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 Rampant ID fraud costs us $1b 

Rampant ID fraud costs us $1b

5/10/2008 3:09:00 PM
IDENTITY fraud is Australia's fastest-growing crime, with hundreds of thousands of victims and an estimated cost of more than $1billion each year.

An Australian Federal Police spokesman said the ''rapid'' increase in technology and computer use was partly behind the ''emerging threat''.

''It is increasing due to advances in technology in the banking sectors and the rapid increase of commerce through the internet and 'card not present' transactions,'' he said.

''Also, as governments tighten controls at borders and border security, criminals increasingly need false identities to facilitate their crimes.''

Identity fraud was also used for financial gain and international travel.

According to the AFP's Identity Security Strike Team Sydney and Melbourne were the regions most affected by identity fraud. The Australian Bureau of Statistics' first survey of personal fraud released this year found Australians lost almost $1 billion to fraud and scams in 2007.

More than 800,000 people, or 5 per cent of the population aged 15 and older, fell victim to at least one instance of fraud.

Identity fraud accounted for almost half a million victims, with 77 per cent of these reporting fraudulent transactions on their credit or bank cards.

The remaining 23 per cent suffered identity theft, involving unauthorised use of their personal details.

This could be documents used to open accounts or take out loans illegally in their name.

While figures on the number of Canberrans who have been victim of identity theft were not available from the AFP, data from ACT Policing showed there were 426 cheque and credit card fraud offences reported in the ACT in the past financial year. This was slightly down from 456 in 2006-07 and up from 207 in 2004-05.

In the lead-up to National Identity Fraud Awareness Week later this month, the AFP is urging Australians to be aware of identity fraud and the measures available to reduce risks.

This could be as simple as shredding documents, locking mailboxes and ensuring internet security remained up to date.

Crime Stoppers national chairman Peter Price said CDs containing data and old driver's licences and credit cards should also be destroyed.

If a person does become a victim of identity theft, the AFP advises that they immediately inform the police, alert bank and financial institutions, review credit reports carefully and keep all documentation.

''Education and awareness is a key part of empowering people to protect themselves against identity fraud,'' an AFP spokesman said.

National Identity Fraud Awareness Week runs from October 13-17. For more information, visit www.stopidtheft.com.au

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The AFP is urging Australians to be aware of identity fraud and to destroy documents
The AFP is urging Australians to be aware of identity fraud and to destroy documents

17/11/2008 | It’s great that Ken Henry wants to cut complexity in the tax system. It’s not so great that he wants changes which will keep marginal tax rates higher than needed and increase the level of government interference in what people choose to do with their money.
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