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Your identity is a valuable commodity - you need it to function in everyday life. You need evidence of who you are to open bank accounts, obtain credit cards, finance, loans and mortgages, to obtain goods or services, or to claim benefits.
In 2009, CIFAS identified over 100,000 cases of identity fraud. However, it is the wider effects of identity fraud that are the most damaging, namely using the information taken in the act of identity theft to obtain cash, goods or services.
Identity fraud is one of the fastest-growing crimes in the UK – the government estimates that it costs the country £1.7 billion a year. So what do you do if you become a victim?
Almost every week, a scare story about identity fraud makes news, with stories of victims losing their savings, their homes or their businesses to criminals who have impersonated them – and cleaned them out.
Fortunately, most people are not hit so hard. Research by the Victims of Fraud service at Experian, shows that the average losses range from almost £2,000 on a credit card to more than £7,000 on a current account.
But the disruption suffered by those whose identities have been stolen and misused is often devastating. Victims of Fraud has found that it can take up to 500 hours of work to sort out the mess. In the meantime, the victim often finds it impossible to get a credit card, loan or mortgage – which is a major inconvenience for most people
In an attempt to tackle the problem, the government has launched a campaign to warn us of the dangers, help us to keep our identities safe and offer us advice on what to do if we become victims – visit www.identity-theft.org.uk for more information.
Identity theft takes place when a criminal gets hold of enough personal and financial details to impersonate you. Common methods include raiding your rubbish in search of discarded documents such as bank and credit card statements, stealing personal documents such as passports, or intercepting your post.
Theft turns to fraud when someone uses those details to get money, goods or services in your name, often by taking out loans and credit cards and running up debts that they have no intention of repaying.
Research by Experian has shown that it takes an average of 539 days to discover that you have become a victim. Alarm bells often ring only when you are pursued for a debt you knew nothing about, or perhaps when your post goes missing.
Therefore, the most effective way to protect yourself against Identity Fraud is to enable your very own Identity Alarm.
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