Identity Fraud

Identity Fraud

Safeguard your identity

and reputation

Safeguard your identity

and reputation

Remove the uncertainty

Your identity is quite possibly your most valuable asset, so you should protect it just like any other assets you own. Identity fraud assistance benefits and cyber protection services can be included in your home or cyber insurance policies.

Your identity is quite possibly your most valuable asset, so you should protect it just like any other assets you own. Identity fraud assistance benefits and cyber protection services can be included in your home or cyber insurance policies.

Remove the uncertainty

What is Identity Fraud insurance?

Identity fraud is a serious and often costly crime. Insurance for this risk is sometimes included in your home or cyber insurance policies from certain insurers.   

Typical identity fraud coverages include:

  • Costs to obtain credit reports.
  • Costs to certify documents.
  • Identity restoration costs
  • Lost wages due to time taken off work to resolve identity fraud issues.
  • Loan reapplication fees.
  • Specified legal fees.
  • Costs to replace stolen government-issued identifications.

Some insurers also incorporate credit monitoring services as a way of helping to detect identity fraud in a timely manner as well as crisis management services following an incident.

Tips for avoiding identity fraud

Many sources for identity fraud are out of your control. Even if you carefully choose the companies with which you do business, because of the increased reliance on technology, even reputable companies are experiencing privacy breaches. But you can control some potential sources of ID fraud and reduce your chances of becoming a victim. Here are some ways:

Don’t call us, we’ll call you

If you get phone calls or emails asking for any type of personal information, politely decline. Instead, look up the company or charitable organisation’s telephone number or website and contact them directly to make sure the inquiry is legitimate.

Separate your identity when separating from your marriage

Divorce can be a contentious time, so take precautions by quickly separating accounts, closing lines of credit, changing passwords and closely monitoring your credit score for any unexpected changes.

Keep your friends at arm’s length … and your enemies even farther

As sad as it is, a surprising percentage of ID fraud comes from people the victim knows-sometimes even his or her family members. Be sure to keep your personal and account information under lock and key, consider a locking mailbox and use a shredder when discarding old financial papers and bills.

Avoid being too social on social media

When filling out your online profile, avoid providing critical personal info, such as your marital status, your maiden name, your birth date or address. Also, don’t accept “friend” invitations from people you don’t know-they could be a “bot” designed to access your personal information and your friends’ information. Be sceptical of online polls and quizzes, which often collect data to provide to an undisclosed third party.

Take action when your 2-year-old is offered a low interest rate

Generally, a credit report is not started on a person until they become old enough to need credit. But, fraudsters take advantage of this: using birth announcements to open up fraudulent accounts that can go undetected for years. If you get a credit card solicitation in your child’s name, call the credit reporting bureaus to see if a credit report has been opened up in his or her name. If it has, clear up the fraud and ask for a freeze to be put in place until your child is old enough to need it.

They’re watching – make sure you are too

If you don’t already, start paying attention to your accounts. Look at them weekly to make sure all charges are legitimate. Most financial institutions will forgive charges if you can demonstrate that they were fraudulent, but there is usually a time limit when you can ask for this.

HDL, the right partner for you.

Seek advice from HDL

In just seconds, personal information, including drivers licence or credit card numbers, can be stolen and used to obtain mortgages, lines of credit, or additional credit cards.

Often victims are unaware their identities have been compromised until unauthorised transactions appear on credit card statements, collection notices arrive in the mail, or loan applications are declined. In an instant, a lifetime of sound financial practices can be compromised.

Restoring one’s good name and credit can be a long, costly process. It is therefore always best to seek advice from HDL regarding cover options and solutions where we can help make sure you are protected.

Did you know?

$2.2 Billion

The annual cost of identity crime in Australia is $2.2b, including the direct and indirect losses incurred by government agencies and individuals; and the cost of identity crimes recorded by police.

(Australian Institute of Criminology (AIC), the annual economic impact of identity crime)

6.4%

Around 6.4% of the Australian population reported being victims of identity fraud in 2014-15.  This makes identity crime more common than other forms of personal and household theft related crimes

(Australian Institute of Criminology (AIC), the annual economic impact of identity crime)

Drivers licence & Medicare

Anecdotal reports from police agencies highlight that driver licences and Medicare cards continue to be the most likely identity credentials used in identity crime

(Australian Institute of Criminology (AIC), the annual economic impact of identity crime)

Case study

An offender employed in the service department of a car dealership made a number of loan applications using false documents containing the personal particulars from various customers who had their cars serviced at the dealership. A significant amount of money was obtained fraudulently by the offender using the false information involving financial institutions and over 16 victims.

Complimentary Review

Complimentary Review

Securing optimal insurance protection is becoming more challenging.

Having a fresh set of eyes can make a dramatic difference.  HDL welcomes the opportunity to evaluate and challenge your current risk and insurance program in a confidential manner that avoids disrupting existing relationships.

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Over 150 Insurers across the globe.

Our Global Insurance Network

Over 150 Insurers across the globe.