press release

THE MILLIONS of Child Benefit claimants whose personal and financial details have been lost in the post must check their bank and credit card statements regularly to ensure they haven’t been targeted by fraudsters, advises financial data comparison site Moneynet.co.uk.

“This unprecedented level of risk should be taken as a wake-up call for all consumers,” says Moneynet.co.uk chief executive Richard Brown. “ID fraud is a thriving business these days and if these personal details do fall into the wrong hands it could spell trouble for thousands of people.

“Checking statements once a month or just when a paper copy arrives in the post simply isn’t often enough anymore – everyone needs to take responsibility for their own security if their finances and identity are to be kept safe.”

Whilst the Child Benefit Agency discs are still unaccounted for, the serious risk of complete identify theft is very real and the effects of this may not surface until sometime in the future. But there are a few simple steps that everyone can take to minimise the chances of having their finances drained by thieves.

• Check bank statements regularly– take the time to read every entry and look out for any unusual transactions. Fraudsters don’t always take large sums, a few smaller amounts are less easy to spot but the end result can be the same. Anything that can’t be identified should be reported to the bank or building society.
• Keep cards where you can see them– never allow anyone to take your card away to process payment. You’ll never know whether your details have been taken and stored for future use.
• Change passwords and PIN numbers regularly – this is especially important if your passwords or PIN numbers are related to other personal information such dates of birth or children’s names. Armed with mountains of personal information, it’s easy to see how fraudsters could attempt to guess passwords so the here is ‘the more random the better’.
• Never write down your PIN – sounds obvious but whilst it’s difficult to remember several PINs, it’s just not worth keeping them on paper.
• Shred everything that carries personal information– not just bank statements but bills and receipts too. Fraud is very sophisticated and all information can be used to build a plausible identity.
• Check your credit report regularly – Companies such as Experian and Equifax can provide you with copies of your credit report so check it regularly for evidence of loans or credit cards taken out in your name. If you spot anything untoward you should notify the product provider and also tell the police.
• Beware of hoax emails or telephone calls – fraudsters often operate by pretending to be financial institutions asking you to confirm your personal information. No financial institution will ever ask you to confirm your personal details in this way so be alert to hoax attempts to extract this information from you.

“This couldn’t have come at a worse time, with Christmas shopping producing a massive increase in the number of financial transactions every day,” says Brown.

“However, a few simple steps could help to protect personal finances and mitigate damage even if these details do fall into the wrong hands.”

* BBA/BSA data, April 2007