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SLACK PASSWORD SECURITY GIVES FRAUDSTERS FREE RIDE

Equifax warns consumers to take care with passwords as CIFAS figures show steep rise in Facility Takeover Fraud

London 30th January 2008 – Leading ID Fraud expert, Equifax, has revealed that many consumers are complacent when it comes to the security of their passwords and PINs. Staggeringly, 30% of those surveyed by Equifax* admitted that they store their PIN or password on an electronic device such as PC, phone or BlackBerry, putting them at risk from ID fraud. This research comes as CIFAS** – the UK’s Fraud Prevention Service – reveals that facility takeover increased by nearly 35% in 2007 compared to the previous year.

Facility takeover, otherwise known as account takeover, occurs when the fraudster impersonates a victim in order to ‘take over’ and control one or more of the victim’s existing accounts. Phishing and the divulging of personal financial data such as credit card numbers, bank account numbers, PINs and passwords is key to this fraud which is why Equifax is warning consumers to be more vigilant with their personal data.

According to the Equifax survey, men are more likely than women to store sensitive information on electronic gadgets such as a blackberry, at 32% and 18% respectively. Regionally it is Londoners who are putting themselves most at risk with 25% admitting to keeping their password in this way, while Scottish consumers are much more cautious with just 14% admitting to putting passwords and PINs on electronic devices. In the Midlands and the North East 21% are putting their passwords on phones, laptops and BlackBerrys, whilst only 15% of respondents in Wales and the South West said they would put their password on their phone or PC.

“The proliferation of the internet and electronic devices, designed to improve our lives, appears to have made people complacent about their personal information” confirmed Neil Munroe, External Affairs Director, Equifax. “But the danger of putting this security information on an electronic device is that if it is stolen, fraudsters will have instant access to an individual’s accounts. Many consumers assume that any money spent by criminals will be reimbursed by the banks, but this is not the case if the bank thinks an individual hasn’t kept their password secure.

“Added to this, 45% of respondents admitted they don’t know how to erase a hard drive of their personal information. This means old laptops and PCs present a huge window of opportunity for fraudsters when sold or disposed of. So as they say, one man’s rubbish is another man’s treasure.”

Both young and old are guilty of keeping passwords and PINs on mobile devices and PCs, with 31 to 35 year olds most likely to do this at 22%. The next group leaving themselves at risk is 26 to 30 year olds at 20%, with just 17% of 41 to 50 year olds using technology to back up their memory.

Equifax is urging consumers to take more care with their personal information, as phones, laptops and blackberries are easily lost, as has recently been proven with a number of high profile cases of lost computers and disks. “With 90% of respondents to our survey using the internet for their banking and 91% for shopping online, a fraudster only needs to get their hands on a laptop or PC to gain access to a multitude of accounts and passwords.

“People should think twice before storing security information on an electronic device. However, if they do, it is essential that they remove all their data before disposing of old PCs, phones and laptops. When it comes to personal information, it’s finders keepers as far as fraudsters are concerned.”

ENDS

* Equifax survey of 739 customers (September 2007)
** CIFAS 2007 figures

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

About Equifax

Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.

Customers have trusted Equifax for over 100 years to deliver innovative solutions with the highest integrity and reliability.  Businesses – large and small – rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more.  We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being.

Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately 6,900 people in 14 countries through North America, Latin America and Europe. Equifax 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.