One of the most common ways that people have their money stolen is by identity theft.
Cases have soared more than 500% over the past five years and it is now estimated to cost businesses about £1.3bn a year in the UK alone.
Criminals pretending to be you using your personal details can apply for cards and loans but a few simple measures can help prevent this. To make sure that you don’t become a victim of identity theft follow our top tips.
Tips to avoid identity theft
1. Don’t let your card out of your sight
2. Never leave your card out in a place where your details can be copied
3. Watch what is happening when you are making a transaction
4. Ask the retailer to confirm the amount being debited from your card
5. Keep all your receipts from transactions, or if you destroy them ensure your
card details cannot be pieced together from the fragments
6. Never reveal your passwords or Pin to anyone. When you receive your new Pin
for your card do not write it down and keep it anywhere near your card. If you
change your Pin or password, make sure they are all different. Also, don't use
your birthday, phone number or other obvious passwords.
7. Ensure no-one can see you enter your PIN into an ATM or card reader
8. Never carry a chequebook with your cards
9. Report lost or stolen cards immediately
10. Check your statements carefully
11. Check your credit report frequently. This is the most effective way of identifying
fraudsters using your ID.
12 Shred statements, bills and direct mail. These contain vital personal information.
And finally, when you move home redirect your mail to your new address by contacting the Post Office.
Remember it can take around 300 hours to sort out the problem of identity theft so prevention is a far better solution.
Alternatively to following the above steps you can sign up to CreditExpert and instantly protect yourself from identity fraud. CreditExpert alerts you every time someone applies for a financial product in your name, it also shows you your full Experian credit report. What’s more you can trial it FREE for 30-days.
