ID FRAUDSTERS TURN HOUSEHOLD RUBBISH INTO GOLD
MyEquifax warns that some councils are not excepting shredded paper for recycling as Tonight with Trevor McDonald highlights bin-raiding
London 12th July 2005 - Last night ITV’s Tonight Show presented by Trevor McDonald highlighted the issue of consumers leaving personal information in their bins, therefore putting them at risk from ID fraud. However, recent research from MyEquifax.co.uk, the instant online credit information provider, reveals that there could be a conflict between the pressure to recycle and the need to protect against ID fraud by shredding personal documents.
MyEquifax contacted 96 English councils - 29% said that they do not collect shredded paper for recycling. And of those councils that do accept shredded paper, over 13% required it to be separated from other paper waste. And the pressure will increase, as by March 2006 up to 25% of household waste should be recycled to meet European targets.
Neil Munroe, External Affairs Director of MyEquifax comments, “The programme highlighted the fact that fraudsters will go to any lengths to obtain personal finance documents. It is therefore essential that consumers shred documents such as bank statements, bills and direct mail. Leaving sensitive material intact when recycling is an open invitation to fraudsters and is like giving them a gold credit card. A bank statement or electricity bill provides enough information for them to take a person’s identity and rack up huge amounts of debt in the victim’s name. It is therefore vital that consumers continue to shred documents to protect themselves against ID fraud, especially as so many recycling bags and boxes are left outside houses, often for more than a day before they are collected”.
Tyron Hill, Senior European Product Manager of Fellowes, leading shredder manufacturer, adds, “I think people will be surprised to learn that everyday documents that are thrown away can be pieced together to make a fraudulent transaction. It is more important than ever that people invest in a shredder and ensure any documents that contain details of financial transactions or personal information are shredded before they reach the recycling bin.”
Munroe concludes, “A recent survey* revealed that a quarter MyEquifax customers have already been victims of ID fraud and over two thirds are concerned that they may be at risk from identity fraud. It is now one of Britain’s fastest growing crimes and costs the economy £1.3 billion a year. False identity and impersonation fraud has increased by over 600%** in the last 5 years, and 120,000 cases were reported in 2004 alone. The real issue is if consumers stop shredding items such as statements and receipts but continue to recycle, they may fall victim of ID fraud.
To help consumers protect themselves from ID Fraud MyEquifax has launched Equifax Credit Watch™, the ultimate tool to prevent identity theft and help consumers with their financial management. Equifax Credit WatchTM monitors an individual’s credit report and alerts them to any changes as soon as they happen. The service is designed for anyone concerned that they might be at risk from or targeted by identity thieves.
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MYEQUIFAX TOP TIPS ON HOW TO DISPOSE OF PERSONAL
INFORMATION
For further information on recycling shredded paper contact the national Recycle Now helpline on 0845 331 31 31. For further information on where to buy a shredder contact Fellowes on 01302 836 836 |
Equifax Credit Watch™ is available in two levels of service:
Gold Service
- £59.99 a year or £6.50 a month
- First 30 days free for annual subscribers
- Daily alerts on any changes to a consumer’s credit file provided by email and/or SMS
- The changes to the credit file include searches made when a credit application is conducted in an individual’s name, changes to credit account balances, amendments to electoral roll information, the addition of County Court Judgments, etc
- Unlimited copies of an individual’s Equifax Credit ReportTM ensuring that they can fully understand the information that is affecting their credit status
- Interactive facilities already established for the Equifax Credit ReportTM also mean that a consumer can initiate a dispute or query any information on their credit file online, instantly
Silver Service
- £44.99 a year or £5.00 a month
- Alerts consumers on a weekly basis with any changes to their credit file by email
- One free Equifax Credit Report™ when the subscription is started
Both levels of the Equifax Credit Watch™ service provide the consumer with a monthly ‘no news is good news’ message, if there has been no activity.
Instant access is available, online at www.myequifax.co.uk
ENDS
For just £11.75 consumers can obtain a copy of their Credit Rating, which includes their Credit Report, instantly, online at www.myequifax.co.uk
If you are looking for commentary on this subject, Equifax can provide consumer credit information experts who have extensive experience on this issue.
If you would like to arrange an interview please contact Cecile Stearn, Sarah Samee, Claire Foster or Wendy Harrison at HSL on 020 8977 9132 or email cecile@harrisonsadler.com
*MyEquifax surveyed a base of 2,300 consumers
** Figures from CIFAS
