Identity Crimes Research Shock
Identity Crimes Research Shock.
Veda Advantage research shows 3.8 million Australians affected by identity theft.
New Veda Advantage research into identity crimes has revealed that 3.8 million Australians, or 23% of the population, have been affected by identity theft and more than half (57%) of those affected by fraud have done nothing to protect themselves from a future attack.
Veda Advantage is concerned about the affects of identity theft on Australian families, and urges people to be more alert, and to mind their identity.
The national telephone survey conducted by Galaxy Research for Veda Advantage, the largest custodian of credit-related information in Australia, found that despite the growing concern of identity crimes, 70% of Australians have not taken even simple measures, such as shredding documents, to protect themselves from identity crimes.
Young people aged between 16 and 24 were the least likely to protect themselves from identity theft, with nine-out-of-ten not taking any measures to protect themselves.
Erica Hughes, General Manager of Information, Services and Solutions, urges Australians to pay attention to the threat of identity theft. “The research suggests many people are currently having their identities stolen, leaving themselves open to people applying for loans and credit cards in their name.”
“What is even more alarming is the lack of concern, with 70% of the population not doing anything to reduce the incidence of identity crimes. Simple measures such as shredding documents, and cutting up credit cards can reduce the risk and threat of identity fraud. We recommend adult Australians to regularly check their credit file to find out if there are any applications for credit that may have been made without their knowledge, or to sign up for a credit alert system that notifies them via email whenever their file is obtained, such as when someone applies for credit in their name,” she said.
Every time an application for new credit is made using your identity and the credit provider obtains a copy of your credit file, your file is updated to reflect that application. By staying alert to any changes to your file you may be able alerted to whether your identity has been stolen and is being used to fraudulently obtain credit.
Erica Hughes suggests the following 10 step plan to help you to safeguard your identity:
1. Shred any paperwork such as bank and credit card statements, phone bills and gas/electricity bills that contain your personal details or account details before throwing away.
2. Store cards and personal ID items, such as student cards, passport and driver’s licence in a secure place.
3. Know what is on your credit file and regularly monitor your credit file – see below for information on credit files. Every Australian with a credit file can request the My Credit Alert service which provides real-time notification of any changes to the file.
4. Contact your financial institution immediately if your cards or account details are lost or stolen. If your wallet is stolen remember to cancel club membership cards, your drivers’ and other licences, as well as your bank and credit cards. File a police report straight away.
5. Keep your Personal Identification Number(s) confidential and separate from your card and never disclose your Personal Identification Number(s) to anyone.
6. Make sure that all old cards are properly destroyed before they are put in the rubbish. Cut old cards across the signature and magnetic strip, and sign new cards as soon as they are received.
7. If you move house make sure you update your address details with all companies that may send you mail, from banks to health insurance and phone companies.
8. Your digital identity is also important. Make sure you don’t give out personal information, including your address, mobile phone number and complete birthday on open environments such as social networking sites as this information can also be collated by fraudsters. Also change your passwords regularly.
9. Always use secure transactions when banking online, and don’t open any attachments in emails that imply they are sending you to a bank’s site – type the bank’s URL directly into the computer to help ensure safe transactions.
10. If you think your identity has been stolen, contact the police, then your credit provider(s) if you discover that your identity is being used by another person. Keep notes of all your conversations with these bodies, including names, dates and contact numbers.
Ms Hughes said that identity fraud is becoming increasingly more problematic, affecting more and more Australians. The study showed that 23% of people had been affected by identity theft, which is why we are working closely with the government and the business community to help minimise the impact of fraud on Australian society and the economy. We encourage individuals to take their own vigilant stance against the theft and subsequent use of their details including by regularly monitoring their credit records.
“Every day, thousands of changes are made to individual credit files. These can include new enquiries made by finance companies, new address, occupation and other personal details and adverse information such as payment defaults, judgments and bankruptcies.”
“By setting up a My Credit Alert, every time any information is added to your credit file, you will receive an electronic report advising you of who has obtained a copy of your credit report or changed your personal information, and the details of those changes,” said Ms Hughes.
To find out more about Veda Advantage visit www.vedaadvantage.com.
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For more information please contact
Sally Robertson: 0400 927 003 or 02 9270 0233
About Veda Advantage www.vedaadvantage.com
Veda Advantage has been at the forefront of the information business for many decades. Issues such as privacy, data security, fraud and business intelligence have been part of our commercial landscape since the inception of both our company and our industry. Veda Advantage holds the country’s largest database of credit files for more than 14.5 million credit-active Australians. The vast majority of applications for credit in Australia are checked against the files held by Veda Advantage – protecting business from financial risk and ensuring consumers are only offered products that fit their risk profile.
You can apply for a copy of your credit file at www.mycreditfile.com.au or by calling 1300 762 207. A $27 express delivery service fee is payable if the file is needed urgently, or otherwise the file will be available within 10 working days.
About the Galaxy Research Study: The Galaxy Research study was commissioned by Veda Advantage. It was a national telephone survey with a sample of 1100 respondents aged 16 years or older distributed throughout Australia, and weighted to the national population to ensure that age, gender and regional quotas were supplied to the sample to reflect the latest ABS population estimates. The study was conducted on the Galaxy Omnibus on the weekend 29 February to 2 March, 2008.
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Purpose of Veda Advantage media releases:
Veda Advantage media releases are intended as a contemporary contribution to data and commentary in relation to consumer credit activity in the Australian economy. The information in this release is not intended to provide guidance or commentary as to Veda Advantage’s financial position nor does it constitute legal, accounting other professional financial advice. The information may change and Veda Advantage does not guarantee their currency or accuracy.
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