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According to a recent report by security software firm, Symantec, fraudsters are bartering personal ID data online for less than the price of a can of cola, although bank account details can sell for as much as £675 per person.
But this is a small price to pay considering what can then be done with this information.
With the report flagging the growing strength of the underground ID fraud economy, leading ID fraud expert, Equifax, is advising consumers to not only think about what data they put online, but also being as proactive as possible in protecting their identity.
Neil Munroe, External Affairs Director, Equifax, says "The advice to be extra vigilant about what information is held about you online and what you give away online is absolutely crucial. But we also feel that consumers need to be more proactive in checking their personal data on a regular basis - which they can do by checking their credit report."
He added, "With all the media attention on ID fraud, it is still surprising that people don't realise how little information fraudsters need to be able to open accounts... and rack up huge debts, leaving the victim to foot the bill."
It can take many many hours to get accounts revised if a fraudster has stolen your identity - and during that time it could prove very difficult to get new credit or loans.
Equifax tips to protect against ID fraud:
• Apply for a copy of your credit file to look out for any unauthorised activity
• Shred statements bills and direct mail which contains personal information
• Redirect mail if you move
• Keep your PIN secure
• Always check bank statements and credit card statements carefully against receipts
• Be careful of what you carry around in your handbag or wallet. Credit Card receipts, payslips, driving licence, bank statement, utility bill…these all reveal a lot of information about you and a combination of these can be a fraudsters dream
• When using online banking, ensure people can't view your details and log out of the site, rather than just closing the window
• No matter how much you trust your friends, work colleagues, do not give out your PIN number under any circumstances
• Do not use the same PIN number for all of your cards and never write your PIN number down
• Use the privacy settings on social networking sites
• If you are disposing of an old computer, make sure you destroy information on the hard drive
• Make sure you have the latest virus protection that ideally updates hourly and you have a Firewall
To view your personal credit information that lenders are currently basing their credit decisions on, apply now for a free online credit report. Click here for a free 30-day trial and a free copy of your Experian credit report
