One of the most common forms of credit fraud is committed by ‘stealing’ the identity of another individual. Someone obtains your identity details and uses them to obtain credit for themselves, leaving you with the potential liability for this debt, a damaged credit reputation and the inconvenience of amending your credit file.

Studies show identity fraud victims typically know the person who uses, or tries to use, their identity.

To reduce the chances of credit fraud happening to you, follow these simple rules:

• Know what is on your credit file
• Monitor your credit file so that you receive notification every time a credit inquiry is made to Veda Advantage using your personal details.
• Sign all your new credit cards as soon as you receive them
• Store your cards and personal ID items in a secure place
• Shred any paperwork that contains your personal details or account details before throwing it away
• Contact your financial institution immediately if your cards are lost or stolen
• Keep your PIN (Personal Identification Number) confidential and separate from your card.