It is estimated that fraud costs the UK economy billions of pounds a year. This number is staggering when you consider much of this fraud is perpetrated on citizens like you and me. Fraud is often hard to prove and can be even harder to prosecute and in most cases, victims of fraud never recover what is lost. Fraud prevention is essential in protecting oneself, but it can be difficult. For some, the loss is minimal; a hundred pounds or less. For others, the amount can be significantly higher and much more devastating.

Identity theft is one of the most common, and most damaging, forms of fraud known today. Victims of this form of fraud face a long, hard struggle to clear their name; a struggle that may sometimes take years, even decades, to win. Even when the battle is over, there is no real winner. The victim often has to undertake lengthy legal battles and face personal ruin that can extend beyond the current account. Identity theft can destroy lives and often by the time it is detected, it is too late. The best way to win a battle with identity theft is to not allow yourself to become a victim in the first place.

Fraud protection does not have to be difficult. There are simple things you can do to protect yourself from being victimized. The key is common sense. Do not trust people you do not know with your personal information especially online. Mind websites that ask for your credit card information, that do not seem to have a reason. If you are not purchasing something or paying for something, do not hand over that number. The pin number for your current account should never be given out. There is no reason to provide that information online.

Passwords are amongst the best means of fraud prevention when used properly. The most important rule here is to not use the same password for all of your online accounts. If you have more than one current account, don’t use the same pin number for them all. It may be easier to remember, but it will also make it easier for an identity thief to steal the rest of your information if it is all protected by the same pin code.

Fraud isn’t just perpetrated online. You may become the victim of fraud by phone, by e-mail and even by post. The most important rule to remember here is that if you haven’t entered a contest, you also didn’t win a contest. If someone rings you up to tell you of some sterling prize you’ve won and all you’ve got to do is call a number to claim your prize, do not call that number. This is one of the most popular methods of committing fraud over the phone.

Above all else, stay informed. Mind your credit card statements and save your receipts. If there are charges on the statement that you didn’t make, report it immediately. It may save you a lot of trouble down the line.