Identity Fraud - Protecting Yourself

A recent report from The Independent newspaper suggests that getting your money back following instances of identity theft can be more than a headache for some.

With the average loss resulting from such a fraud currently standing at £608, the Banking Code, whose subscribers include all current account providrs and the majority of credit card providers, contains a fast track mechanism for the return of your money within around five days. The reality however, is often very much different from that with some customers having to wait many months and to forced to endure a great deal of unpleasant behaviour from the financial institution with whom they suffered their original loss and in addition, a potential plummeting of their credit rating.

The onus of proof still lies with the bank or credit card. This means that if there has been a loss due to a fraud, the financial organisation needs to prove that you were negligent and therefore were partly culpable. In the vast majority of cases this has proved very difficult for the banks and nearly always, the monies are returned but the process can often take much longer than the predicted five days as surprisingly, and even now, the banks do not always have a robust infrastructure for investigating identity theft related fraud.

It can often be worth subscribing to CIFAS, an organistaion dedicated to providing additional security checks when your bank details or credit cards are used. there is a small fee however the additional checks required before you can use the card or bank account in question may significantly reduce your exposure to such fraud.

You should always act fast, contacting the Police and your bank or card issuer immediately and in turn, strengthening your case that you have not been negligent in your actions.

Always use a shredder to destroy any written documents that are not required and that may contain names, addresses, telephone numbers, account numbers, passwords, etc, etc.

If shopping online, always use a secure server connection, ie a website that shows either a padlock symbol to the bottom right of your screen when you surf their site or the following prefix to their web address shown at the top left of your screen - "https://www." .

Never give any private details to anyone over the phone and never respond with such details to unsolicited emails claiming to be from your bank or card issuer.

By following these simple rules of the road, you will dramatically reduce the threat to you of identity fraud and all of the hassle and potential costs and risks to your credit rating along the way.

For more information, hints, tips and support on all matters financial, visit FeelGoodLoans.co.uk

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