Identity Fraud - By: jacksmith

CIFAS, the UK’s fraud prevention service cites identity fraud as:

“The use of a stolen (or completely false) identity to obtain goods and services by deception. This sort of fraud can be facilitated by the use of stolen or forged documents such as a passport or driving licence.”

Identity fraud costs the UK economy more that £1 billion every year, and experts predict that the current economic climate will unfortunately mean that there will be an increase in victims. In the first 9 months of 2009, CIFAS reports that victims of impersonation rose by 36% compared with the same period in 2008.

According to research commissioned by Fellowes for National Identity Fraud Prevention Week, only 3% of consumers are completely confident that organisations they deal with handle their data responsibly. News broke recently that the insurance giant Zurich, lost 51,000 details of British customers on a memory stick and there are been numbers other blunders documented.

Identity fraud is big business (around 10m each day) and criminals can be small stand alone crooks or large scale organised crime. A notorious criminal website named DarkMarket where card details and identities were traded was recently closed down.

Victims of identity fraud often have a great deal of difficulty clearing their credit records, during which time their own credit rating and ability to obtain loans is often significantly impaired. In the most extreme cases, an identity thief may actually pretend to be you - obtaining identification cards, bank accounts, mortgages and loans. You don't find out there is a problem until you get hounded by bailiffs, contacted by the government about unpaid taxes, or even find out that a bankruptcy has been filed in your name.

If you are unfortunate to find yourself in this unfortunate situation, it can take as much as 200 hours to resolve and the emotional stress that goes with it. You will never eliminate the chance of becoming a victim; however it is best to be proactive by:

- Checking you bank and credit card statements for irregularities
- Notice statements missing in the post
- Check your credit report regularly
- Investigate credit application refusals

If you do become a victim, do not panic, be rational and:
- Immediately alert any organizations involved
- Alert one of the three credit reference agencies
- Inform you bank so they can monitor your account
- Consider getting protective registration on your credit file.

About the Author

For more information regarding Identity Fraud and Identity Theft , please visit http://www.fraudlock.co.uk

Article Directory Source: http://www.articlerich.com/profile/jacksmith/49842

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