JagaMyID aims to combat identity theft

Common crimes include online  purchases, online banking and e-payment transactions

By LYDIA NATHAN

RAM Credit Information Sdn Bhd (RAMCI) launched its web-based portal JagaMyID, the first-of-its-kind service aimed to counter identity theft and credit fraud in Malaysia.

According to a survey conducted by RAMCI last year, 14% of respondents have experienced identity theft first-hand while 26% had known a victim. Common crimes include online purchases, online banking, e-payment transactions and other servics that use mobile apps.

RAMCI CEO Dawn Lai (picture)  said \ JagaMyID was developed due to the lack of financial literacyand financial  planning among  Malaysians today.

“Identity theft is on the rise all over the world. With the advancement of technology, so many people have formed a great dependency on the Internet. So, this tool will be able to safeguard people and help achieve financial independence. So many people are not aware of what their credit rating is or they don’t bother to check,” Lai told reporters in Kuala Lumpur yesterday.

She further said that cases reported to the Malaysian Chinese Association’s Public Services and Complaints Bureau revealed a total loss of RM2,825,000 from 2014 to 2016, with 2016 in itself recording an all-time high of RM1,683,000 in losses.

“Identity theft cost individuals millions of ringgit, making this a serious crime that has far-reaching financial and credit repercussions,” she said.

To help address this issue, JagaMyID, a consumer service under its www.MyCreditInfo. com.my umbrella, will be a yearly credit monitoring subscription service that will deliver email notifications to subscribers when it notices any change to a person’s credit pro- file or if any credit cards or loan applications have been made using the subscriber’s name.

Offering three different packages, this portal will focus on four main elements that are lockup identity theft, negotiating better interest rates and credit terms, maintaining consistent and healthy credit score and a quick and easy view of total credit portfolio.

RAMCI’s senior manager and head consumer and trade bureau Zuraidah Ahmad said every package will allow the subscriber to receive a Personal Credit Report Plus in every six months. This report will include comprehensive information pertaining credit cards, housing, car, personal loans and various other credit facilities. “The system will inform a subscriber what their credit rating looks like, if it’s good it
will then tell you what yo  have been doing well,” she said.

Lai also said RAMCI will be targeting anyone with active credit, namely individuals above 21 years of age till approximately 60 years old.