Identity Theft is mainly the crime of gaining the financial or personal details of others for the sole purpose of assuming that the person’s name or identity to make transactions or purchases. The hackers try to steal your personal information.
Sub-classification of Identity Theft
There are Mainly 6 Common Types of Identity Theft
- Criminal Identity theft – This kind of phishing defines a scam where the scammer pretends to be another person. And when apprehended for a crime.
- Financial Identity Theft – they use identity like credit, goods, and services to conduct the scams
- Identity Cloning – On the daily basis scammer uses others information to misrepresent identity to commit the scam
- Medical Identity Theft – This kind of fraud uses another’s identity to obtain medical care or drugs.
- Child Identity Theft – This kind of scams occur when another person uses a minor’s identity for the imposter’s personal gain.
- Tax Identity Theft – This scam occurs when someone gains another person’s information and uses that to receive a tax refund.
Indicators to Recognize Identity Theft
The majority of the victims of identity theft do not realize they’ve scammed until it has impacted negatively to their lives. The following are a few indicators to recognize that someone else might be using your identity
- Receiving calls from credit or debit cards fraud control department warning of possible suspicious activity on your account.
- Accepting credit cards that you have never applied for.
- Credit or debit card charges for goods and services that you are not aware of. Including unauthorized transactions from your account.
- Information is received by the victim about the credit score. This happens mostly when someone applies for a loan or a phone subscription.
- Checks or Cheque is bouncing for lack of enough money in your account to cover the amount. It might be the result of unauthorized withdrawals.
- Sudden change in your credit score may indicate that someone else is using your card.
- Your yearly tax returns showing that you have earned more than you have actually earned. It might indicate that someone is using your National Identification Number, for example, SSN to report their earnings to the tax department.
- Loans might not get approved because your credit report indicates that you are not creditworthy.
- When the user is notified from their post office for an address change.
- Bills for services like gas, water, electricity not arriving on time. Indicating that your information has got stolen.
Poor Stewardship of Personal Data by Large Organization Leads to Data Breaches
Poor Corporate Diligence Standards can result in Data Breaches Include-
- Failure to ensure adequate network security
- Failure to shred confidential information before throwing it into the dumpsters
- Credit card number is stolen be call center agents and people with access to call recording.
- Failure of government, when registering a sole proprietorship, partnerships, and corporations.To determine if the officers listed in the Articles of Incorporation are who they say they are. It potentially allows criminals access to personal information through credit rating and data mining services.
- The brokerage of personal information to other business without ensuring that the purchaser maintains adequate security controls
- The theft is carried out for a laptop or any other portable device containing vast amount of information. The use of secure encryption on these devices can reduce the chance of misusing of data if a criminal finds them.
There is an active market for buying and selling stolen personal information, which occurs only in the darknet market but also in other black markets. People increase the value of these stolen data by aggregating it with publicly available data. To sell it again for a profit, increasing the damage done to the people whose information was taken.
How to Protect Yourself
For better results in protecting yourself from identity theft, you should always take some forward-thinking steps that minimize your odds of being victimized. However, the goal is to build as many effective obstacles as you can with your personal data. Read our blog “10 Ways to Protect Your Privacy on the Internet” to learn ways to protect your digital identity online.
Start the Process with these Steps-
Always use Passwords
Jumble up your Passwords
Identity thieves are counting on the fact that you will use the same password for all your electronic, multi-media devices as well as for your key financial accounts. Once the fraudster obtains a single password, access to the rest of the accounts is easy to accomplish if all the passwords are same. Hence it is advisable to keep different passwords for different accounts.
Always Stay Far from All the Shady Websites and Links
Users should always avoid clicking on unknown links that they receive from any unknown sources through emails or texts. Never type or login credentials like username or passwords on any unfamiliar login screens, the fraudsters routinely use emails and websites that look similar to your bank, credit card company, or other financial institutions.
Never Share your Personal Information
Scammers may also regularly pose as a bank or credit card company employee over the phone and ask for the personal details. The fact is no legitimate organization will call and ask you for personal information like your bank credit card details or your account details or any other kind of information related to one’s identity.
Regularly Check your Credit Reports
Credit reports will include any suspicious activity on your financial account. Hence you should always check your credit reports for any discrepancies.
Never take for granted the security of your personal data. The scammers are spread all across the globe and is ready to strike anytime. Consequently, it’s up to you to stop the identity theft from occurring – one strong identity theft protection step at a time.