Fraudsters 'can use personal details to take out credit cards and loans'
Published On 1 May 2008
It is vitally important consumers quickly report any suspected credit fraud, an industry expert has said.Helen Lord, fraud and regulatory compliance director at Experian, explained that people who identify they have become a victim of credit fraud and quickly report it often find there are no long-lasting consequences.
However, he warned that people who do not realise they have been targeted can find the criminals have used their data to take out credit cards and personal loans.
"Failure to act straightaway could allow a thief to take out loans or credit cards in your name, and the longer the fraud goes undetected, the more damage it will cause to your credit rating," he explained.
Recently, Mintel reported that 68 per cent of consumers were worried that they were at risk of online credit card fraud.
The UK payments association, Apacs, said that it was vital consumers remained vigilant and took measures to avoid phishing scams.
Sandra Quinn, director of communications at Apacs, commented: "Although online banking fraud losses fell last year the fraudsters clearly aren’t giving up.
"The advice is quite simple: just remember that your bank will never send you emails asking you to disclose Pin numbers, login details or complete passwords - if you receive an email of this nature you should delete it."
