If you fall victim to business identity theft, then you must act now. Identity thieves are notorious for stealing personal details involving credit card information, driver's licenses, emails, and supplier information.
Identity crime continues to be the main driver of severe organized crime, as 1 in 4 Australians have been a victim of identity crime at some point in their lives according to the Department of Home Affairs. It’s evident that identity theft can be a stressful, time-consuming, and costly experience.
Cybercriminals have enough information to target their next victims by accessing personal information publicly available on the web and on social media. If you suspect your information has been stolen, below we explore the 8 essential steps you should take to reduce exposure to further exploitation.
What To Do If You Are A Victim of Identity Theft
If you think your identity has been stolen, manipulated, or your data has been infiltrated, then you must act now. It’s critical that you act quickly in order to minimize financial loss. Here are 8 steps to get you started promptly.
1. Report To The Police
The first step in suspecting identity theft is to report the cybercrime to the police immediately. If a scammer has infiltrated your network systems, or has successfully gained access to your sensitive information, then contact triple 000 or your local police department.
When reporting to the police, make sure to document the following:
Date & time of the incident
Contacts including names, titles, phone numbers, and extensions
Financial information including credit/debit cards, BSB and account numbers or exposed invoices
Any signs of network infections or malicious software (malware) used
Any other information you identify about the scammer such as phone numbers, email, website address, or car registration plate number (to help with any investigations)
Any other related information in reference to the crime
It’s also important to ask for a copy of the police report and the police report number related to the crime to provide to the bank.
2. Contact Your Financial Institution
Next step is to contact your bank and report the suspicious activity on your bank account. The banks can immediately investigate your bank statements & freeze all your accounts to stop cybercriminals from making any more fraudulent payments.
Some banks may have advanced security and fraud alerts in place to detect abnormal transactions or spend patterns. In addition, some banks have cybersecurity teams that can investigate suspicious transactions and activity that took place across your accounts.
3. Contact Representatives & IT Teams
According to your organization’s anti-fraud policy, all executives must communicate inline with the organization’s stance and processes on fraud and how it should be dealt with. In the immediate aftermath of identity theft, departments must follow company protocols ensuring the right decisions are made.
For instance, urgently consulting with the CEO, director, and IT professionals is essential in de-escalating the fallout of identity fraud. Your IT team can investigate how the cybercrime was orchestrated, whether any financial accounts are compromised, and examine any server logs to pinpoint the source of the attack.
4. Reviewing A Copy Of Your Credit Report
One way to identify identity fraud is to review your credit history for any incorrect balances or errors. If a fraudster has opened an account in your name, or made fraudulent transactions, then you should immediately dispute it with a credit report agency.
Usually, when individuals or businesses fall victim to identity theft, their credit scores are negatively impacted. Organizations can also place a security freeze on their credit reports if they suspect suspicious activity or request to block or remove fraudulent debts.
Requesting a credit report is a free service and straightforward. Below are several credit report agency hotlines to request your credit report:
5. Report The Crime to Cyber.gov.au & Scamwatch
It’s critical that you report cybercrime to regulatory bodies to assist investigators track down criminals who could be targeting other organizations in the same industry.
By reporting the crime to the appropriate authorities like Scamwatch or the Australian Cyber Security Centre (ACSC), you can play a major role in making the internet safer and more secure for other Australians.
These regulatory bodies might have information helping you identify the crime syndicates behind your cyber fraud case.
In addition, Cyber.gov.au has further information if you fall victim to cybercrime. For instance, when you report identity theft, the following actions take place:
Your report will be referred to the appropriate police jurisdiction for assessment
The ACSC will be unable to advise on the progress of a report
By reporting you are not making a formal police statement
Not all reports are investigated by law enforcement agencies
All reports assist in disrupting operations and helps to make Australia the most secure place to connect online
If you have lost money, contact your financial institution immediately
6. Contact the Australia Taxation Office
If your tax file number has been used in a scam, then you need to alert the Australian Taxation Office.
Depending on your situation and what information was stolen, there are various ATO contact numbers you can call if you suspect identity theft. See below for a list of situation-based contact numbers:
If someone has stolen or misused your TFN, your ABN or other tax-related information: Contact 1800 467 033
If someone has accessed your MyGov account, including your linked ATO online services without your permission: Contact 13 28 61
If someone has accessed your personal information in MyGovID: Contact 1300 287 539 (select option 2)
If someone has inappropriately accessed your business information in the Relationship Authorisation Manager (RAM): Contact 1300 287 539 (select option 3)
If someone has created a self-managed super fund (SMSF) with your personal information or made changes to your existing account: Contact 1800 467 033
If a data breach occurs within your business, and you are a digital service provider or software developer: Contact the SBR Service Desk on 1300 448 231, between 8:00 AM - 6:00 PM AEST, Monday to Friday
The ATO currently has a client identity support center that assists individuals who have had their identities stolen or misused. Their team can provide you necessary information, advice, and any assistance to re-establish your identity. Visit the ATO lost or stolen TFN page for more information.
7. Consider Applying For A Commonwealth Victim's Certificate
A victim’s certificate may help you with problems in your personal or business affairs caused by identity crime. You can apply for a certificate from the Commonwealth website or from some states and territories, depending on the type of identity crime occurred.
Organizations can use Commonwealth Victim’s Certificate to present government agencies, financial institutions, or a credit agency to help support their claim that they have been a victim of Commonwealth identity crime.
This may help you to rectify your business or personal affairs. Visit the Home Affairs website for more information about Commonwealth Victims’ Certificates.
8. Seek Support & Advice
Organizations who are looking to seek further support & advice can do so by contacting cyber support services like IDCARE or Services Australia.
IDCARE
IDCARE is Australia and New Zealand’s national identity & cyber support service that provides assistance and support to organizations who experience data breach events. IDCARE can provide the necessary steps to take to reduce harm and protect the identity of the organization.
Seek support today on the IDCARE website or contact 1800 595 170 (for organizational incident response) between 8:00 AM and 5:00 PM AEST, Monday to Friday.
Services Australia
Services Australia is a government agency that is responsible for the delivery of advice and high-quality, accessible social, health, and child support services and payments. If you think your identity information is at risk, contact or email the Scams and Identity Theft Helpdesk on 1800 941 126 or at reportascam@servicesaustralia.gov.au.
How Eftsure Can Help
Cybercriminals have the potential to steal your identity within days.
In the aftermath of an identity crime, you will find that the experience can be devastating and a painful process to deal with. Even if you report the scam as soon as possible, there’s no guarantee that you can fully recover the lost funds.
That’s why strengthening security controls & preventing identity theft is critical.
With Eftsure, our real-time alerts will allow you to investigate any fraudulent activity before releasing payment by verifying the BSB and Account Number. All outgoing payments are verified against our proprietary database, giving your business assurance that cybercriminals are not defrauding you.
Contact Eftsure today, for a full demonstration of how we can protect your business from identity theft.
