DUARF DI
HOW TO PROTECT YOURSELF FROM THE RISK OF IDENTITY FRAUD Identity theft is a real threat for both individuals and businesses. The loss or theft of confidential information could have a devastating impact on finances, credit, and reputation. But there are ways to protect yourself from the risk of identity fraud.
Fraud can also have a psychological impact on victims. It’s easy to brush the risk of these crimes under the rug and think it will never happen to you. Unfortunately, these crimes are not always committed overtly or by an obvious scammer. There have been many cases of fraud going unnoticed for months or even years!
BY KRISTIAN CARTER, SHRED STATION
The first thing to do is to establish what confidential information you possess. This could include anything from old insurance documents, bank statements, expired ID cards, digital files, and for businesses, even physical assets like staff uniforms. When you have a good idea of your vulnerabilities, you can begin to understand and manage the risks of that data falling into the wrong hands. For Individuals – Fraud, including credit card fraud, identity theft and cyber-fraud, is the UK’s most prevalent crime, costing the UK economy around £190bn a year. Identity theft can be extremely damaging for your finances and
For businesses – Any information you process containing personal or confidential information could, if incorrectly handled, cause a data breach. Data breaches can devastate organisations and can lead to huge fines from the Information Commissioner’s Office if your actions or inactions were the cause of that breach. Not only is there a risk of financial loss, but corporate identity theft could also risk your brand’s reputation and result in a loss of trust from customers. Once you know what information you need to keep safe, it’s time to pinpoint the areas where there could be a risk of loss or theft. This could include visitors to your property,
credit score. If your credit score is affected by identity
how documents are secured when not in use, and what
theft, you could become ineligible for mortgages, loans,
happens to that information once no longer needed.
insurance products, and even jobs.
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Spectrum
| Summer 2021
