If you throw your old bank statements, credit card bills, mobile phone bills or other personal details in the garbage bin, you could be at risk of identity fraud. This problem of identity fraud in Australia is not as big here as Europe, UK and the US, but authorities in Australia and New Zealand are starting to take the issue more seriously.
Identity fraud involves gaining money, goods, and services through the use of a false identity. Identity theft occurs when a victim’s identity is used for fraudulent criminal activity and it is a fast growing crime in the world. Both can cause lasting damage to an individual’s name and reputation, and can be difficult to pinpoint and prove.
The cost of identity fraud in Australia each year is estimated to be $1.1bn and $400m in New Zealand (Australian Institute of Criminology and Dominion Post, 30 April 2007). However, many Australians and New Zealanders have a relaxed attitude towards identity fraud, believing it would not happen to them.
Lost or stolen credit cards amount to approximately $250m in fraud in Australia each year (Australian Institute of Criminology). However, this figure could be an under-estimate, as fraud is believed to be an under-reported offences in Australia with less than 50% of incidents being reported to police and other authorities (Australian crime: facts and figures, 2005).
Secure Sentinel, part of Vero Insurance Limited (Vero) provides a registration, protection and reporting service for lost and stolen personal possessions including credit cards, driver’s licenses, passports, keys and mobile phones.
Secure Sentinel is Australia and New Zealand’s experienced and trusted provider of a wide range of loss assistance and recovery services, with over 400,000 members in Australia and New Zealand.
In 2006, Secure Sentinel assisted over 4,000 members with lost and stolen items. Members can report the loss or theft of valuable possessions to the Secure Sentinel customer service centre with one free call. The call can be made from anywhere in the world, 24 hours a day, 7 days a week.
In the event of a lost or stolen wallet, Secure Sentinel will arrange for the financial cards to be cancelled and replaced. This saves time as the customer does not have to call multiple providers and importantly, limits the chance of fraud occurring.
According to Vero, while police, financial institutions and other authorities are keeping a close watch on the issue of fraud, the problem is constantly evolving.
Identity fraud can take many forms, from the illegal use of credit card details for phone or Internet purchases, through to having your identity assumed by another person. It has never been more important to secure your identity.
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