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247Moneybox thoughts 004: Identity theft

24 January 2018

Payday loan provider 247Moneybox.com takes the threat of identity theft incredibly seriously and deploys a number of measures to counter this risk. However, websites and third parties are only part of the equation as staying safe and protecting your identity from criminals begins with good personal data hygiene.

What perhaps people don't always realise is that identity theft only rarely involves taking the physical property of a victim, such as intercepting the post or stealing a bag. More often, it involves the fraudster getting access to a victim's personal information (mostly online) and then using this in an unauthorised way for criminal activities. Often the fraudster may be able to piece together publicly available data rather than stealing or obtaining information by deception. What we share online should be considered very carefully.

Jeff Smith, analyst at the online loan firm believes that the threat can never be totally eradicated but it can be minimised.

Hackers and cyber criminals can steal your id for criminal use

Smith states "We want to ensure the threat is minimised in our online loan service both for our peace of mind and more importantly our customers. Our decisioning engine references the leading ID verification services in the UK to help mitigate the threat that the applicant is not who they say they are."

According to the Unisys Security Index, which surveyed more than 8,500 people in nine countries including the UK, almost three-quarters (72%) of UK citizens believe they are more at risk from identity theft and related crimes such as credit card fraud as a result of increasing online activity set in the context of a challenging economic backdrop.

The survey clearly showed that there is a high level of concern amongst the respondents that fraudsters may obtain their credit card, debit card or bank account details or indeed gain unauthorised access to or misusing their personal information.

The report goes on to highlight that security fears have grown over time and the underlying mistrust in living in an increasingly online interconnected world was increasing. This goes hand in hand with a general overall decrease in consumer confidence in the UK.

Smith goes on to say "Without sounding like a broken record, we want to remind all our customers to think twice about what they share online and with whom. You wouldn't hand over certain details about yourself or your confidential matters to a stranger you meet face to face so what is the difference in an online environment?"

The firm is keen to highlight that it takes its information security incredibly seriously with robust security procedures in place to protect against online fraud and ID theft. Confidence and trust are crucial to ensuring a sustainable business model for all stakeholders.

Regulators and legislators are also taking steps to beef-up their efforts to counter data breaches. Firms that handle data of individuals already have to comply with a raft of legislation including the Data Protection Act 1998 (DPA) and The Privacy and Electronic Communications Regulations (PECR).

From May 2018, The General Data Protection Regulation (GDPR) will be live and replaces EU directive (95/46/EC). The new regulation aims to strengthen local European legislation for data protection and brings regulators under one authority.

247Moneybox.com might be known for providing access to loans for short-term money needs, but it also wants to become a class leading entity for cyber and data security. The website operates over a secure SSL connection and all customer details are encrypted providing peace of mind to customers as they establish a relationship with the firm.