Identity Theft: Is India ready?
Identity theft in India you ask? Well, it may not be something that we hear everyday but with more Indian’s using credit cards and online banking this is no longer a threat we can afford to ignore. Over 10 million Americans have fallen prey to Identity Theft already with a total loss in excess of $50 billion.
If a person obtains your personal or financial information with the purpose of committing fraud it is called Identity Theft. Thieves usually use your personal information to represent you falsely and apply for credit cards or bank accounts. Even before you know your information could have been used to apply for loans or borrow funds that you may end up being liable for. The reason why it takes time is because we often fail to review our credit card or bank statements thoroughly.
How is Identity Stolen?
Your trash bin is a gold mine of personal information. Thieves often go through trash to recover old telephone bills, credit card statements, bank statements or junk mail that may have personal information.
Stealing or pick pocketing this is a plain and straight forward approach that thieves could use to get access to your vital financial information.
Phishing, this is where it gets hi-tech. You often get spam e-mails that look like it was sent from your bank. They make it look so real that you would be fooled into thinking it was genuine. They ask for your personal information and before you know thieves have access to your bank account.
It could even happen at a gas station or a restaurant where you hand over your credit card to an unreliable employee who can copy and misuse your credit card information.
So what do thieves do with your identity?
New age thieves can cause a lot of damage with your stolen identity. They can open new credit card accounts and not pay the bills. They can open new bank accounts under your name, apply for loans, or they could simply call the bank and request for a change of address and ask them to mail you a new credit card. There is no limit to what they can do with your information.
So how do you protect yourself from identity theft?
It always pays to be careful with how you handle your personal information. Awareness is your biggest weapon against this crime. Be aware and know how to detect if you have become a victim of identity theft. Here are some steps to safeguard your identity:
- Shred old telephone, credit card, bank statements or any financial document that you wish to throw away
- Never click on suspicious looking links in your email
- Change your computer/online password regularly and make it difficult to guess
- Protect your wallet; do not store PIN numbers with your credit cards/ATM cards. Call the bank and report it stolen immediately to avoid any liabilities.
- Do not give your financial information over phone to suspicious telemarketers. Offer to call them back at the bank before disclosing any financial information.
- Do not share your PIN numbers with anyone.
These are just some tips; there is a lot that you can do to avoid being a victim. The important thing to do is to be aware and be in control of your identity.
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yesterday July1 I recived a phone call in my landline stating that there is some outstanding bill which i have with my creditcard. The call is from HSBC Chennai. I don’t have a credit card, i have never applied for one and I don’t bank with HSbc. So to counter check them i asked them for my date of birth, address, Fathers name, which he gave out right. A year back I was working in Bangalore he gave out my old address correctly and my new address wrongly, I have shifted over to Coimbatore. I have not recived anything in written from the bank. So do I have to take this call seriously. How do I proceed……
You may have received a credit card from the bank without ever applying for it (banks used to do this earlier). This credit card may have reached your old residence after you vacated. There may also have been a charge to it (annual fee) which since you have not paid is now accumulating interest rate.
I would recommend that you call the bank (customer support number) and talk to them directly and make sure no such credit card exists. They can trace your account with your name and date of birth.