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One Of The Fastest Growing Crimes In The World Today; What Is Identity Theft?

By
Mike Canavan
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One Of The Fastest Growing Crimes In The World Today; What Is Identity Theft?

As we rely on the Internet in cyberspace for almost everything these days, the fastest-growing crime in the world today… What is identity theft? Please take this seriously. It can happen to you. I have three close friends, who’ve have been the victims of this heinous crime, and they lost hundreds of thousands of dollars between them.

Identity theft is when someone takes and uses your personal information such as name, address, date of birth or mother’s maiden name to commit theft. With enough personal information, thieves can:

  • Withdraw money from your bank accounts, including by internet and over the phone.
  • open new bank accounts in your name such as cheque and credit card accounts.
  • establish home phone or mobile phone accounts.
  • Take out mortgages and car loans.
  • Damage your credit rating.
  • Commit crimes under your name.
  • file for bankruptcy under your name to avoid paying debts.

How can someone steal my identity?

Identity thieves can access your personal information by:

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  • Stealing personal information from your home.
  • Getting information from businesses or institutions by:
    •  stealing records from their employer
    •  bribing an employee who has access to the records
    • conning information out of employees
  • hacking into the organisation’s computer systems.
  • obtaining information from you on the Internet or via email by posing as a company with whom you have a relationship, known as phishing.
  • Going through rubbish outside your home, businesses, or local authority tips.
  • obtaining credit reports by posing as a landlord or employer.
  • Stealing wallets and purses.
  • Stealing mail from your letterbox, including bank and credit card statements, utility bills, chequebooks, or tax information.
  • Completing a ‘change of address form’ to divert mail to another location.
  • obtaining information directly from you by posing as a legitimate businessperson or government official.
  • Internal data compromise within companies.

What is identity theft? Identity Theft Definition

What is identity theft, and how can you protect yourself against it?

If you become a victim of identity theft, you could end up with big bills, a bad credit rating and on average, 400 hours of work to sort everything out! It pays to reduce your risk.

Protecting personal information

  • Lock all personal documents somewhere safe when not using them.
  • Don’t carry personal information outside your home unless you really have to.
  • Ensure you have a secure lockable letterbox.
  • Tear, cut up or shred all old records, files, bills, expired credit cards or other cards before putting them in the bin.
  • Don’t respond to suspicious mail or email.
  • Don’t store personal details on mobile phones.
  • Avoid giving personal or financial information over the phone.
  • Install caller ID on your phone and record the numbers of unusual calls.
  • Check your credit statements monthly and your credit file every six months.

The Top 5 Identity Theft Pitfalls and How to Avoid Them - Debt.com

Protecting personal information on your computer

  • Use passwords and access controls.
  • Avoid giving out personal information over the Internet.
  • Never click on a link or open an attachment in an email from someone you don’t know and trust.
  • Regularly install and update anti-virus protection software.
  • Avoid using public computers to access your personal information.
  • Beware of emails supposedly from your financial institution asking you to confirm personal or financial information.
  • Protecting your personal financial information
  • Order a copy of your credit report regularly.
  • Check your billing and account records carefully. Do not give your personal or financial information to anybody you have not initiated contact with.

How can I tell if I’m a victim of identity theft?

Some indications of identity theft may include:

  • Failing to receive monthly statements, bills or other mail. This could mean an address change by the identity thief.
  • Receiving cards or billing statements for accounts you didn’t apply for.
  • Receiving calls from debt collectors or companies about merchandise or services you didn’t buy.
  • Having an application for credit (home loan, personal loan, credit card) declined when you believe you have a good credit history.

What do I do if I’m a victim of identity theft?

  • Contact your bank immediately. Many bank credit cards have safeguards to protect your identity by continuously monitoring your card, for any suspicious activities.
  • however, in the unlikely event that you do become a victim of identity theft your bank can help. Many provide personal support and advice through the process of reclaiming your financial identity and re-establishing your credit. Simply call them and one of their knowledgeable Customer Service Representatives will guide you through the following steps:
  • 1. Immediately inform the police
  • All incidents of identity theft should be reported to the police even if only small sums are involved. Ask for a copy of the police report – most banks or other financial institutions will ask you for a copy.
  • 2. Alert the Bank and other financial institutions
    (if applicable)
  • Cancel all cards and close all accounts that may have been breached. Ask for new cards and accounts with new Personal Identification Numbers (PINs).
  • 3. Get a copy of your credit report
  • Inform the credit reporting agencies that you are a victim of identity theft (see Important Contacts section). Ask that an alert be placed on your file to stop additional fraudulent accounts being opened in your name.
  • 4. Review your credit report carefully ensure you can authenticate all ‘enquiries’ made into your credit history. Contact all companies and organisations that have made enquiries under your name that you did not authorise.
  • 5. Close all unauthorised accounts. Contact the credit providers and businesses with whom any unauthorised accounts have been opened in your name. Remember, this includes phone and other utility providers and department stores as well as financial institutions. Inform them you have been a victim of identity theft and ask them to close the fraudulent accounts.
  • 6. Keep all documentation
  • Take notes that include dates, names, contact details and what was said with agencies you contact. follow up all conversations and requests in writing and send these by certified mail if you need to post them. Keep copies of all forms and correspondence. you can find sample copies of complaint letters in ASIC’s ‘how to complain’ booklet available at www.fido.gov.au.
  • 7. Report loss or theft of documents to the relevant government or private sector agencies
  • Passports – Department of foreign Affairs and Trade (DFAT)
  • Drivers Licence – your State/Territory Roads and Traffic Authority (RTA)
  • Credit/Debit cards – your bank or other financial institution
  • Mobile Phone – your telecommunications provider further information on how to prevent and respond to identity theft is contained in the Australian Government’s National identity theft kit. This is available at www.crimeprevention.gov.au under information resources, or by calling
    (02) 6250 6711.

Fighting Back Against Identity Theft

Resolving identity theft-related credit problems

  • Resolving credit problems resulting from identity theft can be time consuming and frustrating. The good news is that there are procedures in place for correcting credit report errors and billing errors, and for stopping debt collectors from contacting you about debts you don’t owe. You have a right to challenge the accuracy of all entries on your credit report and the credit bureau has a legal obligation to investigate every query raised.

Important information and contacts

Police, identity theft should be reported immediately to your local State or Territory police.

Credit Bureaus

General information and fraud prevention bodies

  • The Department of Foreign Affairs and Trade (DFAT)
    Tel: 131 232 if your passport is lost or stolen within Australia, www.passports.gov.au
  • If your passport is lost or stolen while you are overseas, report to the nearest Australian diplomatic or consular mission.
  • The Australian Crime Commission, Tel: 1800 088 225 www.crimecommission.gov.au
  • Crime Stoppers, Tel: 1800 333 000 mainland Australia or 1800 005 555 in Tasmania. www.crimestoppers.com.au
  • Centrelink fraud Tip-off Line: 13 15 24 Report a suspected fraud online: www.centrelink.gov.au

Further information:

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