How to battle identify theft and ensuring safety of financial products?

Financial identity theft refers to the abuse of user information buy stealing personally identifiable information for financial gain. Financial identity theft has been an alarming issue in Bangladesh for last few years, as several incident of identity theft came to light. Fraud occurs when variety of fraudulent accounts like new loans, credit cards and lines of credit will be cloned against your original accounts.

Identity theft, with fraudsters taking advantage of weaknesses in the cards, ATMs, POS and banks, is on the rise in Bangladesh. So financial service users of Bangladesh should be cautious to ensure safety of their financial assets. There was many cases of fraud occurred due to identity theft in Bangladesh. In 2017 BDT 25 lacs were stolen using 40 clone cards. Exploiting weaknesses in credit and debit card security systems, fraudsters attacking ATMs, point-of-sales (POS) and banks, which is alarming. So to stay secure from these fraudsters, everyone who use financial products, should follow some measures.

Target information 

Purse, wallet, mailbox, briefcase, and home are places thieves can steal personal information. Personal computer is a big target for the hacker because computers hold information which is more than enough for hackers to do a mischief. Information passed through internet is another option for hackers to steal the information. Social media, different online gateways for financial transaction are places which can be trap for the financial services users.

What to do when you suspect a case of identity theft

Reporting to concerned FI 

  As soon as you understand that there is a fraud committed using your information, you should notify the FIs quickly so that they can halt the transection occurred and save you from financial losses.

Change all affected account passwords

  Change all of your passwords on any account that was affected by fraud. If one of your existing accounts doesn’t have a password, now is the time to create one.                                                                                                                                                              

Replace your stolen cards 

   If any of the cards you use is stolen, immediately you should inform the issuing bank and replace the old one.                                                                                                                                                                                          

Reporting fraud to police 

  For any fraud case it is wise to inform police about the fraud. It will help the law enforcement agencies to find out the fraudsters easily so that that group cannot commit any further crime.