More than one in four Australians have experienced some form of identity crime*. Identity theft can happen in many ways – from someone else using your credit card details to make purchases, or even using your name to open bank accounts or take out loans. The reality is that identity theft can be a stressful, time-consuming and costly experience, and often people don’t realise it has occurred until it’s too late.
To minimise this risk, we recommend our clients undertake a personal Credit Check as well as subscribe to an Identity Watch service that will notify you if your identity details have been compromised online before your credit cards are used, or your credit reputation is affected.
An Identity Watch service will commonly monitor:
- Your credit and bank cards
- Your email addresses
- All your phone numbers (personal, work, home)
- Your passports
- Your Medicare card and driver’s licence
- Your eBay and PayPal logins
This Identity Watch service also monitors the online forums where stolen data is traded (yes, such places to exist!) and then alerts you via email if anything suspicious is picked up.
We have personally used the Veda service (now known as Equifax) and for an annual subscription of around $89.95 you’ll get access to both the Credit reports and Credit alert service, both of which we highly recommend for your peace of mind. Visit Equifax for more information.
*Source: Veda Cybercrime and Fraud Report 2015, Veda, November 2015
Important Note and Warning: This information is general in nature and should not be considered personal tax advice. We highly recommend you discuss these concepts with your accountant, property investment adviser and investment finance mortgage broker jointly to ensure any considered concepts are suitable for your personal financial situation, as one effect of the concept may negatively impact another part of your plan.