EStatements: How They Can Protect You From Identity Crime

There’s no doubt that electronic bank statements are more convenient and clutter-free than paper statements. And, because they’re kept electronically by your bank and not left in your letterbox or as loose papers around the house there are fewer opportunities for eStatements to be used by criminals for fraud and identity crime.

But what is identity crime and how can you reduce your risk of being targeted?

What is identity crime?

An identity crime involves a perpetrator using a fabricated, manipulated or stolen identity to commit a crime such as financial theft or fraud. Having sensitive personal and financial information delivered in the post can increase your exposure to identity crime, but the good news is, there are some simple things you can do to protect yourself from being targeted.

Why are eStatements safer?

Paper bank statements and other financial records are easy for criminals to identify and steal from a letterbox without drawing too much attention. e-statements on the other hand, are stored securely behind your bank’s firewall and advanced encryption protocols, making it a much safer place than your letterbox when it comes to protecting your personal and financial information.

How could someone use my identity?

Bank statements are rich sources of personal and financial details for identity criminals. Once they have enough information such as your name, address, date of birth, credit card number or other banking details, 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 from identity crime and fraud?

Thankfully there are some simple and effective steps you can take to protect yourself from identity crime and fraud both online and off.

• Switch from paper to e-statements - switching to paperless statements is one of the simplest and most effective things you can do to help protect yourself from identity fraud. You can  change your TMBL statement preference to paperless here.
• Get a lock for your letterbox and don’t let mail linger in it - get in the habit of checking it daily.
• Shred personal and financial papers before you throw them away in the waste.
• Update the antivirus and security software on your desktop computer and make sure you keep software on your mobile device up to date too.
• Make sure you cover the keypad when you enter your pin when withdrawing money from an ATM or using an EFTPOS terminal.
• Beware of scams via phone, email or SMS - don’t click any links in messages from emails or phone numbers you don’t recognise and be cautious about who you provide any personal or financial information to.
• Don't use public computers or unsecured wireless 'hotspots' to do internet banking or payments and make sure you always clear your search history and cache after using a computer.
• If you use social media, opt for the most secure privacy settings possible and don’t accept unsolicited 'friend' requests from people you don’t know.
• If you notice any unusual account transactions or fail to receive a bank statement in the post as expected, call your bank or financial institution straight away.
• You can find more useful information and safety tips on the Department of Home Affairs website

How do I protect myself?

There are ways to prevent yourself from falling victim to identity crime, the easiest of which is to switch to e-statements with UniBank today.