Facebook: Open Season for Fraudsters!

This recent article from the UK based Business Credit Management presents a major warning to those frequenting social networking websites.

Oct 11 2007
Major new Equifax survey* in support of National Identity Fraud Prevention Week reveals that 63% present their email address on a plate for phishers.

Key Findings:

• 31% of social networkers do not use security and privacy settings
• 63% make their email address public
• More women give their date of birth on social network sites – an easy route to ID fraud
• Male social networkers more free and easy with their email and telephone number than women

Over 16 million people are registered with Friends Reunited and it’s estimated that 28 million are members of Facebook, but according to leading instant online credit information provider, Equifax, many are leaving themselves open to ID fraud. The latest survey on social networking, conducted by Equifax in support of National Identity Fraud Prevention Week (8th-14th October) reveals that 30% of respondents do not make use of the security settings on these sites. Equifax’s latest survey suggests that users of Facebook, Myspace, Friends Reunited and the other social networking sites now proliferating the web could be a prime – and easy - target for fraudsters.

“Our survey revealed that of those using social networking sites, 87% have their full name and 38% their date of birth on their profile” confirmed Neil Munroe, External Affairs Director, Equifax. “27% place their education history online and 26% do the same with their work history. What people don’t seem to realise is how valuable this information is. The fact is these sites can act like a directory for fraudsters.

“It’s terrifying how little information fraudsters need to be able to open accounts in an individual’s name, rack up huge debts and leave the victim, at best to spend hundreds of hours sorting out the problem and at worse, picking up the bill. Although all these sites provide users with security measures, our survey found that 30% don’t use them and a startling 65% make their email address public, also making them a prime target for phishing and scammers.”

Equifax Top Tips for Using Social Network Sites

1 - Don’t include common verification such as your date of birth or your mothers maiden name .
2 - Set up privacy on your profile so only close friends can view your information,
3 - If you are going on holiday or you will be left in your home alone, don’t put it on your site. This could leave you vulnerable to break-ins.
4 - Potential partners and employers are often searching names on these sites. Don’t put anything on your site which could ruin your chances of a new job or boyfriend/girlfriend.
5 - Be wary of anyone you meet on these sites. The photo may be deceptive and they may have different intentions.

“It’s very clear that many people are entranced by the friendly and welcoming overtones of the social networking websites” says Carl Peatman, CEO FastAs, “but it’s equally clear that a great many people are placing themselves at considerable risk. It is inevitable that some people will only learn the need for self-protection when it’s too late!

“At FastAs we have placed great emphasis upon creating a safe means for people to be contactable, without sacrificing ease or convenience, and we ensure that everyone remains in control of their personal information.

“Isn’t this what a directory service should do?”

*Survey conducted amongst 739 Equifax customers, September 2007