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Can we prevent ID theft?

Over the last few years there has been a massive increase in the number of ID thefts occurring around the world with many people being left with significant debt by the fraudsters. Despite the fact that more and more people are now aware of ID theft it seems that many of us still believe it will never happen to us. Can we prevent ID theft?

ID theft is basically the theft of your private details, whether this is your name, address, bank account number, etc. and the use of this information to apply for finance and other services. While many of us will be covered through credit cards and our bank accounts for the cost of ID theft there will be cases where a lack of awareness could negate any insurance in place.

There are many things we can do within our everyday lives to try and reduce the chances of ID theft occurring. The safe disposal of private documents, often via a shredding machine, is a great start and you should never give out information to unsolicited third parties who "pretend" to know your situation when in reality it is just a cold call. Do not give out any private information about yourself, your finances or your assets and ensure that you monitor any financial applications on your behalf by using one of the credit rating agencies which will often allow you a trial period to check their services.

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