Hardly a day goes by without another report detailing the state of the UK economy with experts warning us not to expect a return to growth before 2011. Even projections of a double dip recession abound.
The Recession - it's the topic we're all thinking about, talking about, and ultimately trying to protect ourselves against. And yet, are you protecting your most precious asset - your identity?
If not, it's time to start now.
The latest figures from CIFAS, the UK's Fraud Prevention Service, show that nearly 60,000 of UK residents have fallen victim so far this year - a 36% increase when compared with the first nine months of 2008! The figures speak for themselves -the threat of identity fraud is real and current - yet people continue to ignore the advice that could keep their identity, their finances and their reputation safe.
Unfortunate, but perhaps unsurprising, when we consider that these figures coincide with the period economists believe that the UK officially entered into recession.
And although figures are bad, it can be argued that the worse is yet to come. It is likely that it will be a number of years before the impact of the recession fully feeds through into fraud statistics.
The unhappy truth is that hard times inevitably mean that more people will be driven to commit identity fraud because of personal pressures.
The Metropolitan Police predicts that fraudsters will become even more resourceful targeting both individuals and businesses alike.
So how can you protect your identity and safeguard your business? By doing more, it seems.
According to research conducted by Fellowes, only 54% of us routinely check our financial statements and just 45% of us follow up on missing post. The findings were equally stark from a business perspective with only 64% of businesses having a clear policy in place detailing how to handle documents with sensitive information.
Here are our top tips to help you look after your identity in a recession:
Recession-proof your identity: Top tips for Individuals
Recession proof your identity: Top tips for Businesses
Have your say
Do you think the recession will make identity fraud even more of an issue? Have you become more vigilant now that times are increasingly tough? Do you have tips or recommendations to share that can help other individuals or businesses recession-proof their identities?
Have your say, share your story or just let us know what you think about this blog. We're interested in your opinion.
Here are our top tips to help you look after your identity in a recession:
Recession-proof your identity: Top tips for Individuals
- Be vigilant - Make the necessary checks before giving out personal information. Especially be aware if you are contacted unexpectedly and asked for personal information or account details even if they claim to be from your bank, the police or another official organisation. Ask for their name and a contact number and then check with the organisation in question before calling back.
- Protect your cards - Minimise the information and the number of cards you carry in your wallet. If you lose a card, contact the fraud division of the relevant credit card company. If you apply for a new credit card and it doesn't arrive in a reasonable time, contact the issuer. Watch cashiers when you give them your card for a purchase and make sure you can see your credit card at all times. When you receive a new card, sign it in permanent ink and activate it immediately.
- Watch out for missed bills - A missing bill could mean a fraudster has taken over your credit card account and changed your billing address. Make sure you contact the company in question immediately.
- Shred All Documents - shredding documents is the best way to ensure that criminals cannot build up a profile based on the information you discard in your rubbish. Invest in a powerful crosscut shredder and make it a standard practice, whether at home or at work, to shred all documents containing personal or financial information before binning or recycling them. Crosscut shredders provide greater security by cutting paper into small confetti-like particles and also reduce bulk waste. Companies such as Fellowes offer affordable shredders for home and office use. You can also recycle shredded paper - most councils will accept shredded paper but some may not (but if you put it in a paper wrapper, such as an old envelope it can still be recycled)
- Credit Report - It is a good idea to check your credit report regularly to ensure no accounts or credit has been illegally set up in your name. Regular monitoring of your credit report will alert you if someone has been using your identity to obtain credit.
- Safeguard your documents - Store any documents containing personal details, such as your passport, driving license, bank statements or utility bills in a safe place. Limit the number of documents you carry around with you that contain your personal details.
- Protect your post- Fraudsters may try to redirect your mail without your permission. If you suspect your mail is being stolen or redirected, contact Royal Mail Customer Care on 08457 740 740. Similarly secure the delivery point for your post.
- Moving home - If you move house, ask Royal Mail to redirect any mail from your old address to your new one for at least a year.
- Be safe online - If you use the internet make sure you have the latest security patches and up-to-date anti-virus software installed.
Recession proof your identity: Top tips for Businesses
- Register with Companies House and make sure you sign up to their Electronic Filing, PROOF and Monitor services. This will help to prevent fraudsters changing the names of your directors and attempting to impersonate your company.
- Make sure that all employees are fully informed about the risk of identity fraud. Create a clear set of guidelines and procedures for staff concerning the handling, storage and sharing of sensitive information, both on and off-line.
- Always make sure that unwanted information is properly destroyed. As well as shredding paper using a crosscut or microshred shredder, don't forget to shred CDs and DVDs.
- Wipe all information from old computers and destroy any staff uniforms before they are thrown out
- Check the identity of your customers. Both business and consumer credit reference agencies offer a wide range of solutions to authenticate and verify the identity of customers to ensure that they exist and are who they say they are. Check their references, qualifications and past employment. A quick CV check may not be enough. The same goes for any partners and vendors with whom you enter into contracts - before you sign the dotted line. .
- Check your Companies House registration regularly. If it changes, take steps immediately.
- Secure all technology especially communications and storage resources and change password regularly.
- Keep sensitive information secure. Don't put anything online, such as director's signatures.
- Protect your post - Fraudsters may try to redirect your company mail or that of a vendor or partner. Make sure your post is delivered to a secure box or address.
- Relocation - If your company relocates, get Royal Mail to redirect any mail from your old address to your new one for at least a year.
Have your say
Do you think the recession will make identity fraud even more of an issue? Have you become more vigilant now that times are increasingly tough? Do you have tips or recommendations to share that can help other individuals or businesses recession-proof their identities?
Have your say, share your story or just let us know what you think about this blog. We're interested in your opinion.
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