WHAT’S IN YOUR WALLET?
Equifax warns of the ID fraud risks men carry in their pockets
London 14th June 2007 – The latest survey from Equifax*, the leading instant online credit information provider has revealed that men are leaving themselves vulnerable to ID fraud from what they carry around in their wallet and pockets. The Equifax survey revealed that 91% of men carry their credit and debit cards with them at all times, compared with 80% of women.
Worryingly 35% of men carry receipts, 11% National Insurance numbers and 69% their driving licence, providing enough information for any would-be fraudster to steal an identity. While many people may argue these items are a necessity in the modern world, Equifax is urging consumers to only carry around what’s vital for the day. Many consumers surveyed keep hold of receipts in case they need to return items, however Equifax stresses the need to keep these safe at home until they are required.
“Our personal information is worth a small fortune” confirmed Neil Munroe, External Affairs Director, Equifax. “Yet, according to our survey, men are carrying around enough information in their wallet to leave them extremely vulnerable to fraud - anything from driving licences, receipts and bank account details. The fact is many fraudsters are opportunists, preying on people who carry all this valuable information around – if a wallet is stolen it might not just be for the cash and quick use of the credit cards. The other information in it could be much more valuable.”
The survey also revealed that 87% of men carry their mobile phone around with them at all times and worryingly some consumers store hard to remember PIN and other important numbers in their phone. This information, combined with credit and debit cards as well as account details and recent transaction information found on receipts is a recipe for disaster if a fraudster gets hold of them.
Munroe continues: “Consumers often have to remember different PIN numbers but storing them in a mobile phone is never a good idea, as this can be one of the first places a fraudster will look. All is not lost however, as 77% of men confirmed they destroyed their number as soon as they received it.”
The Equifax survey also revealed that ID fraud isn’t an age issue. 87% of those in their 40s and 50s admitted to carrying around their credit and debit cards at all times, compared with 75% of people in their 20s. However, 61% of younger people keep receipts compared with just 38% of older people.
What to do if your wallet is stolen
Equifax advises that if someone has their wallet stolen they should take the following steps:
- Cancel all credit and debit cards
- Inform their bank
- Check their bank statements for any unusual transactions
- Obtain a copy of their credit file from a credit reference agency (www.equifax.co.uk)
- Register with a monitoring service such as Equifax Credit Watch, which will alert them of any changes to their credit file.
- They can also notify CIFAS, which runs a Protective Registration service so that a notice can be placed on their credit file informing lenders that they may be at risk of identity fraud. Tel: 0870 010 2091.
Munroe concludes; “Apart from the anxiety and stress caused to victims of ID Fraud, it can take up to 300 hours of phone calls to deal with banks, credit card companies and other lenders in order to get details corrected. This incurs enormous personal time, effort, distress and cost to the victim. Prevention is definitely better than cure. Our advice is that people should only take out with them what they absolutely need for the day, and men should always keep a close eye on their wallet, in order to minimise the risk of falling victim.”
*Survey of 773 Equifax customers
END
Notes to Editors
If you would like more information or would like to arrange an interview with Neil Munroe please contact Cecile Stearn, Claire Foster, Kate Clements or Elinor Puzey at HSL on 020 8977 9132 or email claire@harrisonsadler.com
About Equifax
Equifax Inc. is a global leader in information technology that enables and secures global commerce with consumers and businesses. We are one of the largest sources of consumer and commercial data. Utilizing our databases, advanced analytics and proprietary enabling technology, we provide real-time answers for our customers. This innovative ability to transform information into intelligence is valued by customers across a wide range of industries and markets. Headquartered in Atlanta, Georgia, Equifax employs approximately 4,600 people in 13 countries throughout North America, Latin America and Europe. Equifax was founded 107 years ago, and today is a member of Standard & Poor’s (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX. .
Equifax. Information That Empowers.
