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Identity Theft

What would you do if your credit cards were stolen? If goods that you did not purchase were charged to your credit accounts? If unauthorised credit accounts were opened in your name?

These actions are typical examples of identity theft, where criminals steal victims' identities in order to take over their credit accounts or to open new accounts in their names.

Most of us have never experienced identity fraud and many of us may be unconcerned and believe we're not affected by it. However, identity fraud affects everyone and is on the increase.

The trouble with a successful fraud is that both consumers and lenders are fooled. Although lenders are employing ever-more sophisticated methods to spot fraudsters, people who are targeted by fraudsters often take up to 14 months to realise they are victims of identity fraud.

When criminals buy goods and services on credit using false information, we all pay through higher prices and more expensive credit terms, even if our own accounts are untouched. And when someone is victimised by a particularly successful scam, criminals are more likely to continue cheating others using similar fraudulent operations.

   
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