By Jill Fraser

Credit card fraud is now a multi-million dollar business and identity related theft, often referred to as “the crime of the new millennium”, is an increasing concern to consumers.

Despite a high rise in the level of consumer awareness Unisys Security Index research has found that many people still fail to protect their private data and are easy prey: 1 in 5 individuals don’t destroy bank or credit card statements before throwing them into the garbage; 1 in 4 never read privacy policies; and 1 in 3 use an easy to remember figure such as their birth date when asked to select a PIN.

How to avoid credit card fraud:

1) Regularly check your credit history report: Checking your credit history is a simple way to catch financial fraud in its infancy. Regularly requesting an updated credit report will enable you to identity unauthorised activity ASAP.

2) Destroy sensitive documents: ID Theft and financial fraud often begins in the garbage. Paper statements provide a thief with important information about you - your address, your accounts and your bank balances.

3) Get your statements electronically: That way you can check your balances and other financial information without having to dispose of paper statements in the garbage.

4) Lock your mail box: Stolen mail remains one of the most prevalent means by which identity theft occurs.

5) Keep tabs on your mail: Knowing when important bills and statements arrive is an easy way of detecting mail theft or redirection when it starts. Check with your financial institution if you don't receive them on time.

6) Always know who you are giving information to: Insist on identity verification from people seeking your personal information. ID Thieves often gain personal information over the phone or internet.

Have you been a victim of financial fraud? If so, we’d like to hear your story. Click here to discuss this on FatCat's MoneyConfessions