Credit card fraud may not be rampant in Singapore but it exists – and it can happen to you.

Recent reports in the media show that identity theft is a worrying trend affecting credit card users in Singapore and around the world. For instance, The New Paper reported that in Jan 2008, an administrative officer in Singapore became a victim of identity theft when her employer fraudulently used her details as guarantor for his application of credit card without her knowledge. In July 2008, there was another reported incident of fraud in The New Paper whereby a Marketing Executive's identity was stolen to open 3 bank accounts. Business Times also reported last year that 83% of respondents in a survey conducted among adults aged 18 to 64 revealed that Singaporeans are getting more concerned about identity theft, up from 80% who said so in the previous survey.

With a new service by Credit Bureau Singapore (CBS) called My Credit Monitor, you don’t have to be an unknowing victim of credit card fraud.

This service alerts consumers whenever banks notify CBS about missed payments on loans or other credit, or when an application for credit is made in their name. Consumers will have a choice of being alerted by e-mail or by post.

The 12-month monitoring service costs only $35 a year for e-mail alerts and $40 by post (GST applies). As part of the service, consumers will receive an initial copy of their credit report during sign-up to give them an idea of their baseline credit history.

My Credit Monitor allows you to check that delinquency reports are accurate and also protects you against fraud. Should you be concerned with any activity reported on your credit file, you can contact CBS for assistance.

To sign up for this service, simply complete the application form at CBS office or go to any SingPost branch, CrimsonLogic Service Bureaus and CASE office and request for 'My Credit Monitor’. Please bring along your photo ID so your identity can be verified.

Tips To Prevent ID Theft