Avoiding Identity Fraud – 10 Things You Can Do

Whether you are an employer in the process of hiring a new employee, a financial institution lending money to a potential customer or a one-income family with a credit card, you may be at risk of becoming a victim of one of the fastest growing crimes in Australia, Identity Related Crime.

With the increasing capability of readily available technology, everyone is at risk of becoming the victim of an identity fraudster.

A recent report conducted by Galaxy Research has found that one in five Australians has had their identity stolen and been the victim of an identity-related crime.

Here are 10 things that you can do to avoid becoming a victim of identity-related crime:

1. Ensure that your mail box is secure and that access to your mail is restricted. This can be achieved at a low cost through the installation of a padlock that can be purchased from a supermarket or hardware. The report stated that 7% of people polled, which equates to a staggering 1.2 million Australians, have had their mail stolen and has also found that those most affected are people aged between 25 and 49.
2. Re-direct your mail when you move house and remember to contact friends, relatives, insurance companies, your bank and other regular mail senders to update your details immediately. Ask a neighbour to collect your mail when you are on holidays or ask Australia Post to hold your mail for the duration of your holiday. A build up of mail is like a green flag to identity-related criminals.
3. If you lose your wallet, notify your bank immediately to cancel any credit or debit cards. You should also make sure that you do not record your Personal Identification Number (PIN) on paper and then keep it in your wallet as this will make accessing your accounts easy if your wallet is stolen.
4. Always verify websites who offer to scan your computer for viruses. In some cases, the software that you download can be used by hackers to collect personal information that is stored on your computer’s hardware.
5. Secure your sensitive or valuable documents such as Certificates of Title or Share Certificates. If you own your house outright (that is your house is not used as security for any loan), take steps to ensure that you Certificate of Title is stored safely. Consider investing in a safe for the storage of sensitive information or speak to one of our team about our Safe Custody.
6. Shred your mail where possible. Many items that you receive in the mail are used to complete identity checks when fraud perpetrators apply for loans or credit cards. This includes items such as bank statements, utility bills (such as electricity bills). You should also destroy expired credit cards (ensure that you cut across your signature as well as the magnetic strip along the back) and driver’s licences.
7. Be aware of the information that you put online, especially birth date information. If you are going away, do not update your status on Facebook as this alerts a fraud perpetrator to the opportunity to steal your mail. Also be careful of the information that you disclose in chat rooms. Even seemingly innocent information, such as your mother’s maiden name can be used to “steal” your identity.
8. Ensure that any financial transactions conducted over the internet are conducted through secured websites to prevent third parties from accessing your account details. If the website is un-secure, your details can be easily extracted/extrapolated.
9. Be aware of when to expect a replacement credit or debit card. If you have requested a new card, ensure that you mail is checked regularly until it arrives. Alternately, make yourself aware of the expiry date on your existing cards so that you can check for the delivery of the new card and follow it up with your bank if it has not arrived when expected.
10. Always remember that victims of identity fraud have the crime perpetrated not only by strangers, but also by people they know and trust. Check your mail for any unusual or out of place information and query it with the sender as soon as possible. If you see a debit transaction on your account statement which you do not recall, contact your bank immediately. If you receive a letter about a missed loan repayment, do not assume it is a mistake, but call to discuss with the sender.

The financial and emotional devastation that Identity Related Crime can cause is not limited to large organisations. The ease with which Identity Related Crimes are being committed effects financial institutions, employers and individuals, irrespective of their level of wealth.

We trust that the 10 steps above will assist you in avoiding becoming the victim of identity-related crime.

Author: Denise Caffrey - Banking & Finance Group [Email]