As a Professional Executors or Deputy how can you protect your personal data from abuse when routinely sharing personal data and identity documents?
Protecting your clients’ estates from financial abuse by fraudsters is a growing concern among private client practitioners, and increasingly relevant as fraudsters develop more sophisticated approaches to obtaining and misusing personal information. Equally important is protecting your firm from potential fraud, and many articles discuss the threat posed by cyber attacks and malicious online activity.
But what about you and your personal details? Private client practitioners acting as Executors, Deputies or Attorneys are frequently required to provide personal information and personal identity documents in the course of their duties. Often in order to identify, secure and manage clients financial affairs across a variety of organisations including local authorities, banks and utility providers. We regularly talk to professionals who acknowledge their personal details are widely shared for them to gain third party access to accounts.
All organisations are under a duty to protect your personal information, and anyone you are asked to share data with should have a robust data and privacy policy readily available. Nevertheless, all businesses are under threat from cyber-attacks or fraudulent activity which could put your personal data at risk. If compromised the risk being that fraudsters could mis use personal information to open new bank accounts, apply for loans, set up and spend on credit cards or commit to expensive mobile phone contracts.
There are additional steps you can take yourself to mitigate the risk of your personal data being misused and to protect yourself from fraud. When we are asked for advice, these are our are two best recommendations;
1. Cifas Protective Registration
Cifas is an independent, not-for-profit organisation working in the UK to reduce fraud and financial crime. By applying for Protective Registration your details will be included into the Cifas National Fraud Database. Organisations who are members of Cifas receiving new applications for financial services from individuals on the database are alerted and take additional precautions. This may involve suspending the application while they verify identity or in low risk scenarios continuing to process but simply notify you to ensure your identity.
It is important to be aware Please note Protective Registration can make the process of applying for some financial services slightly longer than before, as extra checks may be made on applications with your details. Transactions such as credit or debit card transactions are not affected, nor does registering affect your credit score.
Protective Registration for individuals costs £25 for a two year membership and can be purchased through the Cifas website https://www.cifas.org.uk/services/identity-protection/protective-registration. You can update your personal details, such as a change of address, or request the registration’s removal at any time by calling Cifas on 0330 100 0180.
2. Experian Identity Plus
Experian are the largest Credit Reference Agency in the UK using financial data to support a diverse range of products and services. The Experian Identity Plus service provides you several features to help identify and monitor potential misuse of your personal details including;
· Experian Alerts
Weekly alerts sent by email or text about certain changes to your Experian record notifying you when accounts are opened or closed, or your credit report is searched thereby alerting you to any unauthorised activity.
· Web Monitoring
Experian scan certain internet sites and locations to identify if your personal details appear on a shared or public list, and will alert you by email or text message if anything looks suspicious or fraudulent.
· Enhanced Fraud Support
If your details are misused fraudulently, Experian will assign a dedicated case worker to guide you through next steps and help communicate with other companies on your behalf.
The Experian Identity Plus service is a subscription service priced at £6.99 per month and can be purchased once you have registered for a free Experian account all available through their website https://www.experian.co.uk/consumer/identity.html
If you would like any more help or support with any of the above, or to learn more about how we are helping estate administrators, deputies and attorneys protect themselves and their clients from potential financial abuse get in touch