06.27.07
Identity theft
Identity theft - there is a simple automated way to help detect and protect against the impact of identity theft
Regularly checking your credit card statement for entries you did not make is one of the best ways to combat identity theft. Monitor your statement regularly altering the credit card company immediately as someone might try to get credit in your name so you need to act before serious damage is done.
Company identity theft has recently been highlighted by Companies House - the threat is called “company highjacking”. Principally affecting small and medium sized businesses, the cost to industry caused by this type of fraud is estimated to be more than £55 million per year.
The fraudster files forms at Companies House notifying them of the appointment of a fictitious new director and a new registered office for a legitimate company. The Registrar who cannot check that all these documents are genuine and is not obliged by law to do so, registers them. The fraudster then uses the company’s credit rating to obtain high-value goods and services.
There are various protective measures that can be taken.
• Check regularly to ensure you have not been targeted. Check your company’s registered office online
• File electronically and sign up to the Companies House “proof” service
• Delegate monitoring and subscribe to Companies House Direct online search service whereby Companies Houses monitors your Company and emails you if a document is filed, If the document was filed by you, you can ignore the email and there is no charge
A public education campaign is in place to encourage people to work more closely with law enforcement officials in an effort to fight a crime that has emerged as a major concern among politicians and consumers in recent years.
Statistics show that identity theft has moved well past the bud stage to reach the level of full-blown weed infestation in recent years. The number of US consumers that complained about some sort of identity theft nearly doubled last year
Yet some believe consumer education can only go so far and that legislation may be necessary. Banks and credit card companies are mishandling the problem by treating fraud as a cost of doing business rather than as a crime against their customers
There is a serious disconnect between identity theft that innocent consumers experience and the industry’s recognition of the credit. Credit card fraud accounted for 42% of the identity theft complaints to the FTC last year.