Title: Unmasking the Thieves: Identity Theft on the Rise in Seychelles’ Financial Sector

Identity theft is a major concern in Seychelles’ finance sector, where fraudsters utilize personal information to open or access accounts under someone else’s name. Two common types of identity theft are:

Application Fraud

• Executed using counterfeit or stolen identification documents
• Fraudsters open credit card accounts in your name
• You are responsible for debt repayment when banks pursue you

Account Takeover

• Fraudsters assume your identity
• Convince banks to issue cards in their name
• Use cards to withdraw funds or access online banking
• Empty your accounts entirely

Fraudsters acquire your information using various methods:

1. Dumpster diving (bin raiding): Retrieving banking documents that haven’t been shredded or burned
2. Social media pages: Rich sources of personal data like birth dates, home addresses, and family names
3. Phishing scams: Emails that mimic reputable organizations, requesting personal information for identity construction

Defending Against Identity Theft

To protect against identity theft, follow these precautions:

1. Securely store and dispose of documents: Store banking-related documents safely and shred or burn them before disposing
2. Limit personal data on social networking sites: Minimize sensitive information shared online
3. Update your bank: Inform your bank immediately when changing your address to prevent mail theft
4. Be wary of phishing emails: Contact organizations directly to verify authenticity instead of providing personal information via email

Always practice vigilance and be suspicious of any unusual transactions or communications regarding your accounts. Immediately report any signs of identity theft to your bank and appropriate authorities.