Keeping your identity just for you
By Sonia Speedy
Identity theft is a growing problem overseas and is increasing in Godzone as well. As a result, everyone needs to be on guard when it comes to protecting their personal details, or risk dealing with the fallout. Identity theft is when a criminal gets hold of someone else?s personal details and uses their identity to commit theft or fraud. This could be by getting a loan or opening a credit card account in that name; by getting benefits or pensions; or even buying and using a mobile phone that someone else will be billed for. It also includes counterfeiting or ?skimming? credit cards (when a credit card is swiped through an electronic machine that records all its details) and gaining access to someone else?s existing bank accounts. Putting right what an identity thief puts wrong can be a very costly and time-consuming exercise and can badly impact your credit rating. Estimates in the UK suggest identity theft costs its economy around ?1.2 billion ($NZ3.04 billion) a year and with a 40 per cent increase seen there between January and March this year, it seems fraud and recession may go hand-in-hand. When it comes to online fraud, under the NZ Bankers? Association Code of Conduct, banks will reimburse any losses if it is due to a security breach of their internet banking system, or any lack of reasonable care on their part. Individual banks can then choose to offer greater protection if they wish. For example Westpac commits to fully reimburse victims of online fraud that occurs when using its online banking services. However, for a consumer to have the best chance of being reimbursed in any identity theft situation, they need to be able to show they have taken the utmost care with their personal details. Here are some tips from the NZ Police and Neighbourhood Support to help keep your identity ? and your cash and credit-rating - safe: Keep your personal information secure. Criminals will rummage through rubbish bins looking for information they can steal and use fraudulently, so shred or burn any documents that contain personal information before you put them in the bin. This includes things like bank and credit card statements and utility bills. Have a clean out in your wallet and just carry the cards and identification that you actually need. Be careful who you give out personal information to - whether it is in person, over the phone, or over the internet. Check your bank and credit card statements for any transactions you do not recognise. Secure your letterbox. Regularly check your credit report for anything suspicious. If think you have become a victim of identity theft, contact your local police and your bank or credit card provider straight away. This information is of a generic nature and does not constitute financial advice. No liability will be accepted for losses following on from its use.
