How to protect your identity

The latest reported figures on personal fraud in Australia are absolutely frightening. The last survey taken by the Australian Bureau of Statistics on personal fraud which includes identity theft and scams, reported that almost half a million (499,500) people became a victim of identity fraud in our country in a 6 month timeframe. Of these, 383,300 were affected by credit or bank card theft. Literally hundreds of thousands of Australians had their personal details stolen which were then used to borrow money or incur debts in their names.

Avoiding identity theft not only causes financial loss but can severely affect your credit rating in the future. Here are some ideas to secure your identity:

1. Remove all the contents of your wallet or purse and copy it all – back and front. Keep the copy in a safe place (not in your wallet) together with the phone numbers of your banks and credit card issuers. Now you are prepared to report a loss quickly.

2. Sign your credit card and print in bold letters next to your signature “Requires photo ID”. This will prevent anyone trying to use your card in shops (but obviously not online or over the phone).

3. Put a lock on your mailbox to prevent mail being stolen.

4. Report stolen property to the police. This demonstrates to credit providers that you are diligent and helps any investigations to take place.

5. Ensure your bank and credit providers have your current contact details. Computer systems are becoming more sophisticated and banks can often detect unusual buying patterns. If they can contact you promptly, they will be able to put a stop on the card if there is any suspicious activity.

6. If you buy over the internet, have a credit card with a low credit limit just for that purpose. This will put a cap on how much can be stolen.

7. If you are asked for your driver’s licence as a form of ID make sure that your details are not written down. Your licence is a de-facto national ID card.

The growth of electronic banking has provided thieves with new avenues to separate you from your cash and credit. Common sense and vigilance can reduce the risk of it happening to you.

KK’s gut instinct

If you’re ever in NYC, drive through a suburb called Bushwick in Brooklyn. It will be the next Brunswick Street in 5 years. Great buying with 7% to 8% returns for residential property. Google “real estate Bushwick” and browse.

Now, tell me what your gut instinct is telling you, by posting a comment below:

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An international horse will win the Melbourne Cup, your choice which one.