Prepaid Cards help Prevent Online Identity Fraud

Published on 1 January 1970 by Raffick Marday

Identity fraud has increased by almost 10 percent in the first nine months of the year a new report reveals.

If you want to minimise the threat of becoming victim of identity fraud apply for a prepaid credit card where funds are transferred all in one go, and it is easier to keep track of your money.

Nearly 80,000 instances of identity fraud were identified by CIFAS in this period and over 70,000 victims of impersonation were recorded, which is an increase of 18.38 percent from the same period in 2009.

“The internet has revolutionised our lives,” commented Richard Hurley, CIFAS communications manager.

“The blessings it brings to users, however, are offset by the anonymity it offers to fraudsters. Criminals no longer need physical access to your details in order to attack your sense of self and well-being, as they will also target you in the digital domain.”

Over 16,000 cases of account takeovers were reported which is approximately the same as in the first three quarters of 2010 but an increase of over 20 percent in the last two years.

Fraud hotspots were identified as South East London, South West London and East London postcodes, while outside London, Birmingham is another hotspot for both identity fraud and account takeover.

For fraudsters looking to hijack a victim’s existing account plastic cards and mobile phone accounts are the products of choice for doing so.

Compare Prepaid Credit Cards

Sometimes no matter how careful you are with receipts and your transactions, identity fraud and account takeover can happen leaving you feeling vulnerable and often out of pocket.

A good way to track what comes in and out of your bank account is to use a prepaid credit card. This enables you to transfer a set amount at a set date or when you wish, to then use for any purchases, it is also a good way to manage your spending and help budgeting.

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