5 steps to take if you’re a victim of ID theft or ID fraud

5 steps to take if you’re a victim of ID theft or ID fraud

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Every year thousands of people are victims of identity theft or fraud. Estimates vary widely, but it’s reckoned that the UK is a hotspot for identity related theft and crime. But whatever the statistics say, what should you do if you think someone has stolen your personal details (identity theft) or used them to open accounts in your name (identity fraud)? Here are 5 steps to take if you’re a victim of ID theft or ID fraud.

5 steps to take if you’re a victim of ID theft or ID fraud

1. Contact your bank, building society or credit card provider as soon as you can.
This should be your first step if the fraud involves online banking, cheques, credit or debit cards. If you think fraudsters may have accessed information via another account, contact that organisation.

SAVVY TIP: You may be advised to contact Action Fraud or ring them on 0300 123 2040. There’s also a page on Action Fraud’s website that deals with online scams and viruses.

2. Get a copy of your credit report
This will show whether the fraudsters have tried to open accounts in your name. There are four credit reference agencies: CredivaEquifaxExperian, and TransUnion. TransUnion used to be called Callcredit and it offers a free to use consumer score and file service called Noddle. The credit reference agencies each have their own scoring systems and will tell you your credit score. They are usually free to use, apart from Equifax. If you use Equifax, you get the first 30 days free, and then pay £7.95 per month. There are other companies, such as ClearScore, which repackages credit reference agency data (in ClearScore’s case it’s Equifax’s).

James Jones of Experian says that you don’t have to contact all three agencies. “If, for example, you got in touch with us and asked if you could speak to our ‘victims of fraud’ team, they will contact the other two credit reference agencies on your behalf.”

Full Disclosure: I write an editorially independent newsletter for Noddle, who pay me to do so.  But Noddle do not pay me to publicise or advertise them.

SAVVY TIP: If you’ve never got hold of a copy of your credit record, it’s worth doing from time to time.

3. The ‘victims of fraud’ team will go through your credit report with you.
If you find that the fraudster has opened accounts in your name, the team will get in touch with these companies on your behalf (it’s called ‘raising a dispute’) and this information on your credit file will be marked as disputed.

SAVVY TIP: You may still be asked to confirm or provide certain information, especially around verifying your signature, for example.

4. You will be advised about how to increase the security through your credit report.
For example, for £20 a year, you can sign up to CIFAS protective registration. This puts a protective ‘flag’ against your name on a credit report and tells prospective lenders that they should carry out extra checks before giving you credit — to stop them inadvertently giving credit to fraudsters. Around 270 companies have signed up to CIFAS.

SAVVY TIP: Some financial companies haven’t signed up to CIFAS, and James Jones of Experian says that for someone who was really worried about a fraudster taking out more credit in their name, they could also add a note to their credit file. “You could add a short statement saying that you’d like a prospective lender to ask anyone applying for credit in your name to answer a specific question or to give a specific password. Obviously, this slows down the credit application process considerably, so it’s not something we’d recommend on a routine basis.”

5. Contact Royal Mail if you think your post has been stolen. It’s also worth doing if you suspect that fraudsters have set up a false address to redirect your mail to. You can ring their customer enquiry line on 03457 740 740. Royal Mail has information about ID fraud on its website.

Related articles:

Bank fraud refunds – will your banks always give you your money back?

Paying by bank transfer – are you protected if there’s a problem with a phone or online payment?

If you’re a victim of fraud or you’ve been overcharged, what should your bank do?

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