When Prevention Doesn’t Work: Protecting Yourself After Your Personal Data Has Been Lost

Legal advocates and many institutions are imploring people to be wary of situations in which their personal information can be stolen. When details about your life, your identification, and your financial situation fall into the wrong hands, they can lead to you becoming a victim of identity theft. This is a very serious concern, which costs individuals, businesses, and the government a great deal of money and time.

There are several ways that we are all encouraged to protect ourselves and prevent identity theft from occurring. Here are a few of the easiest protection habits that you can implement:

• Never share your personal information with anyone outside the relevant institutions. This means not giving out your banking codes and asking for confirmation whenever someone asks you for such details.
• Securely destroy old documents. Identity thieves are not above looking through the trash – in fact, it is one of the best places for them to mine information. A few scraps of paper, each with a different bit of information on them, can quickly lead to a stolen identity when they fall into the wrong hands. Instead of simply tossing old documents, use a shredder.
• Be safe when using the internet. The internet is becoming a quick favourite with identity thieves. Phishing scams, stolen passwords, and other hacker activities can lead to the theft of your personal information. Protect yourself by installing the latest version of antivirus and be wary of sites that ask for too much information.

By following these simple strategies, you are making strong strides toward protecting yourself and ensuring that you never become a victim of identity theft. Unfortunately, even the most vigilant can be victims of bad luck or poor timing.

For example, in a major recent event the Child Benefit Agency lost the personal details of every parent who receives child benefit. This information included their names, addresses, dates of birth, national insurance numbers, child benefit numbers, and bank account information. This is a substantial amount of very sensitive data and this catastrophe has put about 25 million people at severe risk of identity fraud.

Unfortunately, situations like these undermine the public’s faith in the institutions they are meant to trust. In a recent survey by Canvasse Opinion over 30 per cent of respondents states that they did not trust the government to safeguard their personal information.

Yet, this information must be shared with at least some institutions. This is why it is not only important that you make it difficult for identity thieves to get your information, but also that you monitor your personal information to identify any security breeches.

The following are some ways to identify a personal identity theft issue quickly. You can use these strategies any time that you have reason to suspect that you are at risk, or simply make them part of your regular routine to reassure yourself that your identity is safe.

1. Monitor your bank account. When you receive your bank statement, you should take the time to look at more than just your closing balance. Review the statement a little more carefully and watch for any unfamiliar transactions. Remember, identity thieves can be very smart and sneaky in the way that they steal your information and your money.

2. Review your credit report. With the right information, an identity thief can apply for loans, obtain credit cards, or even mortgage a home in your name. This information can also allow them to purchase credit-based services such as mobile telephones and catalogue accounts. Unfortunately, unless the bill collector comes directly to you, these activities can go on for a long time without your knowledge. A quick review of your credit report will confirm the types of loans that you have secured and also the ones that have been applied for recently. By reviewing this document, you will be able to identify any problems quickly and make quick steps to fix them.

3. Change your bank and credit card account passwords regularly. You should already create account passwords that are difficult to break (they should not be personal ones, such as your child’s name, or easy to figure out numbers like sequences). Yet, this is not quite going far enough; you should also schedule yourself to change your passwords regularly.

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Tags: Bank, Banking, Current Account, Identity Theft, Money Management, UK Credit Cards