POLOKWANE – Finding transactions on your financial statements that you can’t explain should not be taken lightly and should be immediately reported to the relevant financial institution warns Spokesperson for the Hawks, Capt Matimba Maluleke. Identity theft is a fast growing crime in the country and various methods are used to defraud the victims.
“Should a person receive credit cards or statements for accounts that they never applied for, or are denied credit for a purchase, even though they know their credit record is clear, chances are that they are now part of a growing number of South Africans who have fallen victim to identity theft,” he said.
A recent study done by TransUnion indicated that identity theft is rife in South Africa, with nearly half of South African consumers having either fallen victim to identity theft, or knowing someone who has.
“The problem with identity theft is that victims typically only find out about the theft months later – by which time, someone can easily have obtained false lines of credit and racked up significant debt in their name,” the study says.
“Generally, criminals will use the victim’s identity to purchase products and services on credit, particularly for high-end goods like electronics and luxury items. In the worst-case scenario, thieves use the victim’s identity document to apply for large value credit purchases such as vehicle finance or even commit a crime using the identity of someone else,” Maluleke added.
Research and cases opened have revealed that the popular targets for fraudsters include retail accounts, mobile phone contracts and bank accounts. ID thieves have also been known to intercept employment application or credit applications and use those documents to steal identities.
Reclaiming your identity and cleaning up your record is a long and arduous process. “It’s important for you to secure of your information and manage the recovery process if your information is compromised. Early detection, by 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.” Maluleke concluded.
Maluleke shared with the readers the following steps to take should you suspect you are a victim of identity theft:
- Report the theft to the police, and the company in question. For insurance fraud, contact the 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, not just the affected ones, one of the best identity protection habits you can have is to change your email and online passwords on a regular basis.
- Monitor Your Identity. Check your credit report regularly for any signs that someone might have stolen your identity.
