The modern digital society with its attendant mobile and electronic payment environment comes with the challenge of identity theft. As the world shifts towards “a cashless society”, and Nigeria makes steady progress towards this goal, it is important to be aware of some of the practical steps that you can take to protect yourself or at least reduce your vulnerability to the scourge of the digital revolution.

Do not underestimate the value of your identity and personal information.
When a thief steals your personal data, for all intents and purposes, they “become” you as like a predator they feed off and assume your financial identity. Methods range from stealing from a wallet, rummaging through refuse or peering over your shoulder as you use an ATM. Some thieves will go on a shopping spree with your cards; the more sophisticated ones may go as far as opening bank accounts or taking out loans in their victim’s name.

Keep your personal documents in a safe and secure place, preferably in a lockable or fireproof cabinet at home.
Photocopy or scan more sensitive documents such as title deeds whilst originals should ideally be kept at your bank or other depository if such a service is offered. I hope all your share certificates have been dematerialised and lodged into an account at the Central Securities Clearing System.

The telephone isn’t secure; as far as possible, avoid giving your account details or other personal information over the phone or internet.
If this is unavoidable, try to make sure that no one is listening in. You are particularly vulnerable when you are driven and having business conversations; if you cannot fully vouch for your driver, resist having any serious discussions until you are in a more private environment.

Keep your cards safe.
Avoid carrying all your cards on you if you don’t need them. Be attentive and watchful of the devices used by the personnel handling your card whenever you make payments. It is useful to make photocopies of your cards, and to have the contact numbers of the issuers easily accessible so you can call them to cancel them immediately.

Guard your Personal Identification Numbers (PINs) for your ATM and credit cards, and keep your PIN separate from your cards. Use different passwords for each account to increase security; memorize them and never store them in your wallet.

We all suffer from memory loss particularly as we get older so it is tempting to want to use your birth date, children’s names and other obvious codes for your computer and cards. These are so easy to decipher so even if you have a poor memory, try to be a bit more creative in selecting your PIN or password. If someone has managed to steal your identity they probably gained access to your birth-date and passwords.

Do you shop online?
Debit cards offer better protection than credit cards when shopping on-line. A debit card is limited to the amount you have deposited so a fraudster only has access to the balance in your account. With credit cards however, it is your credit limit that will act as the ceiling; the higher it is, the greater the damage you could face.

Go through your bank statements as soon as they arrive or at least periodically;
having no time to check your bank statements is a gift to identity thieves. Online banking makes it so easy to do this. If you spot any unfamiliar or irregular transactions or activity, report it to your bank immediately.

Beware and be careful of a suspicious e-mail purporting to be from a bona fide institution, requesting for personal details; don’t give them any information. Your bank is most unlikely to contact you for personal information such as your PIN or password in this way.


Invest in a paper shredder and carefully dispose of or shred any documents that have sensitive financial information such as your bank account numbers, or card details including credit or debit card payment slips, ATM receipts, bank statements and utility bills. Identity thieves can easily rummage through your refuse to gain access to vital personal information. It can be somewhat tedious but you do need to cut up old debit and credit cards and dispose of the pieces separately.

Protect Your Mail.
If you are going away on vacation, remember to cancel any routine mail delivery or at least ensure that there is someone at home to receive and secure it. Be particularly careful if you live in a property where it is possible for other people to have access to your mail. If you are moving house or relocating, inform your bank, and other organisations and give them your forwarding address. Mail that is left unattended can be a tempting target for unscrupulous people.

Some banks offer a hold mail service making it possible for you to collect your new cards or Cheque books from your local branch. Outgoing mail can be vulnerable too so be careful what information you include.

Protect your computer with a secret password and change it periodically.
Anti-virus software is readily available and you can have a hardware firewall installed on your computer to protect you from receiving spam mails, which can be a source of identity fraud. Update this periodically particularly if this is a key part of your business.

You don’t want your dead relative borrowing from you! Fraudsters sometimes use the identities of deceased persons to commit fraud, which can be very distressing for family members. When a loved one passes away, protect their identity; obtain several copies of the official death certificate, and notify all financial institutions, banks, stockbrokers, insurance companies that they have relationships with.

Being the victim of identity theft can have a devastating effect on your financial wellbeing. It is thus important that you are alert and aware so that you can take precautions to at least minimise the odds of becoming a victim.

SOURCE: http://www.punchng.com/am-business/protect-yourself-from-identity-theft/

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