Credit card fraud may be close to home
By Jayne Warren - 08/05/2007
On May 7th 2007 ITV's "Tonight" programme highlighted the growing number of credit card scams and frauds. Despite the so-called safety of chip and pin, the latest figures from CIFAS, the UK’s Fraud Prevention Service, show that identity fraud is up 12% in quarter one of 2007, compared to the same period in 2006. It's a worrying trend, and is often called the "invisible" crime - in other words, most people only find out about it after it has happened.
But Equifax, a well-known provider of credit information, have a different angle on the problem. They claim that consumers can not only take their own precautions against fraud, but also warn that fraud is often carried out by someone known to the victim. They are therefore urging consumers to be cautious with their personal information.
Neil Munroe, from Equifax said: “The public continue to underestimate the value of their information and the steps needed to protect it. In particular, it’s wrong to assume that fraudsters are complete strangers. Our survey conducted last year highlighted that the risk of ID fraud can be very close to home - in fact 11% said they knew the fraudster, and of these 19% said it was a relative and 14% a neighbour."
These results may be especially worrying for those who rely on friends, neighbours, care workers or relatives to carry out everyday financial transactions, such as paying money into a bank, or handling regular bills.
Munroe added: “Consumers need to take responsibility for their personal information. If you share a communal entrance, consider installing individual mail boxes, or if you live in shared accommodation keep passports, driving licences and other documents under lock and key.
"We advise consumers to obtain a copy of their credit report regularly and check statements and bills for any unusual activity. Fraudsters are always looking for new ways to trick individuals out of their information and it’s up to consumers to make sure it’s as difficult for them as possible.”
For more information on how to protect yourself against credit card fraud, go to the website linked below.