Identity Theft - Things You Need To Know

WE ALL leave documents with personal information such as bank account details or ID numbers lying around or throw them in the dustbin. And that is all the information thieves need to start wreaking havoc with your financial standing.

Identity theft is pandemic globally but we don’t realise he have been stung until we apply for credit and find we have a judgement against an account we never opened. Billions are lost annually to various types of identity theft, including true-name fraud and impersonation. True-name fraud is when a thief makes use of your personal information to open accounts or take over existing accounts. Criminals set up a hub from which they replicate your identity, provide proof of residence, employment and even bank statements when they apply for credit in your name. When the credit provider does the required checks it is easy for them to verify the fictitious information.

As a victim of identity theft, you are left to rebuild your financial standing and rehabilitating your identity. But there is a lot you can do.

• Keep your information safe
• Shred documents
• Lock away your identity documents
• Don’t give out personal information on the phone, mail, or over the internet unless you know who you’re dealing with.
• Never click on links sent in unsolicited email messages
• Use firewalls, anti-spyware, and anti-virus software to protect your home computer – and keep them up to date
• Don’t use an obvious password.
• Monitor your credit profile.

Your credit report holds a trail of all the credit activity performed in your name. This information can hold the key to identifying, preventing or stopping identity theft. If you find enquiries you did not initiate or telephone numbers and address information you have never used, this could be the first sign your identity has been compromised. Syndicates will use the “central hub” telephone numbers and addresses when applying in your name. Credit bureaus and providers like Kudough will send you alerts to changes on your credit profile, such as enquiries and the opening of accounts. Kudough has gone one step further by creating the only online identity theft manager which rates your identity risk all the time. The intelligent system asks you questions based on the information across three credit bureaus and the variances it finds in the categories of personal information, account information, address risk and contact risk. Once a risk is detected you have 24-hour access to the legal assistance line.

BACK TO SUB CATEGORY LIST