Identity theft has been rife with nearly half of South African consumers either having fallen victim to identity theft, or knowing someone who has, according to TransUnion research.
Victims normally only find out about the theft months later.
By that time thieves have racked up significant debt in the victim’s name.
If you suspect that someone has stolen your identity, there are several things you need to do:
• Report the theft
Immediately report the identity theft to the SAPS, and the company, bank or financial institution, where the fraud occurred.
For insurance fraud, contact your insurance company, and let them know that your identity has been stolen. Also make contact with the South African Fraud Prevention Services (SAFPS) to register as a victim of identity theft.
• Freeze your accounts
Make sure you close your existing bank accounts and the bank accounts opened by the thief. Get new accounts and PINs.
• Protect your identity
Change your login and passwords for all of your online accounts.
One of the best identity protection habits you can have is to change your email and online passwords on a regular basis.
Be wary of emails and offers from unknown senders.
• Monitor your identity
Check your credit report regularly for any signs that someone might have stolen your identity.
You can review your report for signs of suspicious activity, such as accounts that you don’t recognise or credit checks from companies with which you’ve never done business.
TransUnion’s senior director of consumer business Garnet Jensen said acting quickly can limit the damage.
“Reclaiming your identity and cleaning up your record is a long and difficult process.
Early detection, using tracking products by credit bureaus, can limit the damage to your finances and credit record, giving you a better chance of reclaiming your identity,” said Jensen.
Three signs that you are a victim of identity theft.
• Finding purchases or transactions on your bank statements that you can’t explain.
• Receiving credit cards or statements for accounts that you never applied for.
• Denied credit for a purchase, even though your credit record is clear.
