Beware of Identity Theft: Top Security Tips to Stay Safe from Scam

Here are three must-know strategies to safeguard your privacy and prevent unauthorised access or abuse:

Staying alert and observant is essential in mitigating the risk of identity theft. When outside, be mindful of strangers and shield your PINs or passwords. Also, always keep your personal belongings safe and within sight.

Remember to practice these Internet safety tips to prevent online identity theft:

• Ensure any requests for personal information are from a legitimate source
• Install reliable anti-spyware and anti-virus software
• Never share more personal information than is required
• Use a virtual private network (VPN) when using public Wi-Fi
• Be cautious with emails and attachments
• Regularly update and backup your data to the cloud

By being up to date on the status of your financial accounts, you can identify potential identity theft at an early stage and take immediate actions to safeguard your financial security.

To do so, you should review your account statements, monitor your credit report, and set up alerts for any unusual activities. If you're making a payment through your online banking, always ensure that the payment channel is secure. 

Here are some indicators that can help you determine if you're a victim of identity fraud:

Unusual Activity and Unauthorised Transactions

You discover unfamiliar charges, purchases, or withdrawals that you don’t recognise. You may also receive unexpected notifications from your banks or credit companies for activities that you didn’t initiate.

Changes to Account Information

Changes to contact information, billing address, or credit limits could be signs of identity fraud. Additionally, being unable to access your online accounts despite entering the correct login credentials is another indication of potential identity theft.

Unexpected Bills or Account Statements

You receive bills for goods or services you didn't purchase, someone may have incurred debts in your name. You might get calls from debt collectors for accounts you don't recognise or notices for debts you don't owe.

Denied Credit or Loan Applications

You received unexpected denials despite having a good credit score, someone may have used your personal details and damaged your credit. This also includes errors on your credit report, such as wrong personal information.

Alert Your Banks and Credit Card Companies

Report the fraud immediately and freeze any affected accounts. It is vital to promptly report any suspicious activity to your financial institutions, as this plays a pivotal role in mitigating the impact of identity theft.

Lodge a Police Report

File a report at a nearby police station, together with supporting documents. Get a copy of the report as evidence when dealing with your financial institutions, credit bureaus, and other entities to set up fraud alerts.

Recover Your Account

If your account has been compromised, check with your banks or credit card companies about the steps needed to recover your existing account. Some institutions may require you to close the old account and reopen a new one.

Change Your Password

Start by changing the passwords for your online banking accounts, emails, and social media platforms. Use stronger passwords and never write down your passwords or share them with anyone. Also, avoid using the same password for different accounts.

Monitor Your Accounts

Regularly check your bank statements and keep track of any unrecognised activities. Enable account alerts to detect any unauthorised activities promptly. Lastly, obtain and review your credit reports, and report any discrepancies to your credit bureaus.