How to avoid an identity crisis

Winter 2006

The risks of identity fraud have been starkly highlighted in the media recently. In particular, the problems some UK banks have experienced with confidential information getting into the wrong hands have raised a number of issues on the security of information that is now held on us.

Identity fraud, or theft, is where criminals obtain your personal details and then use them to open bank accounts or acquire credit cards, loans and even documents such as passports and driving licences in your name. Many people do not realise that their identity has been stolen until they experience difficulties applying for loans, credit cards or mortgages.

Recently released figures suggest that identity fraud is now one of Britain’s fastest growing crimes and costs the United Kingdom an estimated £1.7 billion every year. The problem is by no means exclusive to the UK and there are a number of simple steps we can take to protect ourselves.

What are we doing to tackle the problem?

We go to great lengths to establish the identity of our customers at the account opening stage, verifying both the client’s name and address. We also follow stringent procedures to ensure that no client information is revealed to any person other than those parties authorised on the account, and we also obtain verification of client instructions wherever possible.

On the issue of confidentiality within the bank, we maintain a clear desk policy throughout the company so no print outs or papers containing client information are left on desks overnight. In addition, all confidential waste is disposed of securely on a daily basis and shredded by specialist contractors. A regular audit is undertaken to ensure the highest level of security is maintained.

What can you do to protect yourself?

The problem may be growing but there are a number of simple steps you can take to protect yourself:

NEVER write your account password or personal identification numbers (PINs) on any documentation as they could be seen or obtained by third parties. If you receive any forms requesting this information, please call us to check validity.
If you are unsure as to the validity of correspondence received, call the bank before responding.
Never provide any credit card, bank or other confidential information to anyone by telephone, especially if they call you, UNLESS you can positively verify that the caller is genuine. If you are in doubt, offer to call them back.
Do not carry your utility bills, passport or other identity documents except when necessary.
Always retain your credit card receipts and reconcile your bank statements and credit card statements as soon as possible after receiving them. If you have a Fairbairn Private Bank Gold Visa Card, please notify us if there are any purchases that you did not make.
If you make an application for credit or insurance by telephone, take care that you are not overheard.
Memorise your passwords and PINs. Do not write them down.
When you are using cash machines make sure that nobody can see you input your PIN.
Tear or shred personal documentation such as; credit offers, credit card receipts, bank statements, telephone bills and utility bills, into small pieces before disposing of them.
If you move house, make sure that you put a mail redirection in place for at least the first year afterwards.
If you have not received mail that you are expecting, contact the Post Office immediately.
Consider ordering a copy of your personal credit file once a year from one of the major credit reference agencies. Study the report for any suspicious activity and report any entries you do not recognise.
Report lost or stolen passports, driving licences, cheques or credit cards to the issuers immediately. Keep a note of the emergency numbers you should call.

If you have any concerns regarding the above or believe that you may be the victim of identity theft, please contact us immediately.