Month: June 2022

There are tell-tale behaviors that identity theft victims exhibit, so don’t assume you’re immune.

Since the explosion of the web in the mid-1990s, identity theft and fraud risks have increased considerably. Initially, online payment systems and stores raised concerns about cybercrime, but now that the internet has become an integral part of life and society, the risk has only grown. 

Who is most vulnerable to identity theft? Are younger generations who grew up using the web more aware of the risks, or are older adults who are more skeptical and untrusting less likely to fall victim? How can you tell if your identity is at risk of being stolen?

Some people are more at risk than others

Identity theft is a persistent problem that has been around for a long time. It involves individuals pretending to be someone else to gain a financial advantage. Nowadays, it has become a significant form of fraud, with criminal gangs operating specialized units focused on stealing identities and carrying out subsequent fraud and, sometimes, extortion.

However, the risk of identity theft is not equal for everyone. If you can manage to keep a firm grip on your identity, you can prevent your identity from being stolen, and fraud cannot be committed in your name.

Unfortunately, some people are more vulnerable to identity theft than others. Here are five key signs that you may be at risk of identity theft.

1. You don’t check credit card or bank statements

When you receive a bank or credit card statement, you may be tempted to toss it aside without opening it. After all, you know what you’ve purchased and what bills you’ve paid, so what’s the point in checking? However, it’s important to remember that if your credit card has been cloned, you may not be aware of the fraudulent activity without reviewing your statement. Similarly, if someone has opened a loan in your name and is making monthly payments from your bank account, you won’t know unless you read your bank statement. Therefore, it’s always a good idea to take the time to review your financial statements carefully.

(Image credit: Shutterstock)

2. You use the same username and easy to remember password on every account

Is using the same username and password easier for all your accounts? It might seem like a good idea since passwords are hard to remember. But it’s risky and complicated. Using one password for all your accounts makes it easier for someone who finds your password to access all of your data. They can access your cloud accounts, email, and social media using just one password. Even if banks and credit card accounts require additional data, a scammer who has your passwords for everything else has enough information to pose as you on the phone.

These are the best password generators

3. You have never checked your credit report

Have you ever thought your credit report is only necessary when applying for loans or mortgages? Do you believe that it’s only available to banks and loan companies? You won’t know how your data is compiled if you haven’t read your credit report. You won’t understand how your accounts are paid off monthly and which credit searches have been done. For instance, when you buy a new phone, the company must run a credit check. If you have paid off a loan, it will be listed in the credit report. If someone has used your name to apply for credit, you won’t know unless you check your credit report. It’s high time you sign up for Experian or similar services to access your credit report and review it monthly.

(Image credit: Shutterstock)

4. You happily click links in emails claiming to be from your bank

Have you ever received an unsolicited text message or email requesting you to verify your login details? Scammers online use a deceptive technique to exploit this habit by sending messages that appear to be from your bank or financial institution. They might even incorporate the logo and typeface of your bank to make it appear legitimate. 

The email usually includes a link that prompts you to verify your account details by submitting your username and password. However, it’s crucial to remember that these messages are part of a fraudulent scheme. The scammers record your login credentials and any other sensitive information you might provide. Therefore, it’s best to avoid clicking on links in unsolicited messages and never provide your login credentials unless you are entirely sure that the message is legitimate.

5. You share everything on social media

Have you heard of oversharing? It’s when you reveal too much information about your life to others, such as on social media platforms like Facebook. This can include sharing pictures of your meals, your thoughts about your daily commutes, your current location, past locations, and the people you’re spending time with.

However, this type of information can be used by identity thieves to create a profile of you. They can utilize this information to commit crimes, such as mugging you, stealing your phone and wallet, and assuming your identity to obtain a line of credit. Additionally, they could use it to track your whereabouts and break into your home to receive your banking information.

Social media can be enjoyable, but sharing everything can be dangerous. It’s essential to be more cautious and selective about what you share. Share only the good times and limit the information you provide, especially regarding your current location and activities. You can also turn off the “check-in” feature and keep your friends list small to protect yourself from potential threats.

We’ve also picked out the best social media management tools

Counter your risky behaviors

Additional signs that may indicate potential identity theft include carrying your social security (US) or National Insurance (UK) number in your wallet, and not securing your bank statements where visitors can’t access them. It is important to recognize the dangers and not assume that it won’t happen to you. Instead, responsible behavior that takes into account the significance of your financial situation is necessary. Having your identity stolen can be a life-altering experience, and it is essential to avoid it. Fortunately, by avoiding common mistakes and adopting new behaviors that protect your identity, you can prevent identity theft.

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Here are some of the methods and techniques that cybercriminals and fraudsters employ to steal identities via the internet.

Identity theft can happen in a variety of ways, such as stealing your wallet or purse, obtaining your personal information through a data breach, or even by tricking you into revealing your sensitive information through a phishing scam. Once the thieves have your identity, they can use it to open credit accounts, take out loans, or even commit crimes in your name. The consequences of identity theft can be devastating, including financial ruin and damage to your credit score. It’s important to take steps to protect your personal information and monitor your accounts regularly to catch any suspicious activity.

How is your identity stolen?

Identity theft can occur in three different ways. The first way is when someone clones or copies your credit card, which usually happens when you’re traveling abroad or in a big city. It’s less common when you’re at home or at places you visit regularly. The second way is when your personal information is leaked due to a massive data breach. The third method is phishing, used to deceive you into entering your personal information into a fake website through email, SMS messaging, or any other medium. 

Phishing relies on a sense of familiarity to trick you into thinking that the message is legitimate. As a result, you may click on a link in a fake email that appears to be a password reset or account restriction notice and then provide the information they ask for. This can lead to your electronic identity being stolen.

How does the identity travel? 

The theft of identities is a common occurrence, with the identities often being added to large databases that criminals can access and use. In the case of credit cards, they are usually tested to see if they work by making a small purchase. Alternatively, a more significant purchase may be sent to an unmarked address on an industrial estate before being sold, which is a form of money laundering. Essentially, it’s like your digital identity travels around the internet until it finds a buyer while you remain in the comfort of your home.

(Image credit: TheDigitalArtist / Pixabay)

You’re for sale on the Dark Web

Primarily, accounts with money attached are the most desirable. So, bank and credit card accounts, mortgages, online payments like PayPal, hire purchase deals, smartphone contracts – anything that requires a big chunk of personal data for approval.

The more complete the data, the more likely it is to sell.

Most people think of the internet and the web as the same thing. In truth, the internet is merely the infrastructure of routers, data hubs, DNS servers, and cabling. Like email, FTP, and the torrent network, the web sits on the internet.

So, too, does the Dark Web, a hidden portion of the online world accessed via the Tor browser. Think of this as a “wild west” internet that is difficult to police. Standard web search tools cannot crawl these sites so that you won’t find any results about them on Google.

Like the back alleyway of the internet, the Dark Web is perfect for selling stolen data, weapons, drugs, and other dodgy deals. Remember, identity thieves are criminals with all illegal operations in progress.

How much is your ID worth?

The Dark Web provides a marketplace for buying and selling your identity.

Each record for sale on the Dark Web makes a profit for whoever stole it—the more comprehensive the data and the balance in the account, the higher the price. A study by Trend Micro found that bank logins alone are $200 to $500 per account.

Single credit cards are usually sold for under $100, with many under $10. This price is reflected in the unused credit available on the cards.

Meanwhile, accounts with mobile phone operators are available for a maximum of $14. That’s a small fry compared to the $300 price tag slapped onto your well-used eBay and PayPal accounts.

Remember when you applied for credit and provided a scan or photocopy of your passport? Perhaps your wedding certificate? Those sell for up to $40 – after all, owning someone’s passport details is an instant new identity.

It’s disconcerting to learn how your digital identity is traded. So, here’s a final sobering price: medical data is worth around $1000 per record. Let’s hope your healthcare provider employs secure procedures to protect your data.

Where does your stolen identity go?

Criminals worldwide have access to databases of stolen credit card details, and entire identities—the more complete data collection is, the better. People with incredible wealth are more desirable to thieves, but the super-rich are rarely found here. Instead, they’re usually targeted in a more specific manner.

Thanks to the internet, your stolen identity could end up anywhere worldwide. Financially speaking, you could simultaneously be in London buying trousers and having breakfast in Rio. However, this sort of activity typically results in credit card companies noting something wrong.

As such, your stolen identity probably doesn’t travel far beyond your usual movement pattern. This way, identity criminals can enjoy the longest possible use of your ID. A week would be a long time, but more than enough time to ramp up huge debts in your name.

(Image credit: Shutterstock / Zeeker2526)

Keep hold of your identity

The risk is simple: someone who has the critical elements of your identity can claim to be you. ID fraud can be committed with that information and some basic research into your likely wealth.

Data breaches are impossible to prevent. So, the answer is to protect yourself. While your data languish on a database, ready to be used for automated phishing emails or more specific targeting, you can use security tools and credit monitoring services to reduce your exposure.

Cybercriminals don’t like hard work. It takes time, and it isn’t profitable. So instead, they aim for low-hanging fruit, easy wins. Don’t be an easy win – make identity theft difficult, and the criminals will move on to the next victim.

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These steps can help you recover from identity theft or fraud.

Identity fraud is a serious issue that can occur suddenly and without warning. If you fall victim to this crime, it can take months or even years to recover from the financial and emotional impact it can have. Therefore, knowing what steps you can take to expedite the recovery process is essential. 

Here are five steps you can bring to counter the event if your identity has been stolen and your financial life is severely impacted:

The long-term effects of identity theft

Identity theft isn’t a flash-in-the-pan event you forget after a few months. Instead, its impact can last for months, if not years, and cast a massive shadow across your life.

There is a psychological aspect to ID theft, one that can take its toll and leave you feeling at odds with everything you previously took for granted. Being victimized by criminals in this way can cause feelings of anxiety and violation. Sleep might also be affected – the Identity Theft Resource Center found that sleep disturbance affects 41% of identity theft victims.

Financial security fears, a sense of powerlessness, and suicidal feelings also occur among identity theft victims.

Of course, identity theft also impacts victims financially. You will almost certainly find yourself short of money for a time. Borrowing from family and friends, selling possessions to cover ID theft expenses, and even taking payday loans rarely make you feel better. On the contrary, the added stress of borrowing can cause further psychological stress.

This can translate into physical illness, too. Victims of identity theft have reported everything from breathing difficulties, elevated blood pressure, and heart palpitations to fatigue, muscle aches, and even grief (of a loss of financial security, trust, and aspirations).

A timeline of identity theft recovery

Identity theft can rarely be recovered quickly. It largely depends on the type of theft you have experienced. 

Credit card fraud: the time it takes you to discover and report the scam is as long as you must wait in most cases. If you regularly check your credit card statements or have alerts on your account, this should be no more than a month. After that, credit card companies will cover the stolen credit.Total identity theft: with accounts opened in your name, it can take months to recover. Decreasing fraudulent bank accounts, loans, and other identity theft takes time. Proof is required that you did not set up the accounts. Undoing the damage can take years when a tax debt is also incurred, as in some cases, or other crimes are committed in your name.

Unless you’re incredibly fortunate and detect identity fraud early, you’re likely to spend at least a year piecing together the effects of identity theft.

(Image credit: Shutterstock / Sapann Design)

How to recover from identity theft

So, how can you recover from identity theft and minimize the psychological impact? 

1. Contact the fraud departments of the affected accounts

If you discover that your identity has been stolen and you become a victim of fraud, there are certain steps you should take to report the incident. First, get in touch with the fraud department at the affected banks and credit card companies. You should also contact the finance company if the scam was related to car finance or any other type of finance. Additionally, it’s important to report the theft to your local police force as soon as possible. Ideally, all of these steps should be taken within 24 hours of discovering the fraud.

2. Check your statements and records

To ensure that you have a complete understanding of the fraud that occurred, it is important that you thoroughly review all your financial activity during the time period in which the fraudulent activity took place (and even some time before that). This means that you should take the time to examine your bank statements and other financial records in detail. Additionally, be sure to request any statements that may not have been sent to you. It is also important that you review all of your financial accounts, including banks, loan companies, and credit cards, as well as any online stores or PayPal accounts that you may have used during that time.

(Image credit: Shutterstock)

3. Detail your movements during the period of fraud

If you suspect that fraudulent activities have taken place, it is important to take immediate steps to document your actions to prove your innocence and that you were not involved in the fraudulent activity. Unfortunately, victims of fraud are often required to prove their innocence. You can use Google Maps to trace your movements and locate where you were at a particular time. Additionally, you may be able to find old receipts or your employer’s clock-in data to prove that you were at work when a loan was taken out in a bank branch, for example.

4. Get legal advice from a specialist in identity theft

It’s a good idea to get in touch with a lawyer and provide them with as much information as possible when dealing with fraud. Seeking legal advice is crucial since your bank will be investigating you. However, don’t just contact your regular family lawyer. Instead, look for someone who specializes in identity theft and fraud. They will be able to work with your bank and any federal agencies involved, which can help reduce the stress that you may experience.

5. Contact the Identity Theft Resource Center (ITRC)

There is a free help service available from the ITRC which can provide you with nearly all the information you need to know about identity theft. They offer a comprehensive service and provide detailed steps on what you should do if you are a victim of ID fraud. Additionally, you can find information related to different scams, which can help you identify the cause of your ID theft.

Moreover, the website offers various resources, facts, figures, and a regular newsletter.

Are you affected by ID theft in the UK? Contact the Action Fraud team. 

Prevent future identity theft

You’ve overcome ID theft. You probably don’t want to go through it all again. To prevent a repeat of the months-long recovery of your identity, financials, and perhaps even your sanity and health, take steps to secure your accounts.

Stop clicking on links in unsolicited emails from your bank, loan company, PayPal, or Facebook. Instead, learn to spot fake emails, change your passwords, employ tighter security steps (two-factor authentication, where a code is sent to your phone or email when you try to log into a bank account online, for example), and remain vigilant of the risks. Know and understand how it happened the first time to reduce the chances of a repeat occurrence.

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Preventing identity fraud starts with understanding how criminals acquire personal information.

Identity theft is a growing problem in today’s digital age, and the consequences can be devastating. It can ruin your credit score, destroy your reputation, and even lead to being falsely accused of a crime you didn’t commit. Unfortunately, this happened to you when a police officer showed up at your door with a warrant for your arrest for money laundering.

You were shocked and confused when you heard the news. You knew you had done nothing wrong, but how could you prove it? The officer explained that your digital fingerprints were all over the case, linking you to the illegal activities that had taken place. Clearly, someone had stolen your identity, and now you were paying the price.

Identity theft is a complex and sophisticated crime that can take many forms. Hackers can steal your personal information from unsecured websites, phishing emails, and even social media profiles. Once they have your information, they can open credit card accounts, take out loans, and commit fraudulent activities in your name.

The consequences of identity theft can be severe and long-lasting. In addition to being falsely accused of crimes, victims can experience financial ruin, damage to their credit scores, and emotional distress. It can take years to recover from the damage done by identity theft, and many victims never fully regain their financial footing.

The good news is that there are steps you can take to protect yourself from identity theft. These include monitoring your credit report regularly, using strong passwords and two-factor authentication, and being cautious about sharing personal information online. By taking these precautions, you can reduce your risk of becoming a victim of identity theft and protect yourself from the devastating consequences that come with it.

What Is ID Fraud?

Identity fraud, also known as ID fraud, occurs when a thief uses a stolen identity to commit fraudulent activities. This type of fraud is typically associated with financial crimes, where the perpetrator takes advantage of the victim’s financial status to obtain loans and credit lines in their name.

Although impersonation is occasionally used in ID fraud, it has become rare due to the prevalence of mass identity theft on the internet. With the wide variety of credit application methods available online, it is largely unnecessary.

Money laundering is often linked with ID fraud, as the thief might use the victim’s funds to purchase goods, have them delivered to an address under their control, and then sell them for profit.

How They Steal Your Identity

Before ID fraud can be committed, identity theft must first occur. But how do these criminals get their hands on your data?

(Image credit: wk1003mike / Shutterstock )

Phishing 

Identity theft is a significant concern, and one of the most common ways it happens is through phishing and spoofing websites. In this scam, you receive an email, SMS, or instant message containing a link. The link takes you to a fake website that looks legitimate, where you’re prompted to enter your login details or personal information. Scammers use this information to steal your identity and commit fraud. 

Another way this scam can happen is through unsolicited phone calls. A fraudster might call and pretend to be from your bank, asking you to confirm your login details or personal information. They might even record the call and use it to gain access to your account through automated login services. It’s essential to be aware of these scams and avoid clicking on unknown links or giving out personal information over the phone.

Bag-snatching

Your bag, purse, or wallet can be a goldmine for identity thieves. Your credit cards, debit cards, phone, and Social Security card can all provide them with the information they need. To stay safe, only carry the cards you need and wear your bag securely across your body. Keep your cards, wallets, and purses out of sight and reach. Only remove your cards when you’re paying for something.

Shoulder surfing

When you are paying for your purchases, it is important to be aware of the people around you. If you need to enter a PIN at the checkout or an ATM, someone nearby could see your code and use it if your card is stolen. To prevent this, always cover your PIN as you enter it to keep it a secret.

Physical document theft and “dumpster diving”

It would be best to shred old bank statements and letters from your bank or card company. Any personally identifiable paperwork should also be shredded. The reason? All it takes is someone to go through your bins and find valid old documents to steal your identity. 

Known as “dumpster diving,” this is a tried and tested method to succeed at identity theft. The best solution is to shred your documents, ID cards, and old passports.

The alternative is simply breaking into your home and stealing important documents. Keep bank records, passports, and other identifying documents locked away to combat this.

These are the best paper shredders on the market

(Image credit: Shutterstock)

Oversharing on social media

Have you ever shared too much on Facebook? Unfortunately, the answer is probably “yes.” From photos of days out to where you live, when you’re at work, on holiday… it’s oversharing. And with the wrong privacy settings set, anyone can learn everything there is to know about you. 

Worse, by observing your activity on Facebook, a daily pattern emerges. Criminals could use this to determine when to visit your home and steal those vital documents that you still haven’t locked away.

While Facebook oversharing is the main culprit, any social network that encourages you to share every aspect of your life should be used less.

Also check out the best social media management tools

Saving your credit card number online

If you shop online with stores like Amazon, there is a good chance that you will save your credit card details in your account. This saves time at the checkout, helping to reduce the time spent shopping. It also keeps you from finding your wallet, getting the card out, and then inputting the 16-digit number, your name, and the CVV2 code on the back.

However, saving your credit card online can be risky. All it takes is for the online store to be hacked. In addition, if your data isn’t stored in an encrypted form, your credit card details are up for grabs. With those, credit card fraud or complete ID fraud can take place.

Take Identity Theft Seriously

Your life is literally out of your hands if you don’t take steps to ensure the security of your accounts. But you don’t need to feel afraid of this. Treat digital security as you would the safety of your home or car. You lock doors and windows, fit an immobilizer, and maybe an alarm. 

Universal vigilance is required to avoid the tricks and traps set by scammers. Thankfully, you can take many of the same steps. For example, lock your accounts with two-factor authentication to prevent unauthorized access. Set up SMS or email alerts to inform you when spending gets out of control. Sign up for credit monitoring services to catch any new accounts that might have been created in your name.

The critical takeaway is to take identity theft seriously, or else ID fraud will undoubtedly occur.

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Your identities are valuable assets that need to be protected. Don’t let them fall into the wrong hands! Here are some essential tips to help you safeguard your personal information and prevent identity theft.

For decades, people have been using lookalikes and forged documents to deceive others and gain access to resources they may not have had otherwise. However, with the advent of the internet and the widespread availability of online services, identity theft has become more prevalent and sophisticated than ever before. Cybercriminals can now easily obtain personal information online and use it to impersonate their victims, gain access to bank accounts, open credit cards, and even commit crimes in their names. 

This has turned identity theft into a lucrative industry, with criminals constantly finding new ways to exploit vulnerabilities and steal identities. As such, it is important for individuals to take steps to protect their personal information and be aware of the risks of identity theft when using online services.

One world, multiple identities

Understanding the basics of cybersecurity before taking any preventive measures is essential. The first step is to identify what needs to be protected and then determine the source of the threat to implement appropriate controls. 

To prevent identity theft, one must know what constitutes their identity in both the physical and cyber worlds. Once this is understood, the proper measures can be taken to safeguard the aspects that define one’s identity.

In the physical world, a person’s identity is defined by government-issued documents like passports, national insurance cards, driving licenses, and other essential documentation, which are vulnerable to theft or forgery. However, the government has implemented measures to make forgery difficult for criminals.

The cyber-world is different, as most people are not fully aware of what constitutes their online identity. This makes it easier for criminals to steal and misuse their identities, as protecting something they do not understand is difficult.

Unlike the physical world, where a person has a single identity, the cyber world has multiple identities associated with legitimate online activities. Compromising any of these identities can lead to significant problems that can transcend into the real world.

Think beyond your physical identity

To protect your identity, it’s important to stick to the basics. First, minimize the amount of personal information you share. Keep this information in as few places as possible, and avoid sharing it with others. Remember to keep your identity to yourself and don’t give it away, because the less information you share about yourself, the lower the risk of it falling into the wrong hands. It’s widely known that personal information, such as your name, address, and date of birth, can be used to identify you.

How many people know your secrets?

If we think about the basic online identity, it is essentially a username and a “secret.” Of course, you could use the same identity on every website – but that becomes a risk because if that identity is stolen, the criminals have the key to unlock access to everything you use online.

Your credentials (username and password) are not always stolen from you directly. Instead, they are often stolen from the operators behind the systems you log on to or your password manager.

You only have to look at the volume of credentials leaked from breaches to realize that if you have been using the internet for even a few years, some of your credentials will likely be stolen and published online from some data breach.

Try not to be yourself

According to Moore’s Law, computing power doubles every 18 months – which means every 18 months, the time taken to deploy a brute force attack on a password will be half. This is why password length and complexity recommendations increase with time – a critical distance secure ten years ago will not be so safe now.

For best practice – when choosing and changing your password, the NCSC recommends three random words unrelated to each other and not those that relate to yourself. So, the name of your pet or hometown should be discarded as an option when making up your password.

Knowing something about someone is an excellent place to start when guessing their password. In today’s world, you don’t need to understand them physically – most people nowadays will happily share details of their loves and hates on social media, which can be harvested by those wishing to steal identities. It would not take a stroke of genius to realize that someone posting pictures of their pet may likely have related words as part of their password.

However, as we know, passwords frequently get stolen, so while it’s essential to change them regularly, online identities must be protected by more than just one set of credentials. This is where multi-factor authentication steps in.

The recommendations for verifying a person’s identity in the real world include using multiple documents. There are three primary factors in the cyber world:

Something you know – such as your mother’s maiden nameSomething you have – such as a security token or phone numberSomething you are – biometric credentials

The same factor can be used multiple times, but this is not as strong as using various factors – and for accurate 2-factor authentication (2FA), it should be two independent factors. The second factor should not rely on the first – so using the same username and password for a system to open your email account and retrieve a security token is not true 2FA.

While biometrics are usually considered a reasonably vital factor, they can be bypassed by using fake fingerprints, voice recordings, or photographs – think of how many photos you have of yourself on social media platforms such as Instagram, Facebook, or LinkedIn, and remember that these can provide a rich source of imagery to fool facial recognition.

Has your identity been stolen?

Let’s go back to the original point on identity theft becoming an industrialized industry and not a cottage-run business in the internet age. The basic online identity of a username and password doesn’t fetch much on the dark web, but if it’s a password you use for multiple accounts, it can become a rewarding purchase if the person is prepared to do a little digging.

However, the portfolios that consist of identification numbers, addresses, birthdates, credentials, medical records, etc., attract the best prices. If someone is after your full physical and cyber identity and is prepared to do anything, they’ll likely be able to get it if you don’t act cautiously.

That aside, 99% of those involved in identity theft are after quick and easy money. They are also likely to be in a different country or continent from you, so they won’t be able to pick your pockets or break into your home to steal devices – they don’t state spies. However, these are the ones that will be hunting down your cyber identities, which are much easier to target, so you must educate yourself on the risks and not give away any crucial information that can be accessed remotely.

You can take several steps to limit the risk of identity theft both in the real world and online.

In the real world:

Securely store documents that carry personal information that can identify you – such as your name, address, etc.Securely destroy these documents when they are no longer requiredMonitor your bank accounts and credit rating for any suspicious activityWhen you move to a new house, ensure all contacts are updated, and the mail is redirectedWhen disposing of electronic equipment, ensure it’s wiped

In the cyber world:

If you’re buying online, take the time to examine the website and ensure it’s secureEducate yourself so you can recognize online scamsQuizzes on social media very often mean of tracking those who respond – copy and paste the link instead of clicking directlySecure your passwords and use different ones for different accountsDon’t secure your password vault with the same credentials you use onlineUse multi-factor authentication where possible

Finally, in all circumstances, you should always disclose the minimum amount of information to ensure maximum security. Your identities are integral to you – so don’t lose control of them. Stay alert, and you won’t be disappointed.

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The coronavirus pandemic and its aftermath have led to chaos and disorder, creating a favorable environment for cybercrime to thrive.

While all types of fraud pose serious challenges, identity fraud is one of the most potent, and consumers must take extra care to detect and avoid it. People need to educate themselves on protecting their personal information, but many might feel they don’t know where to begin. Five main steps can be taken to guard against identity fraud and stop fraudsters and scammers from obtaining personal information or accessing accounts.

Beware of phishing

Phishing emails are a vital tactic for scammers and have developed beyond the clumsy, poorly written-efforts of the past. However, many still contain tell-tale signs of a scam, such as lousy formatting and unofficial email addresses. Phishing emails are designed to convince consumers to click on a malicious link, so consumers should avoid following links they do not recognize. Pay extra attention to an email that calls for immediate action, such as requiring payment to keep your energy on; scammers know that consumers are more likely to make a mistake if there’s urgency.

The best way to root out the fakes is to independently check the information by logging into personal accounts on the company website—companies will often post a warning on their website if they are aware of the scam email. Smishing, where phishing is conducted via a text message, isn’t a new threat but has evolved during the COVID-19 pandemic and represents another avenue where consumers need to be hyper-vigilant.

Activate two-factor authentication

Many online accounts offer two-factor authentication, which can help to prevent online account takeover. Text messaging is the most popular second factor, but this is also vulnerable to takeover, so individuals should choose an alternative factor if one is available.

Sign up for activity alerts from financial institutions

Signing up for activity alerts with bank or credit card companies can alert consumers to any suspicious activity associated with their accounts. People are notified straight away, and this can prevent any further fraudulent charges or withdrawals. Do not delay reporting suspected fraud to your bank, and ask about the possibility of closing the account in question.

Set up identity and credit monitoring

Individuals can sign up for an identity and credit monitoring service that will warn them if their data is at risk. Due to personal information being traded on the dark web, monitoring services focus on places where data is known to be bought and sold and will send alerts if personal data is identified. Credit monitoring services will notify individuals of any changes to their credit profile, such as new trade lines or hard credit inquiries. If individuals suspect fraudulent use of their information, a professional can assess the extent of the fraud and assist with identity restoration.

Follow password security best practices

There is a lot of advice available on how to create strong, unique passwords for every account. However, with the average person having 70-80 accounts, it can be difficult to remember them all, leading many people to reuse passwords. Installing a password manager can help you generate and store passwords for all your accounts on your devices. Although using common passwords like “QWERTY” or your pet’s name is not safe, it can suggest a nearly impossible alternative to guess.

The most important thing to remember is that there is no single solution to ensure complete protection against identity theft. The best thing you can do is to stay vigilant and use caution. By adopting the layers of security discussed above, you can give yourself the highest level of protection against a threat that is certain to become increasingly dangerous in the future.

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Identity theft is a widespread issue that affects both individuals and businesses. It can cause significant financial and reputational damage, making it essential to take preventive measures to protect against it.

Businesses are already familiar with the standard cybersecurity protocols regarding password protection and secure data sharing. However, despite this awareness, identity theft and fraud continue to be significant issues for companies in all industries. Identity theft is a criminal act where an individual or business’s identity is illegally assumed for fraudulent purposes and financial gain. When the stolen identity is used, it becomes identity fraud.

What can you do to keep your business safe?

Identity theft is not just a problem for individuals but a growing concern for large corporations as well. This is because cybercriminals find it easier to target big organizations that have significant amounts of money in their bank accounts and high credit limits, making it easier for them to hide their illegal activities.

Although the latest version of GDPR has reduced the scope of online details available to cybercriminals, it has become easier for identity thieves to obtain company information over the years. Information about organizations and their employees is readily available on business websites, Companies House, and LinkedIn, making it an attractive target for cybercriminals.

Fraudsters can use this information to trade under your business’ name and exploit its existing reputation. They can also steal details of company credit cards or bank accounts and sell them on the Dark Web, causing irreparable damage to your business’ finances and reputation.

Moreover, cybercriminals can send phishing emails to employees, asking for confidential information such as bank details or confidential announcements. If released early, this information could affect the stock value of your company. It is also not uncommon for emails riddled with viruses to be circulated in the workplace accidentally, which could give hackers access to your company’s internal systems.

Corporate identity theft can have devastating consequences for your business. If your company falls victim to identity theft, its finances, confidential information, and reputation could all be at risk, which could result in irreparable damage and financial losses.

Prevention is better than cure

Identity theft can often lead to catastrophic financial losses, paralyzing your business. As such, all companies should take out cyber insurance — no matter how big or small or in which industry they operate. No sector is safe from this type of cybercrime, but cyber insurance can cover you and help protect your company.

It is worth noting that financial loss that stems directly from a fraudulent act is often not covered by a standard cyber insurance policy, so it is essential to check how inclusive your plan is. However, many cyber insurance companies offer cover for fraud and financial crime as an add-on to your primary policy.

However, although cyber insurance is a worthwhile investment, prevention is better than cure. The chances of experiencing a breach are much slimmer if the appropriate processes and software are implemented within your business. So, investing in up-to-date cybersecurity solutions is paramount to evading identity theft and fraud. Some critical measures that could help prevent identity theft include encryption of employee data, installing firewalls, automated system updates, and using robust total endpoint security solutions (more than just antivirus software).

Educating staff on the importance of not divulging sensitive data to unauthorized third parties is also essential. Remember, repeatedly, people have proven to be the weak link in corporate security chains. Often, this is down to careless mistakes rather than malicious actions, so it is vital to teach employees what to look out for and what to do if they suspect a communication could be suspicious.

It is also advisable to partner up with a trusted IT specialist or consultant who is uncompromising regarding cybersecurity. This specialist should help you identify any cyber security issues or threats — whether a lack of processes, poor compliance, inadequate staff training, or failure to make the best use of advanced technologies — and then work with you to remediate the issues that have been identified. They should also be able to offer continuous advice and access a wide range of technology solutions to ensure your company is protected from all angles.

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Identity theft is a crime that can target anyone, regardless of their social status, occupation or financial situation.

Cybercriminals tend to target vulnerable people who are easy to exploit. These are individuals who may be less technically savvy or lack the necessary security measures to protect themselves. Unfortunately, the Covid-19 pandemic has created a perfect storm for cybercriminals to prey on unsuspecting victims. With the increasing number of people working from home and relying on digital channels, it has become easier for cybercriminals to launch attacks and steal sensitive information. 

One of the most common forms of cybercrime is identity theft, which can have devastating consequences for victims. Identity theft occurs when cybercriminals steal personal information such as social security numbers, credit card details, and passwords to access financial accounts or commit other fraudulent activities. Once a victim’s identity is stolen, it can take an enormous amount of time, effort, and money to regain control of their identity and financial records. Victims may also experience plummeting credit scores and difficulty obtaining loans or credit cards in the future. 

Therefore, it is crucial to take proactive measures to protect yourself against cybercrime. This includes using strong and unique passwords, enabling two-factor authentication, and avoiding suspicious emails or links. It is also important to monitor your financial accounts regularly and report any suspicious activity immediately. By taking these steps, you can reduce the risk of falling victim to cybercrime and safeguard your personal and financial information.

The following suggestions are best practices for anyone who wants to proactively guard against identity theft:

Use a password manager

The average person has around 70 to 80 passwords, which inevitably results in hand-written notes. Worse still, according to a Harris Poll conducted by Google, two out of three users admit to reusing passwords across multiple accounts. A password manager is your friend here, helping create strong, unique passwords for each account. It also encrypts and stores them in a secure password vault – you only need to remember one master password. Attackers can hack a password manager app, but your encrypted passwords will be useless to them. If you keep your master password safe, you should be, too.

Those still unconvinced about password managers should, at the very least, start creating unique passphrases that use the maximum number of characters allowed. Remember to reset a password immediately if an account is breached. As a general rule, don’t allow your browser to memorize passwords for accounts, and never use your credentials from one site (such as social media) to create an account or sign in to other (third-party) sites. Wherever possible, create usernames that do not include your name, email address, or birth date clues. This gives cybercriminals half of the information they need to crack your accounts.

Use multifactor authentication

Get over being annoyed by the “inconvenience” of multifactor authentication, which requires you to enter a code sent via text message after supplying a username and password. It’s an effective additional layer of security that should be used for every account that makes it available to you.

Stop oversharing online

It’s important to rethink what and how you share information online to protect yourself from identity theft. Criminals can easily assume your identity by using the personal information you’ve shared online along with the data that’s been collected behind the scenes.

To stay safe, it’s recommended to remove personal information such as your date or place of birth, maiden name, mother’s maiden name, address, phone number, pet’s name, hobbies, etc. from social media and networking accounts. Use the highest level of privacy settings and be careful when adding new friends or accepting friend requests. Avoid social media quizzes or games that ask for personal information, and don’t download apps from unknown sources or click on suspicious links and ads.

Disable location tagging and avoid sharing photos or content when you’re not at home. It’s impossible to list every precaution, so always ask yourself why the information is needed, who it benefits, and could it compromise your privacy or identity.

Protect your privacy at home

Secure your home wireless network, only use IoT devices that let you change the password and manage security settings, and securely dispose of old phones, laptops, and storage devices.

Furthermore, it is crucial not to overlook “lo-tech” measures like securing your mailbox, collecting your mail daily, opting out of direct mail advertising, and using a crosscut or micro-cut shredder to discard all documents with personal information (including junk mail). Double-check that you don’t leave valuables (i.e., passports, ID cards, wallets) in cars or other publicly accessible places.

Protect your privacy in public

It’s hard to believe anyone needs this reminder, but public Wi-Fi is incredibly susceptible to eavesdropping. Never use it for online banking, shopping (any activity that involves a credit card), or medical- and health-related services. Do not share private information (such as credit card numbers, date of birth, social security number, or membership numbers) on voice calls when in public places. When using point-of-sale systems, you should also protect PINs, membership numbers, and other identifiers. Pay attention when you swipe a card (beware of hard-to-spot skimmers!), and remember, cash still works in most places.

Avoid being an easy target

Consumers are often confused, frustrated or shocked by the various schemes that fraudsters come up with in order to scam them. Due to the constant flow of news on this issue, an average person may feel overwhelmed and helpless. However, with a few simple steps, such as the ones listed above, anyone can make a huge difference. Scammers like easy targets, so the more obstacles you put in their way, the better. The key is to avoid becoming an easy target. It’s important to know what you need to do (within your realm of possibility) and remain vigilant about doing it. Nowadays, doing nothing is not an option.

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Understanding the differences between theft, fraud, and embezzlement can help you avoid falling victim to financial crimes.

You may have heard of ID fraud, and you might think that it’s the same thing as identity theft or credit card theft. However, there are some differences between these three problems that can help you understand each one better. By recognizing the specific risks associated with each type of fraud, you can take appropriate action to protect yourself.

What is identity theft?

Identity theft is the act of stealing someone’s personal information, which can be used to impersonate the victim. This can happen to anyone, including adults, children, and even deceased individuals. Offline methods of stealing someone’s identity include checking their trash for discarded financial documents, stealing their mail, or taking their wallet or purse. These items can provide enough information to take out credit in the victim’s name. 

However, identity theft is mainly an online crime these days and often involves phishing scams. Scammers will send emails or messages that appear legitimate, tricking people into giving away their login details for banks or credit card websites. With this information, a thief can easily steal someone’s identity. 

To begin stealing someone’s identity, a scammer needs their name, date of birth, and address. They can also use social media to gather more information about the victim, which can make the scam more convincing. 

If you suspect that your identity has been stolen, it’s important to contact your bank, credit card company, and the police immediately.

What about ID fraud?

Identity theft can lead to identity fraud, which occurs when someone uses another person’s identity to commit fraudulent activities. Fraudsters can deceive banks or credit card companies into handing over money and personal information about the victim. They can use the stolen details to open new bank accounts, apply for new credit cards and loans, acquire state benefits, order goods, take out mobile phone contracts, take over existing bank, credit, and property accounts, and even obtain legitimate copies of official documents such as passports and driving licenses.

(Image credit: Shutterstock)

What is credit card theft?

Card theft is a common type of criminal activity where a thief may steal your credit or debit card in order to use it for their own benefit. There are three main types of card theft: physical theft, cloning, and skimming. Physical theft refers to the scenario where your wallet is stolen. A card can be cloned following physical theft, or data can be skimmed from it and stored in a database. This data is then used to create a new fake card that can be used as a genuine credit card.

Skimming is a major risk associated with paying by credit card. Skimmer technology is a compact method of copying the data stored on your credit card. This data can then be used to buy goods or services charged to your account. Unfortunately, not only is there potential for restaurant and café employees to carry skimmers, but ATMs and gas station “pay at the pump” systems are also prone to interference and are at risk of a skimmer being installed.

Credit card theft often results in credit card fraud. This involves the use of the stolen card to buy goods or services, which are then delivered to a remote location, such as an industrial estate unit. Alternatively, the criminal may transfer money (through a fake “payment”) to an account that they manage.

The differences between ID fraud, identity theft, and credit card theft

Now you know and understand what ID fraud is, along with identity theft and credit card theft. The differences should be pretty clear, but if not, here’s a recap:

ID fraud is fraudulent activity (taking out loans, extending credit, even acting in an official capacity) using someone else’s stolen identity. Identity theft is the act of stealing an identity. It might be done offline or online. Identity can also be bought or sold online – some are stolen to order.Credit card theft encompasses credit cards and debit cards. It refers to stealing (or duplicating) a card to use it for personal gain or transferring the balance to another account with a fake payment.

All these things are bad, but you can reduce your exposure to them:

Dispose of old bank statements and correspondenceKeep important documents safely locked awayReduce social media activity and friendsSet a different password for every account, using a password managerEnable two-factor authentication where availableSet a secure PIN or fingerprint authentication on your phoneSubscribe to SMS balance alerts with your bank and credit card providerSign up for monthly credit reports to check for credit applications in your name

(Image credit: Pixabay)

ID fraud, identity theft, and credit card theft: Three sides of the same problem

The theft and subsequent fraud explained here are all linked. Not having a credit card won’t stop identity fraud. Going off-grid won’t prevent identity theft. These are aspects of modern life enhanced by our reliance on instant connectivity into simultaneous benefits and threats.

Be aware of the differences between ID fraud, credit card, and identity theft. But remember that the issues are linked, and behaving in a manner that keeps your data personal will help considerably. 

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If you’re concerned that your identity has been stolen, take action now.

Identity fraud is a significant risk that we face on a daily basis. Unfortunately, similar to death and taxes, it is inevitable. Even though you can take every precaution to protect your personal information at home, there is always a possibility of your bank being hacked. 

If your identity has been stolen, what should you do? How can you determine if you are a victim of identity fraud? And what are the next steps you should take?

Your ID might have already been stolen

There is a strong chance that your ID has already been stolen. Over the years, a large number of data breaches have resulted in millions of records of data being leaked on the internet. Bank details, PayPal accounts, social media logins, mortgage applications, even medical records – pretty much every type of data you can think of has been leaked. These events occur thanks to hackers finding vulnerabilities in data servers, exploiting these, and reaping the rewards.

Meanwhile, there’s the risk of phishing from emails, SMS, and instant messaging. With one wrong click, you’re taken to a spoofed website designed to look like a bank or online store, and you end up submitting your details to a scammer.

On top of this, you have the problem of targeted theft, either via purse snatching, dumpster diving (for discarded bank statements and letters), or even direct theft of your documents.

In terms of being involved with a data breach, you can check this by visiting Have I Been Pwned. Enter your email address (check them all if you have more than one) to see if your records have been leaked.

Then, change your password.

With regards to ID theft overall, let’s take it as read that your identity has been stolen somehow. What happens next?

How to tell if you are an ID fraud victim

We constantly face the risk of identity theft, often without realizing it. However, there are warning signs to watch out for.

Unexplained credit or debit card chargesMissing statementsDeclined credit cardRefusal of a new loanCalls from debt collectors

Some indications that you might be a victim of identity fraud are the unexpected reception of unfamiliar packages, which could be the scammers trying to get them before you do, and unauthorized access to your social media accounts, particularly Facebook. The consequences of identity theft are almost always disastrous and can have long-lasting effects.

(Image credit: Shutterstock / Sapann Design)

What happens when someone steals your ID?

Usually, identity theft occurs wholly online. First, your records are traded and available to crime groups to browse, like a catalog, on the Dark Web. Then, with massive databases available to search for likely targets, automation is used to target thousands of potential victims at once simultaneously. This is how phishing operations work. 

However, there are occasions when identity theft happens offline, or data gathered from the internet is used in a physical context. For example, rather than pose as you online, an identity thief may claim to be you at a bank or use your details to try and buy a car (perhaps with the help of a counterfeit driving license).

The end game is always to get as much money as possible, as quickly as possible, before moving on, leaving you none the wiser. It is unusual for ID fraud to occur over more than a few weeks – after all, once the credit card statements arrive, the game is up. However, targeted identity theft can occur over a more extended period, particularly for high-income “marks.”

Whatever the intricacies of the case, identity theft is highly distressing. Finances are left in tatters, and reputations are potentially ruined. Long-standing relationships and marriages have been damaged and worse by identity theft.

Overcoming identity theft

There are two sides to coping with identity theft:

Rebuilding your financesDealing with the emotional impact

Getting your finances back on track is perhaps the most straightforward. Banks, credit card companies, and other creditors have procedures to deal with victims. 

Contact your banking company (and other creditors) to report missing cards and fraudulent activity. Contact credit reference agencies such as Equifax and Experian. They can place an ID fraud alert on your reports.Victims in the USA should contact the Federal Trade Commission (FTC) to complete the Identity Theft Affidavit and receive verification of the ID theft. UK victims can contact Action Fraud.Contact your local police force to report the theft when physical documents have been stolen.

If you have been a victim of ID theft, you should not be liable for the stolen money. ID theft mustn’t be down to your own mistakes, which is why it is vital to maintain reasonable security practices. 

The emotional impact of identity theft is another matter entirely. 

Fortunately, you’re not alone. Several services are available for you to contact to help you come to terms with the upheaval that ID fraud places on your life.

US readers can get in touch with American Consumer Credit Counseling (ACCC), which specializes in financial education and related services.

If you’re in the UK, seek counseling using the Counseling Directory. The Citizens Advice Bureau is also helpful, although its advice may be more instructive than comforting. 

(Image credit: Pixabay)

Do not let ID fraud ruin your life

Many of us have experienced identity theft, but not all of us have been hit by identity fraud. If you have had your credit card stolen or misused, this is bad enough, but identity fraud can have much more serious consequences. 

If you have been a victim of identity fraud, you know how much work is required to deal with the crime. There will be forms to fill out, phone calls to make, and weeks of uncertainty. You may be wondering if the money will be refunded, if the perpetrators will be caught, and whether you will be able to handle the upheaval. 

Identity fraud can turn your life upside down. It is important to take advantage of every law enforcement service, banking action line, and counseling resource available to help you report, resolve, and get through it.

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