We humans love convenience, and with the growth of the Internet, many of the things we used to do before, like shopping, banking, paying taxes, and even ordering and delivering food can now be done easily online. However, this level of convenience comes with inherent risk, as they require us to provide very personal information to online services. Scattered across the Internet, this personal information creates a tempting environment for exploitation by cybercriminals to steal it, this is what is referred to as Identity Theft.
Identity theft has received a considerable amount of attention over the years, and rightfully so, with a surge in identity theft cases reported by the Federal Trade Commission. Identity theft can destroy your finances, credit score, and even your sense of security. But it goes further than that, identity theft can damage your reputation and even your future. In today’s information age, having the knowledge to protect against identity theft and taking proactive measures is no longer a choice, it’s mandatory.
Let’s define what Identity theft is. It can be defined as using someone else’s identity such as their name, social security number, bank account number, etc. to gain access to a resource or service.
Various surreptitious methods can be used, from rummaging through a dustbin to sophisticated phishing methods, but whatever the method used, the objective is to obtain details about a person to enable a fraudulent activity to be carried out. This is done by using the victim’s privileges (eg. a password or PIN) or creating new privileges using their identity. For example, if a cybercriminal gains access to someone’s email address, they can change the password, and in this way, the victim cannot access their email. The criminal can further use this privilege to allow the victim’s bank to change the login credentials of their online banking order for the criminal to gain access to the victim’s bank account.
Identity theft can be considered to be a sort of preparatory behavior that occurs throughout the process of committing the fraudulent act. Let’s now look at some of the strategies and practices you can use to protect yourself against identity theft.
1. Strengthen Your Passwords
Cybercriminals would love nothing more than to get their hands on your passwords because it can open a world of opportunities for them. I can’t tell you how many times throughout my career I came across people who use words like their names, or the ever-popular “password” as their password. It is critical that your passwords be strong, unique, and difficult for others to guess or crack. Avoid passwords that can easily be identifiable as belonging to you, such as your name, family member’s name, or birthdays, etc. And whatever you do, don’t write it on a Post-it and stick it under the keyboard.
Your goal should be to create a password that is at least 12 characters long. Passwords that are longer are typically considered to be more secure because they provide a higher level of complexity and are more difficult for cybercriminals to crack using automated techniques. To increase the level of difficulty, use a combination of capital and lowercase letters, digits, and special characters (including but not limited to @, #, $, %, and so on). Avoid using patterns that are easy to predict or terms that are widespread or trending.
2. Use a Password Manager
According to Google, two-thirds (65%) of persons in the US reuse passwords for several online accounts. When you use the same password for both your personal devices and your financial accounts, you are putting your information in greater danger. If someone is able to acquire your password, they can effectively access many or all of your online accounts and subscriptions with that one password.
Use a trustworthy password manager or password generator application to generate random passwords. The majority of the time, passwords that are generated randomly are more secure than those that are made by humans. Many modern browsers have the functionality to generate and store passwords. This is important because it allows you to have different passwords for different accounts.
3. Use the Security Features of your Devices
Many people today use multiple devices that are synced, for example, if you are part of a particular ecosystem like Apple. Therefore it is crucial that these devices be properly secured. Approximately one-fifth of smart device users fail to use the security features that come with those devices. Neglecting to safeguard your smartphone, tablet, or any other electronic device increases the risk of you losing your personal and financial information to cyber criminals.
Smart devices use an array of security features such as a password, fingerprint, or face recognition to unlock them. Use a combination of these security features to achieve maximum security.
4. Be Careful with Phishing Attempts. Don't Fall for Tricks.
Phishing is an attack that uses deception to get usernames, passwords, and financial information from unwitting users. Scammers “phish” customers by impersonating legitimate businesses or governmental entities through phone calls, text messages, and emails. You must never give your password or account number in response to a request to do so, and no legitimate bank or company would ever ask for sensitive information in this manner.
Emails and text messages are the most common forms of communication that are used in phishing. The goal is to convince you to open an attachment or click on a link that appears to be from a legitimate source, like a bank. An example would be, receiving a text message or email that you believe is from a reputable firm, such as your credit card issuer, or bank, and it asks you to click on a link in order to resolve an issue with your account. If you click on the link, you may then be further required to enter some personal information, and the information you enter may include your password or account number on an account that is actually controlled by the scammer.
You should avoid clicking on any links that appear in pop-up windows or in spam emails. If you suspect that an email or link is suspicious, don’t click on any attachments and don’t download anything, simply delete the email. If you suspect that the email may be legitimate, contact the institution using the contact information listed on your account statements. This will verify that the email was actually sent from them before you click on a link or open an email attachment.
5. Memorize Your Social Security Number
I’ve always believed it’s a good practice to fully memorize those nine digits of your SS number. Don’t leave your social security card in your wallet or purse, keep the actual card in a secured place at home or in a safe. If someone were to get their hands on your Social Security number, they can do many fraudulent activities with it. An identity thief might use your card information to open credit accounts in your name, which could have devastating consequences to your credit score.
6. Store Physical Documents Safely
A criminal getting access to your paper documents (or hard documents) is like hitting the jackpot. Paper documents allow fraudsters to access your personal and financial data with relative ease. Ensure that these documents are properly safeguarded. Important documents like passports, wills, and contracts would be properly secured in a safe or at a safety deposit box at your bank.
Documents such as your bank and credit card statements should be shredded and disposed of once you’re done using them. You can opt to have these documents accessed or sent electronically to avoid having these sensitive documents from being sent to your mailbox. Speaking of your mailbox, don’t wait too long to empty it, and allow documents to pile up. Mailboxes are frequently targeted by identity thieves. If you’re planning to be out for a few days or weeks, put in a request from your financial institution to put a hold on mail deliveries until you return.
7. Ensure your Devices are Protected
It is important to safeguard the personal information stored on your mobile devices and PCs. Make use of secure passwords, and utilize software that protects your devices against spyware and viruses. You can also use a software firewall, and make sure you update it and the other malware and spyware software frequently. Be careful with downloading free anti-malware and anti-spyware software as some may contain malicious code, only download from reputable and verifiable sources.
On the physical side, you should consider purchasing a privacy screen, and use it especially if you’re in a public or crowded place. This is a kind of attachment that covers the display screen of a tablet or laptop. It allows viewing from directly in front of the screen and obscures the view from other angles. This kind of filter can help in protecting your information from individuals who are nearby and inquisitive. You can also get a similar kind of filter for your smartphone to prevent people from “shoulder surfing” or “screen creeping.”
8. Limit what you do on Public Wi-Fi
I do like a good Cup of Joe, and so do many people. Coffee shops have become so popular these days, and so has accessing the Internet from locations like these. Public Wi-Fi networks in places like coffee shops, malls, and airports allow people to access the Internet free of charge, however, it is advisable to limit what you do online over these public Wi-Fi networks. Although encryption methods have made access to the Internet from these networks safer, in my opinion, it’s never advisable to log in to your financial services from a public Wi-Fi network.
If you must access sensitive information from a public Wi-Fi network, make sure that the address bar to the left of the web URL contains either a lock symbol or the https:// protocol to determine whether or not the website is encrypted. You should also make sure that you are connected to a public Wi-Fi network that is legal before you begin your connection.
There are additional measures that you may take to protect your data from being stolen by cybercriminals while you are connected to a public Wi-Fi network. These measures include:
Not to disclose your private information
Use a Virtual Private Network or VPN.
Check to see that the operating system on your computer is up-to-date.
Once you have completed your work, you should log out of all of your internet accounts.
Ensure that your antivirus and anti-malware software is up-to-date.
But in the end, it is not advisable to connect to your sensitive information on a public Wi-Fi network.
9. Never Disclose Personal Information over the Phone
Scammers are cunning and resourceful. For example, they call unwitting people pretending to be a representative from a financial institution, such as a bank or credit card company. They may then begin to ask legitimate verification questions such as “What is your mother’s maiden name?”, “What is your date of birth?” they may even ask for credit card, PIN, and Social Security numbers.
Never disclose such information, remember that to protect your privacy, no respectable company will ever call you and ask for your information over the phone. Always do your best to verify the caller’s identity and the company they claim to represent before giving out any personal information that might be used for fraudulent purposes.
10. Be Careful of what you Post on Social Media
We live in a time where almost everything is now shared online. The other side of that coin is that scammers, phishers, and identity thieves love to scout for personal information disclosed on social networks. It is important that information such as your home or email address, children’s names, birthdate, and so on should not be freely available for anyone to see. If you have to post this information, which I don’t recommend, only have it visible to those you want to be able to see it.
It goes without saying that certain kinds of information should not be posted online at all. These include answers to common security questions like your mother’s maiden name, or the model of your first car. Credit card numbers, bank numbers, and images of sensitive documents such as your passport or driver’s license should also never be posted online.
11. Regularly Perform Credit Checks
Monitoring your credit history on a regular basis is one of the most effective ways for you to identify any potentially fraudulent behavior, especially if you’ve noticed an unexpected drop in your credit score. By checking your credit reports regularly, you may notice suspicious activity, such as someone opening an account or taking out a loan in your name.
You can then take the necessary actions to protect yourself from the harm that may be caused by this activity. You can get a free credit check by requesting a credit report from each of the three major credit agencies, Equifax, Experian, and TransUnion.
Actions to take if you're a victim of identity theft
If you are unfortunate to have your personal or financial information stolen here are a few things you need to do:
1. Contact your financial institution
In the case of your financial information being stolen, contact your bank or financial institution immediately. For example, if you’ve misplaced your debit or credit card or if you’ve noticed an unauthorized transaction like a withdrawal, it is possible your PIN has been obtained by a fraudster. The bank can easily put a freeze on the card to minimize further use of that card by the criminal. Many banks offer two-factor authentication, meaning in order to access your account, more than one method of authentication has to be used, giving you greater security over your accounts.
2. Freeze your credit
If your identity has been stolen, freeze your credit from the three main credit reporting agencies. This will stop anyone attempting to take out a loan or open a bank account in your name.
3. File an official report with the Federal Trade Commission (FTC)
In the event that someone opens an account, takes out a loan, files taxes, or makes a transaction using your personal information, you may file an official report to the Federal Trade Commission by visiting IdentityTheft.gov. This is the Federal Government’s avenue to help victims recover from identity theft.
4. Update passwords and secure your electronic devices
If you’ve become aware that your identities have been stolen, it will be a good idea to ensure that your passwords are distinctive, complex, and updated to optimize security and shield your private data from further exploitation. Your smart devices should also have strong passwords and up to date anti-malware and spyware software.
Summary
Identity theft can be quite scary, especially in this online age where so much of our personal information can be accessed through smart devices. The consequences of your personal and financial information falling into the wrong hands can be disastrous, therefore safeguarding your identities is more important now than ever before. Incorporating the tips outlined in this article is effective in minimizing the threat of identity theft.
Cybercriminals are relentless in finding ways to steal the identities of unwitting people for their own personal gain. It is therefore critical to always remain vigilant by monitoring your financial and credit statements, utilizing strong complex passwords (use a password manager if necessary), and keeping your devices up to date with the latest security software. Be cautious of what you share online and the platforms and individuals with whom you engage.
Finally, keep abreast with the latest security threats and be aware of the available countermeasures. There is no getting around the fact that your personal information and the digital world are inextricably linked. And having a proactive approach to securing your most sensitive information will significantly reduce the risk of you becoming a victim of identity theft.
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