Liberty Life alerts consumers to increased risk of identity theft

Consumers are at increased risk of identity theft, opening the way for an attack on their bank accounts, investments and credit card accounts, says leading life assurer Liberty Life.

Unfortunately, public awareness of the risk remains low, according to Andrew Jacobs, Group Executive - Risk, at Liberty Life.

He explains: "Misrepresentation pretending to be someone you're not is a major driver of fraud. It's not only organisations that are at risk; individuals are as well. Identity theft has become a big problem worldwide.

"The financial consequences are especially severe in jurisdictions where automatic transfers, debits and IT transactions are common in the financial service and retail sectors. This includes South Africa."

Liberty Life is on heightened alert for ID theft as part of its wide-ranging response to the risk of fraud. It is one of several focus areas for the company's internal forensic department.

The department is staffed by highly qualified personnel, including professionals belonging to the Association of Certified Fraud Examiners and the International Association of Financial Crimes Investigators.

Liberty Life stays abreast of international developments in the realm of fraud and data security via various committees of the Life Offices' Association and the Association of Certified Fraud Examiners Board of Directors.

The company's risk mitigation strategy is backed by a zero-tolerance approach to fraud, constant anti-crime staff training, a confidential toll-free fraud hotline 0800 20 45 57 and an email reporting channel ( [email protected] ). Anonymity is protected for those who request it.

Jacobs adds: "An organisation such as Liberty Life takes every precaution to protect its assets and those of its clients. Early detection and investigation are core-competence within our forensics department, but prevention through heightened vigilance is the central element of our response.

"Prevention is also the key issue for consumers. Losses can be considerable for victims of identity theft.

"The best advice for the public is to stop the problem before it starts through improved awareness and by taking a few simple precautions."

Liberty Life suggests five commonsense safeguards to prevent identity theft:

1. Never provide copies of your identity document, drivers licence, payslip, passport or utility accounts to anyone unless there is a valid business reason.
2. Never sign blank documentation.
3. Be wary of providing personal details to unknown parties over the phone. Sensitive data includes address, identity number, telephone, credit card number etc.
4. If you lose your identity document, passport or driver's licence, notify South African Fraud Prevention Services immediately on 011-8696460 or at www.safps.co.za . In addition, ask the credit bureaus to list the relevant information. Advise all companies with which you investments, life insurance or credit arrangements to stop anyone plundering your assets.
5. Never discard personal information with your refuse as it could be accessed by fraudsters. Dispose of your information in a secure manner such as shredding.