In a world where online transactions are the order of the day in daily life, the threat of identity theft is more realistic than ever before. Current events show the necessity of taking strict measures to safeguard personal information. A case in point is that of an old lady in Midland, Texas, who lost $100,000 in a very well-organized operation, which goes to show the debilitating effect that such a crime has on the victim.
The escalating threat of identity theft
Identity theft has evolved along with the times and has been on the increase and becoming increasingly sophisticated. Phishers on the internet use every trick in the book, from phishing emails to penetration of social networks, to appropriate individual information.
The Federal Trade Commission (FTC) identified that credit card fraud was 30% of identity theft in 2023, an indicator of the requirement for utmost caution.
Protecting your Social Security number
Your Social Security number (SSN) is also of highest value to identity thieves because it can be used to obtain credit, file a phony tax return, and even collect government benefits.
To protect your SSN:
- Don’t carry your SSN card: Keep your Social Security card in a safe place, not in your purse or wallet.
- Be cautious of disclosure: Provide your SSN only when it absolutely has to be requested. If an organization requires it, ask how it will protect your information and use other identifiers whenever possible.
Be careful of phone and internet scams
The scammers prefer to imitate the originals in order to obtain personal details.
To outwit the scams:
- Confirm communications: If you receive suspicious phone calls or texts requesting your personal information, check the source independently by phoning the company straight using authorized contact information.
- Stay away from links and attachments: Refrain from opening links or downloading attachments from unconfirmed or unknown entities as they are likely malware programs that will hijack your details.
As Michigan Attorney General Dana Nessel describes, “The IRS will not call taxpayers about their tax business.” This is simply a reminder to assist individuals in recognizing and steering clear of common tax-season scams.
Strong, distinctive passwords
Passwords most secure your online accounts. To make them stronger:
- Create strong passwords: Combine uppercase and lowercase letters, numbers, and special characters.
- Use distinctive passwords for different accounts: Following this habit allows one to rest assured that any violation of an account will not violate others.
- Turn Two-Factor Authentication (2FA) on where possible: Activate 2FA wherever possible in order to place a second guard on top.
Cybersecurity expert and previous cyberthief Brett Shannon Johnson underscores the use of these practices: “Having a password manager can make it more secure by preventing multiple use of passwords.”
Daily monitoring and disposal of sensitive files
Paper documents are identity thieves’ goldmines. To prevent this risk:
- Shred unwanted documents: Shred personal data documents such as bank statements, medical bills, and credit card applications before throwing them away.
- Lock your mailbox: Use a locked mailbox to prevent thieves from stealing mail with sensitive information.
Protecting digital devices
Increased use of digital devices means protection of the devices is of top priority:
- Use strong passwords and biometrics: Lock devices with strong passwords or biometric identification like scanning fingerprints.
- Enable remote tracking and data wiping: Turn on features that allow you to track and remotely erase lost or stolen devices.
- Keep software updated: Keep installing operating system and software updates to stay ahead of known threats.
Thinking about a credit freeze
A credit freeze makes your report inaccessible, and it is difficult for identity thieves to obtain new accounts in your name.
To place a freeze:
- Call the major credit bureaus: Call Equifax, Experian, and TransUnion and request them to place a freeze.
- Know the process: Keep in mind that, though a freeze safeguards you, it also is responsible for creating a situation wherein you must roll back the freeze for a brief moment in a time so you’ll qualify for credit.
A credit freeze “is like a red light” to lenders, Experian vice president of consumer protection Michael Bruemmer states, should you attempt opening up a line or loan account of credit within your name.
Bank and financial accounts are popular identity theft targets. To safeguard your assets:
- Monitor account activity: Check bank and credit card accounts regularly for unfamiliar activity.
- Create alerts: Enable transaction alerts to identify and respond to suspicious behavior in real time.
- Be aware of ATMs and Point-of-Sale Machines: Inspect terminals for unattended devices before use because robbers can attach skimmers to steal card information.
