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Losing identity, losing cash; 20% of identity fraud victims are not reimbursed according to shock statistics
If the recession wasn’t bad enough, some people have to endure further financial turmoil in the form of identity fraud. With Internet shopping booming and more and more people on the lookout for bargains, some websites are cashing in on opportunities to steal the identities of those who are vulnerable and increasingly, more fraudsters are beginning to get away with it.
According to a survey by the Card Protection Plan in April 2009 (also known as Creating Profitable Partnerships), 10% of British consumers were unable to identify over 20% of the transactions they made in a month, meaning that some people may even struggle to know whether or not they have been affected. Statistics like this are beginning to prove that in some cases, identity fraud is too easy to commit.
There are more statistics to add insult to injury, out of those people who were victims of identity fraud; only 80% got their many back – with some estimates predicting £120 million of cash being lost because victims of ID fraud were unable to claim their money back.
Some of the people who couldn’t receive reimbursements for their losses include people who were not protected under the Banking Code for being too careless and people who simply could not gather the proof needed to make a claim.
With some data putting the amount of Britons targeted for ID fraud at 25%, experts are urging consumers to be more cautious about how they handle their personal data online and in their own homes. With even the simplest of personal information available online offering potential to be used and nearly four-fifths of people having intimate, un-shredded documents in their household waste on a regular basis, the odds are being stacked against the consumer.
UK consumers can find solace in appropriated steps they can take to become protected from the life-changing implications ID fraud can bring. Whether all online shopping is carried out through e-Commerce websites such as PayPal, a shredder is purchased for paper documents or anti-virus software is bought for the computer, little steps can make a big difference in how protected you are.
There are some adverse credit credit cards which offer fraud protection, giving a little peace of mind when making purchases with the plastic. For instance, Capital One offers a free subscription to a dedicated ID Fraud Alert service. Many people are simply registering with the card to get the protection, which not only covers the Capital One card itself, but all credit and debit cards. A dedicated hotline set up by the company is giving one-on-one assistance to people who are struggling to recover from being victimised, which can help in difficult situations.
Identity fraud can be like a minefield and the key to getting through unscathed is to make sure that you tread carefully. Sometimes, it can be worthwhile asking yourself this: if I became a victim of identity fraud tomorrow, would I be the one liable for it?