How Online Statements Can Help Protect You From Identity Theft

There’s no argument that electronic statements are more convenient than paper statements, but they also offer more protection from fraud and identity crime than paper statements.

But what exactly is identity crime, and how can you reduce your risk of becoming a victim?

Identity crime

Identity crime typically involves a criminal using a fabricated, manipulated or stolen identity to commit a felony such as financial theft or fraud. Sensitive personal or financial information that is delivered by post can be stolen from your mailbox or trash, but there are some simple things you can do to reduce your risk of being targeted.

Why are online statements safer?

Knowing where your letterbox is and when your mail is delivered, paper statements and other financial records can be an easy target for criminals. On the other hand, online statements are stored securely behind your bank’s firewall and protected by other security protocols, making them a much safer option when it comes to protecting your personal and financial information.

How could a criminal use my identity?

Bank statements are a rich source of personal and financial details including your name, address, date of birth, credit card number or other banking details. Once a criminal has enough information, they can assume or use your identity for fraudulent and criminal purposes such as applying for a credit card or opening a bank account in your name, running up debts using your credit or debit card details or even obtaining a loan or applying for a passport in your name.

How can I protect myself?

Here are some simple and effective steps to help protect yourself from identity crime, both online and off:

• Don’t leave mail in your letterbox – check it daily.
• Always shred personal and financial information before you throw it in the garbage.
• By removing access to your physical records, switching from paper to online statements is one of the simplest and most effective ways to protect yourself from identity fraud. You can change your statement preference from paper to paperless here.
• Keep antivirus and security software updated on your laptop, desktop computer and all mobile devices.
• Be cautious when withdrawing money from an ATM or use an EFTPOS terminal, and always make sure to cover the keypad when entering your PIN.
• Beware of scams via phone, email or SMS – don’t click on any links in unsolicited emails or SMS, don’t answer phone numbers you don’t recognise and never share your personal or financial information with anyone.
• Never use public computers or unsecured WiFi to conduct your banking or other sensitive activity, and always make sure you clear your search history and cache after using a shared computer.
• If you use social media, always use the most secure privacy settings possible and never accept unsolicited friend requests from people you don’t know.
• If you ever notice any unusual account transactions or fail to receive a bank statement in the post as expected, call your bank or financial institution as soon as possible.

Visit our security pages for more information on how to protect yourself from identity crime and other fraud, but one of the first things you should do is make the switch to online statements with Firefighters Mutual Bank today.