CIPR

This advice was introduced by the Home Office in 2007 following discussion with the Association of Chief Police Officers and the financial sector. They want to reduce the level of bureaucracy involved in fraud recording and streamline the reporting and initial investigation of such frauds.

1. Contact your creditors: Get in touch with creditors with whom you have an account (eg banks, credit card companies, store cards, phone & utility companies) even if they have not been affected so they can monitor your accounts. Your bank, for example, is now responsible for undertaking further verification and investigation and where appropriate will report it to the police for investigation following a change in reporting procedures.

2. Contact a credit reference agency: Callcredit, Equifax or Experian provide suggested steps to resolve the situation.

3. Contact the UK's fraud prevention service - CIFAS: If you think you've been a victim of identity theft you should consider subscribing to the CIFAS Protective Registration Service. A notice will be placed on your credit file indicating that your name and address may be used to perpetrate identity fraud.

Being a victim of identity theft can cost you valuable time and money. A few simple steps such as shredding documents and keeping a close eye on personal details can avoid you having to retrieve thousands of pounds from your bank, being kept on hold while you cancel and order new cards.