Press Release

TAKE PRECAUTIONS TO STOP FRAUDSTERS DAMAGING YOUR ABILITY TO GET CREDIT

Equifax warns of the long term risks of ID fraud as GetSafeOnline reports that UK identities are being sold for £80 online

www.equifax.co.uk

London, 17th November 2008 - GetSafeOnline has today reported that internet fraudsters are selling people’s identities for just £80 – utilising a wealth of information available on the internet. In response to this new research, leading ID fraud expert, Equifax is warning that the implications of ID fraud go much deeper than the initial financial loss and inconvenience.

“What many people still don’t seem to realise is that the impact of ID fraud can have a long-term effect on an individual’s credit history and this could prevent them getting the credit to which they are entitled – and can repay”, confirmed Neil Munroe, External Affairs Director, Equifax. “The reality is that lenders are being much more stringent in their assessment criteria for new credit and loans. So if there is information on an individual’s credit file which is actually nothing to do with them, this will count against them until the ID fraud has been investigated and the fake debts cleared.”

According to the Metropolitan Police, fraudsters only need three key pieces of information to commit identity fraud and many of those pieces of information are willingly given by consumers when transacting online - from full addresses, full names, date of births to national insurance numbers, credit account numbers, etc. “People need to be aware of placing too much personal information online” continued Neil Munroe. “Fraudsters are increasingly finding new ways to extract money or steal an identity so every form of online activity should be considered very carefully. And it’s not just financial services – consumers need to be careful about what they put on social networking sites and ensure they use privacy policies fully.”

To help protect them, Equifax has compiled a simple list of steps to stop personal data being used by the fraudsters:

Equifax Tips to Protect Against ID Fraud Online

Be wary of emails that begin “Dear customer”, rather than using your name or phone calls ‘phishing’ for further personal information.
Your bank will never ask you to reveal your PIN or passwords in full. Don’t reveal these to anyone
Check your bank statements for any unusual transactions
When using online banking, ensure people can’t view your details and log out of the site, rather than just closing the window
Do not use the same PIN number for all of your cards and never write your PIN number down
Make sure you have the latest virus protection that ideally updates hourly and you have a Firewall
Be careful of what you carry around in your handbag or wallet. Credit Card receipts, payslips, driving licence, bank statement, utility bill…these all reveal a lot of information about you and a combination of these can be a fraudsters dream
Apply for a copy of your credit file to look out for any unauthorised activity
Sign up for a service like Equifax Identity Watch to alert you of any potentially fraudulent activity.

Equifax Top Tips for Using Social Networking Sites

Don’t include common verification such as your date of birth or your mother’s maiden name
Set up privacy on your profile so only close friends can view your information
If you are going on holiday or you will be left in your home alone, don’t put it on your site. This could leave you vulnerable to break ins
Potential partners and employers are often searching names on these sites. Don’t put anything on your site which could ruin your chances of a new job or boyfriend/girlfriend
Be wary of anyone you meet on these sites. The photo may be deceptive and they may have different intentions

On-going monitoring of credit information is crucial to protect against identity fraud and Equifax Identity Watch Lite makes this as simple and cost-effective as possible. For just £2.99 per month, Equifax Identity Watch Lite takes the worry away from the individual – they just need to check their credit file if there’s an alert of changes to their file that doesn’t match their own known purchasing and payment activity. This could be a search of their credit file – when they haven’t made any new applications for credit. Or details of a new credit account opened in their name that they know nothing about. To find out more visit www.equifax.co.uk.

ID FRAUD EXPERT AVAILABLE

Neil Munroe, External Affairs Director of Equifax, is available to provide comment on identity fraud and theft. Equifax is a key supporter of National Identity Fraud Prevention Week, which aims to raise awareness of this growing problem in the UK.

Neil Munroe has extensive experience and expertise on the subject of identity fraud. He can provide soundbites on the size of the problem, ways in which ID theft and fraud can take place including the latest trends and give advice on ways consumers can protect themselves from becoming a victim. He also has considerable experience of press, television and radio interviews with appearances on Moneybox, Working Lunch, The Money Programme, BBC Breakfast, Sky and a large number of regional radio stations.

For further press information please contact: Elinor Puzey, Louise Fowler or Cecile Stearn at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: elinor@harrisonsadler.com