During this time, business leaders and employees, alike are encouraged to proactively take steps to minimising the impact of fraud by promoting anti-fraud awareness and education.
Identity theft, which happens to both businesses and individuals, is one type of fraud which came under the spotlight.
“Identity theft is widespread and don’t ever think it can never happen to you, because without the right precautions, it can,” says legal risk and compliance executive at Experian SA, Sharon Coppola.
Identity theft occurs when someone commits fraud or other offences, such as obtaining loans, services or credit through the usage of your personal identity information without your consent.
“Indeed, identity theft of all shapes and sizes is frighteningly prevalent. You can correct it – but obviously, only if you are aware of it,” stressed Coppola.
“At some subsequent point in time the victim of the fraud discovers the fraud only when credit providers start to bill them or follow up on the payment.”
Coppola recommends the following remedial steps for identity theft victims:
* Contact the credit provider and advise, via an affidavit, that the account in question has been opened under false pretences.
* Open a case with the police.
* Check out your credit status with a credit bureau like Experian SA, and advise the bureau of the identity theft to ensure that your status has not been damaged.
She also advises consumers to follow a defensive strategy by regularly viewing their credit reports to ensure that there are no fictitious entries to their accounts.
