Identity theft can lead to fraud that can have a direct impact on your personal finances and could also make it difficult for you to obtain loans, credit cards or a mortgage until the matter is resolved. Fraudsters can use your identity details to:
- Open bank accounts
- Obtain credit cards, loans and state benefits
- Order goods in your name
- Take over your existing accounts
- Take out mobile phone contracts
- Obtain genuine documents like, passports and driving licences in your name.
If a fraudster takes over your existing accounts (known as Account Takeover Fraud), they will request a change of address. This then enables them to re-register for Internet Banking and order new cards, PINs, cheque books etc, which are delivered to the fraudulent address. Once they have all of this information, they can withdraw all the money out of the account either via Cash Withdrawal (convincing a Nationwide cashier that they are the genuine customer), bill payments, CHAPS and SWIFT withdrawals and SEPA Credit Transfers, early bond closures or Visa purchases.