Identity Theft Detection

Prevention is better than cure, no doubt about it. However, in the case of identity theft, early detection is the next best thing. The sooner a victim becomes aware of the problem, the sooner steps can be taken to minimise the extent of the damage.

Take Advantage of Technology
Once again, some people may be surprised to learn that the internet can be a very useful tool to reduce the impact. Referring again to the Better Business Bureau / Javelin survey issued in 2005 it was found that the average amount defrauded from victims who checked their accounts using paper statements was $4,543.

Fraud victims who used the internet, ATM machines or other electronic means to check their statements had an average loss of $551. Based upon these findings, taking advantage of technology to keep close tabs on your account could reduce losses in the event of identity theft fraud by a factor of 8.

Check Your Credit Rating
As a standard precaution, you should review your credit report at least annually. Credit reviews are either available free or cost only a few pounds or dollars. This is a sensible precaution to take even if you are not concerned about identiy theft. Something as simple as a clerical error or out of date information can impact upon your credit rating - so make sure your details are accurate and up to date.

If you are ever refused credit always ask the reason for this. There may be a genuine concern on the part of the lender, there may be some incorrect information on your file - or it may be the first indication of identity theft or some other criminal act being committed against you.