Our love of online shopping and social media is making Australians unwitting pawns in the global fraud marketplace.
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That’s just one of the findings of recent research by credit analysts Veda in time for National Identity Fraud Awareness Week, which runs from October 11 to 17.
Veda’s study dished up some disturbing statistics.
In particular, fraudulent credit applications involving identity theft have soared 59 per cent in the past two years in Australia alone.
If you’re not familiar with the term, identity theft involves pretending to be someone else in order to access their bank accounts, use their credit card details to make purchases or take out loans in the victim’s name.
Crims can assume your identity in a variety of ways, from simple means like stealing mail or rummaging through garbage for bank statements.
According to Veda, one in four Australians – that’s almost four million of us – have been victims of identity theft.
Taking simple steps like updating anti-virus software, changing passwords, and not revealing too many personal details online can go a long way to preventing you becoming a victim.
Paul Clitheroe is a founding director of financial planning firm ipac, chairman of the Australian Government Financial Literacy Board and chief commentator for Money Magazine.
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