Protecting yourself from identity theft and fraud

Keeping you and your money safe is our top priority, and we have stringent safeguarding measures in place to help protect all our customers. But there are also steps you need to take to protect yourself from fraud.

To help you identify potential scams and stay safe, we’re publishing a series of articles on fraud protection. This article looks at identity theft and fraud.

What is identity fraud?

Identity fraud is when someone steals your identity and uses it to commit a crime.

If a scammer has enough personal information about a target – such as their full name, date of birth and address history – they can use it to gain or launder money, or use your identity for other illegal activities.

For instance, an identity fraudster may take out a loan or credit card in your name, or withdraw cash from your bank account. Or they may order a passport pretending to be you and use it for travel so they can’t be traced.

It can be costly and stressful to resolve a case of stolen identity, not to mention traumatic for the victim.

An example of identity fraud

Jen recently got a call from her old university. They were doing a survey on alumni and asked if she could help.

Jen was happy to oblige and told the caller about her current job role and salary. The caller went on to take her contact details and address, previous addresses, as well as some other personal information.

Later that week, Jen left for work to see someone stooping next to her paper recycling bin. The man had seemingly been tying his shoelaces. Jen thought nothing of it at the time.

It wasn’t until a few months had passed that Jen looked back on this with suspicion. At that time, she had started receiving calls and letters warning her about her credit card limit.

Jen didn’t own a credit card and initially she thought it was a scam. But she soon realised that the company contacting her was genuine. Someone had stolen enough information to take out a credit card in her name, which they had quickly maxed out before vanishing.

Five tips on how to protect yourself

1. Check your account and credit rating regularly

Regularly check your transaction history with any accounts you hold, such as bank accounts and credit cards. If there are any payments you don’t recognise, get in contact with your bank right away.

Similarly, it’s good practice to keep an eye on your credit rating for any unusual activity.

2. Keep sensitive documents and devices secure

Take steps to keep any sensitive documents, devices and accounts safe. For instance, make sure you keep important documents – such as forms of identification or bank statements – somewhere safe and secure. If you end up throwing any documents out, shred them first.

Likewise, make sure you protect your mobile devices, computer and online accounts with strong passwords, and update them regularly.

3. Pay attention to correspondence

When you move home, make sure you contact any organisation that might send you sensitive information and update your address. You can also contact your postal service and get them to redirect your post.

If you start receiving letters from a company you don’t recognise, contact them and find out why. Equally, if you don’t receive post that you are expecting then chase it up.

4. Be suspicious of unsolicited requests for information

If someone unexpectedly calls, texts or emails asking for personal information, then be wary. Sometimes such a call could be perfectly legitimate, but it’s often best to err on the side of caution.

You can take steps to verify that the person is who they claim to be, rather than someone impersonation fraud. Ask for their name and then get back in touch with them using their official, verified phone number.

5. Never give out account login information

There are some details you should never give out to anyone, such as your debit or credit card PIN, online banking passwords, or authentication codes. No legitimate organisation will ever ask you to divulge these details.

If someone targets you

If you fear you’ve been targeted for identity theft or fraud, make sure you act as soon as possible.

Report any lost documents, such as a passport or debit card, to the organisations that issued them so that you can get them cancelled and order a replacement. Likewise, if you notice any unusual or missing letters, or bank transfers you don’t recognise, get in touch with the company involved.

If you think a document or sensitive information has been stolen, contact the police or use the Action Fraud online fraud reporting tool.

You can also apply for protective registration with CIFAS, the UK’s leading fraud prevention service. It costs £25 for two years, and CIFAS will flag your name in their National Fraud Database so that any organisation using their data can see that you’re potentially at risk and will take extra care.

More information on identity fraud

For more information about how to spot and protect yourself from identity fraud, the CIFAS website and Action Fraud, both mentioned above, have plenty of useful resources and guidance.

Stop ID Fraud is another excellent site, dedicated to identity fraud and theft, while Take Five is a national anti-fraud campaign run by the trade association UK Finance.

If you’ve been a victim of identity fraud, Victim Support can help. They also offer access to lots of information and advice.

Finally, if you’re worried that your Currencies Direct account may be at risk, get in touch with us as soon as possible and we’ll be happy to help. You can also download our app, or use your online account, to keep an eye on your transfers.