Press Release

AS APACS REPORTS 132% INCREASE IN ONLINE FRAUD FOR 2008 EQUIFAX WARNS OF THE IMPACT TO CONSUMERS CREDIT RATINGS

It only takes three pieces of information for a fraudster to be able to open new accounts in a victim's name

www.equifax.co.uk

London 19th March – Leading ID fraud expert, Equifax, is highlighting the increased risk to consumers as the figures for card fraud losses for 2008 are released by APACS, the UK payments association. The new figures show an overall increase in card fraud losses of 14%, but what is particularly concerning is the 132% increase in online banking fraud.

"It is perhaps not surprising to see such a big rise in online banking fraud year on year, simply because of the enormous increase in online shopping activity as a whole" confirmed Neil Munroe, External Affairs Director at Equifax. "But these new figures do seem to suggest that consumers are adopting the online culture without necessarily recognising the risks.

"What many people still don't seem to realise is that the impact of ID fraud can have a long-term effect on an individual's credit history and this could prevent them getting the credit to which they are entitled - and can repay. The reality is that lenders are being much more stringent in their assessment criteria for new credit and loans. So if there is information on an individual's credit file which is actually nothing to do with them, this will count against them until the ID fraud has been investigated and the fake debts cleared."

According to the Metropolitan Police, fraudsters only need three key pieces of information to commit identity fraud and many of those pieces of information are willingly given by consumers when transacting online - from full addresses, full names, date of births to national insurance numbers, credit account numbers, etc. "People need to be aware of placing too much personal information online" continued Neil Munroe. "Fraudsters are increasingly finding new ways to extract money or steal an identity so every form of online activity should be considered very carefully. And it's not just financial services - consumers need to be careful about what they put on social networking sites and ensure they use privacy policies fully.

"It is likely to take a number of hours to get matters resolved if an individual's identity has been stolen online by fraudsters - and during this time that could mean difficulties in getting new credit", concluded Neil Munroe. "It is essential that consumes take sensible precautions to protect themselves. However, armed with the right knowledge, they can minimise the risk of fraud and take fast action if they do become victims."

Neil Munroe is available for interviews and commentary on the APACS Fraud Report and to provide advice on how to protect yourself from ID and card fraud.

EQUIFAX'S TOP TIPS TO AVOID ONLINE FRAUD

Check bank statements and credit card statements against receipts carefully
Make sure you have the latest virus protection on your computer that ideally updates hourly and you have a Firewall
Do not open attachments if you do not know the person who sent you the email
Be wary of emails that begin "Dear customer", rather than using your name or phone calls 'phishing' for further personal information
Your bank will never ask you to reveal your PIN or passwords in full. Don't reveal these to anyone
When using online banking, ensure people can't view your details and log out of the site, rather than just closing the window
Do not use the same PIN number for all of your cards and never write your PIN number down
Be careful what you carry around in your handbag or wallet. Credit Card receipts, payslips, driving licence, bank statement, utility bills - these all reveal a lot of information about you and a combination of these can be a fraudster's dream
Apply for a copy of your credit file to look out for any unauthorised activity
Sign up for a service like Equifax Identity Watch to alert you to any potentially fraudulent activity
If you think you have been a victim of identity theft subscribe to the CIFAS Protective Registration service

ENDS

APACS 2008 Card Fraud Losses Released 19th March 2009

For further press information please contact: Elinor Puzey, Louise Fowler, Cecile Stearn or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: elinor@harrisonsadler.com