Identity Theft

Identity theft is if someone obtains the client’s identity number and other personal and financial information which allows them to make purchases or dispose of assets (such as a vehicle, property or business), to enter into financial commitments or binding contracts (such as a fraudulent cell phone contract). Some other examples are fraudulent loan accounts, vehicle/home loans or credit card accounts.

Unfortunately, there is no prevention of identity theft. The Identity Theft benefit, once activated, monitors and alerts the client whenever his/her credit record is accessed by an institution/company as this might be done without the client’s knowledge. To activate the Identity Theft benefit, the client needs to request a first Credit Report. A Credit Report is crucial to one’s financial reputation as this is what lenders use to decide whether to offer you a loan, it affects mortgage and vehicle finance rates, etc. It is also how many people first lean that they are a victim of fraudulent transactions. Once again, a Credit Report is not fool proof in identifying fraudulent transactions if someone steals from the client’s existing accounts by masquerading to be the account holder. It is imperative that one activates transaction notifications on one’s bank account/s.

The Identity Theft service does not prevent identity theft but can institute measures to alert the client of transactions and movements on his/her account and in the event that his/her identity has been used fraudulently, the relevant creditors, employers and law enforcement agencies can be Unlimited telephonic advice contacted on his/her behalf to negotiate and to restore the client’s name and credit record.

Possible indications of Identity Theft:

  • Debtors contact the client about accounts he/she never opened.
  • The client’s credit report indicates accounts not opened or credit checks done by companies he/she hasn’t done business with.
  • The client discovers that a tax return has already been filed using his/her ID number.
  • The client receives a credit card he/she never applied for.
  • The client’s medical aid rejects a limit-related claim when the client knows that he/she has not reached the benefit limit.
  • Withdrawals from the client’s bank account or charges on his/her credit card for purchases he/she hasn’t made.
  • The client is denied credit for a purchase, even though his/her credit record should support the application.
  • The client receives an account for services or products he/she hasn’t made use of or purchased.

An employer denies a job application on the back of a poor background check, even though you know your record is clean.