're a victim >>>
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