Identity Thieves Are Stealing Australians' Shares

The Australian Securities and Investments Commission (ASIC) reminds the local public to protect their personal information. Since August this year, several reports have been received, highlighting the leaking of personal information and shares stealing due to it.

After stealing someone's information, fraudsters create share trading accounts and bank accounts in the victim's name. Many victims do not realize their shares have been transferred or sold until they receive a confirmation letter from the share registry or the Clearing House Electronic Subsidiary Registration System (CHESS).

This follows previous information breaches in Australia that may have allowed identity thieves to illegally access other people's personal information online. The regulator also reminds people that criminals may also steal mail containing personal information from their mailboxes.

In response to these risks, ASIC is reminding people to be extra vigilant for suspicious activity relating to share registry, share transactions and bank accounts, and to regularly check their portfolios and investment accounts.

Avoid using simple passwords and set multi-factor authentication for accounts. And also remember to check the mailbox in case of mail theft regularly.