Johannesburg - Preventing your identity from being stolen can also protect your credit profile, says vehicle and asset finance company WesBank.
“Access to your personal details is all that’s needed for an identity thief to impersonate you and apply for credit in your name,” said WesBank in a statement.
“Undoing the damage caused by identity theft is a time-consuming process that can cost a lot of money.
“The responsibility falls solely on you, because the relevant banks and credit bureaus will not know which loans are fraudulent. It is up to you to prove any fraud involved in a transaction," said WesBank.
Subsequently, WesBank has below provided five ways to protect your identity from being stolen by professional scammers.
Guarding your sensitive documents
The most important piece of the puzzle is to closely guard any documents and information that can be used by criminals to assume your identity. This includes your driver’s license, ID book or card, and passport. These personal documents should be kept under safe guard, and if they are lost or stolen this should immediately be reported to the police and credit bureaus.
When you apply for finance you are generally asked to submit photocopies of these personal documents. Here, it’s important to take care that you have these copies made by reputable individuals – ideally at the dealership where you’re buying the vehicle. Alternatively, seek the services of a notary to make certified copies.
Other paperwork that should be kept closely guarded include bank statements, payslips, and any account statements that arrive by mail. Even expired bank cards and old cheque books can be used to steal your identity. These should be filed away securely, or destroyed.
Take caution over unsolicited calls
Exercise caution when answering unsolicited calls from unknown numbers, especially when the caller claims to be from a financial institution. Fraudsters have been known to impersonate banks and phone unsuspecting consumers on a false pretext – such as updating personal records. This is called social engineering: remember that your bank will never ask you to verify your account log-in information via the telephone.
There have been a number of reported cases where criminals have used stolen phones and dialled all the phone numbers on the contact list to harvest personal information. With these details in hand they are able to apply for car finance online. If ever in doubt, consumers should verify the caller’s identity by checking with their registered service provider or by asking the caller to confirm their personal details in a more secure way.
Safeguarding digital information
You can take further steps to protect yourself by keeping your digital information secure. In this connected age more and more scammers are turning to email and the web to ply their trade. Consumers are regularly advised not to click on links sent in emails, but internet best practice also means using secure and different passwords for websites. A hijacked social account can be as useful, to a scammer, as a compromised bank account.
Checking your credit report
To be safe, you can keep track of any activity on your accounts and credit profiles using tools provided by the credit bureaus. It is possible to pull one free credit report each year, as well as set up alerts to be notified when your personal information is used in a credit application. These credit reports show all queries, applications and accounts opened in your name. A subscription service is also available to provide monthly monitoring on your accounts, providing an additional layer of security.
If you suspect that your identity has been used in fraudulent activities, get in touch with the South African Fraud Prevention Service and one of the following credit bureaus:
Southern African Fraud Prevention Service
0860 010 1248
0861 482 482
0861 10 56 65
0861 51 41 31