STUDENTS AND THE ELDERLY COULD BE MOST VULNERABLE TO ID FRAUD
MyEquifax Warns ‘Thin File’ Consumers Are Being Targeted By Fraudsters
London 25th February 2005 - www.myequifax.co.uk, the instant online credit information provider, is warning that ‘thin file’ consumers may be most at risk from ID Fraud.
According to CIFAS, the UK’s fraud prevention service, there were 120,000 cases of Identity theft in 2004. MyEquifax believes ‘thin file’ consumers could be the prime target because they are not very credit active and do not make many applications for new credit. Consumers often find out they have been the victim of identity fraud when they apply for credit and are refused or when they obtain a copy of their credit file. However, because ‘thin file’ consumers aren’t making many credit applications, fraudsters can steal their identity with less risk of the fraud being discovered in the short-term.
’Thin file’ consumers, who are less credit active and have less credit information include youngsters from 18-20 years old, who have not yet had a chance to develop a credit history. The older generation – from 60 onwards – are also likely to have thinner credit files. Other ‘thin file’ consumers include the disabled and those who have been institutionalised in recent years and wealthy consumers who don’t need credit.
Neil Munroe, external affairs director, Equifax, comments, “A number of customers contact us when they have been refused credit. They then find out that they have had their identity stolen. ‘Thin file’ consumers are at more risk because they don’t have active credit accounts and don’t regularly check their credit file. We have also found that the older generation can be more trusting with their data. They will often give away confidential information to fraudsters when they are ‘phishing’ for data.”
www.myequifax.co.uk Top Tips for Thin Consumers
- Check your credit report frequently. This is the most effective way of identifying fraudsters using your ID.
- Shred the documents that contain vital personal information, such as statements, bills and direct mail.
- When you move home redirect your mail to your new address.
- When you receive your new PIN for your credit and debit cards do not write it down and keep it anywhere near your card. Try to remember it and do not disclose it to anyone.
- Beware of disclosing confidential personal and financial information to strangers face to face, on the telephone or on the Internet.
- When you go out leave all unnecessary credit cards and identification at home.
- Always check bank statements and credit card statements against receipts carefully. If you find any unfamiliar transactions contact your bank or credit card company immediately.
If you think you have been a victim of Identity Theft you should notify CIFAS, which runs a Protective Registration service and a notice will be placed on your credit file indicating that documents have been stolen and that you may therefore be at risk of identity fraud. Tel: 0870 010 209.
For just £11.75 consumers can instantly obtain a copy of their Equifax Credit Rating, which includes their Credit Report, 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.
To arrange an interview please contact either Cecile Stearn, Claire Foster or Sarah Samee at HSL on 0208 977 9132 or email cecile@harrisonsadler.com
