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Editor's Comment
Editor's Comment
Earthlings beware! The menace from space is growing – not outer space (in this instance), but cyber space.
Experian reports a rise in identity (ID) fraud coinciding with an increase in organised cyber crime. Experian reports that the rate at which new identity fraud victims are contacting the company continues to grow – 2,124 victims contacted its Victims of Fraud service for the first time in the second half of 2006, a 69% increase on the same period in 2005. The report reveals that – for the first time – fraudsters are now more likely to target a victim by using their current address, rather than a previous address. Present address fraud, which requires sophisticated methods involving mail interception or redirection, accounted for almost half (45%) of all cases reported in the second half of 2006. Almost half (49%) of the individuals who contacted Experian did not realise they were a victim until they were contacted by a financial services company. The second largest proportion (41%) became aware that they had been targeted when they obtained a copy of their credit report and saw fraudulent accounts had been opened or applied for in their names. Jill Stevens, Director of Consumer Affairs, tells Expat Investor, “The latest dramatic increase in identity fraud coincides with increasing activity in this space from organised crime, but the opportunistic identity fraudster remains a very real threat to consumers, too. We should all be looking after our personal information because it is as precious as the cash in our wallets. But we must also be aware of the need to protect our technology, as organised criminal gangs often source vast amounts of data online before implementing sophisticated fraud against a wide range of victims.”
No one should heed the cyber threat more than the hapless British expatriate. Wealthy, relatively sophisticated and keen to play with the latest technology, he or she is the ideal target for the cyber monster. So remember to follow your security guidelines at all times and, wherever you are, keep your personal financial information armour-plated.