WATCH OUT FRAUDSTERS, THERE’S A NEW ACT IN TOWN
New Fraud Act Welcomed by Equifax
London 17th January 2007 - A new Fraud Act introduced this week which will provide real teeth in the fight against identity theft has been welcomed by leading credit information provider, Equifax. The so-called victimless crime, which in 2006 claimed over 50,000* victims, has finally been recognised for the distressing and time consuming crime that it is.
"The new Fraud Act should make things harder for criminals to commit ID Fraud" confirms Neil Munroe, ID Fraud expert at Equifax. "The law will mean even if a victim does not report a crime, the actual act of using someone else's identity will be treated as a criminal act".
Though most people are reimbursed by their banks it can take months or even years for the victims to clear their names. A recent Equifax survey showed that it can take over 300 hours of phone calls to correct the problem.
Equifax's Credit File Advice Centre has heard from thousands of ID fraud victims, many of whom have expressed how frustrating it is that the perpetrator is not brought to justice. In fact a recent survey from Equifax revealed that 94% of consumers questioned felt that more needed to be done to deal with ID fraud.
To further help in the fight against ID theft, there are a number of services consumers can sign up to. Equifax's monitoring service which will alert consumers to any fraudulent activity in their name. If consumers have already fallen victim to the crime they can sign up to the Protective Register. This means that a notice will be placed on their credit file indicating that data has been stolen and that they may therefore be at risk of identity fraud.
Munroe concludes "Hopefully with the new Fraud Act and other measures undertaken by the credit industry it will provide peace of mind to both victims and those who worry about falling victim. And let's hope it will also work as a deterrent to other would be fraudsters".
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*Figures from CIFAS 2006
Instant access is available to Equifax services online at www.equifax.co.uk
Equifax Credit Watch monitors an individual's credit report and alerts them to any changes as soon as they happen. For just £7.50 a month, individuals will receive daily alerts by SMS or email on any changes to their credit file. This includes whenever searches are made for a credit application in their name, changes to credit account balances, amendments to electoral roll information, the addition of County Court Judgments, etc. They will also have access to unlimited copies of their Equifax Credit Report ensuring that they can fully understand the information that is affecting their credit status.
Equifax operates the Protective Registration Service on behalf of CIFAS, the UK's Fraud Prevention Service. Anyone affected by this incident can contact Equifax on 0870 010 2091 and a notice will be placed on their credit file indicating that data has been stolen and that they may therefore be at risk of identity fraud. There is a one-off cost for this service of £11.75.
