International Fraud Week 2016

13 November marks International Fraud Week which is a global initiative to help minimise the impact of fraud and promote education on topics that affect consumers.

According to WesBank head of brand and communications Rudolf Mahoney, peoples’ identity is a very valuable asset in the digital age. Fraudsters are capable of causing havoc with important information, which ruins an individuals credit record. These criminals commit fraud by impersonating people, applying for loans and opening accounts. These illegal activities cost the economy billions of Rands each year.

“It’s important to remember that fraudsters do this for a living. They spend hours figuring out how to deceive people, bypass fraud checks, steal money and they are very good at it. We have excellent systems in place to intercept fraudulent applications but it remains difficult to catch those who commit fraud. However it’s very easy to take preventative measures that will save you a lot of money, time and trouble,” said Mahoney.

He offers the following prevention tips to help consumers remain aware of various dangers:

Safely store personal information
Store all personal information safely that could be used to fraudulently open an account. These include identity documents, identity numbers, passports, pay slips, bank cards and any other printed documents with personal information.

Discard information securely
When you no longer need expired drivers licenses, unused bank cards and old account statements, they should be shredded. It is common for criminals to look through rubbish to collect information on their victims.

Browse with caution
People who use online banking should avoid clicking onto email and text message links. It is safer to go directly to the Bank’s website to access these functions in order to reduce the chances of your login information being stolen.

Check your credit profile
This is a great way to see if any unknown accounts are active and also to close down unused accounts to improve credit scores. To check your credit profile you can consult the credit bureaus below:

TransUnion
www.transunion.co.za
0861 482 482
Experian
www.experian.co.za
0861 105 665
Compuscan
www.compuscan.co.za
0861 514 131

Fraud can only be identified when people are observant of their credit status and report accounts that fraudsters use.

Details: Southern African Fraud Prevention Service 0861 010 1248