Introduction:
Identity theft is the practice of stealing another person’s personal or financial details for the express purpose of assuming the name or identity of that person to make transactions or purchases. In several different ways, identity fraud is committed. Some identity hacker’s check for bank account and credit card transactions by garbage bins; other more high-tech tactics include hacking company databases to collect consumer identification lists. Identity hackers will harm a person’s credit rating and the value of other personal details until they get the details they are searching for. They can clear your checking account, rack up payments on your credit cards, open new service accounts and even get free care on your health benefits until identity thieves grab your personal details.
Identity Theft
Unauthorized use of someone’s personal details or records (usually social security cards or credit cards) to access goods, services or credit is the concept of identity theft. The horrible fact is that it could happen to everyone. Identity theft is when your personal identity is stolen by others and used without your consent. There are many methods of identity fraud, and you will be influenced in a different way by each. There isn’t any way to fully inoculate yourself from identity theft. But if you are attentive in knowing how your data can be at risk and what fraudsters can do with it, if anyone tries to steal it, you can be well able to secure your data and respond fast.[1]
Here are 10 of the most popular ways in which identity thieves take control of your information:
1. Data Breaches
A data breach occurs when someone receives access without permission to the data of an entity. Complete names, Social Security numbers and credit card numbers are among the most common forms of information compromised in data breaches.
It’s almost difficult to keep the information secure from a data breach because people have too many accounts with multiple corporations and other organisations, but there are precautions you can take to mitigate the harm.
2. Browsing that is Unsecured
For the most part, particularly if you stick to well-known websites, you can search the internet safely. But you could place your private information directly in the possession of a criminal if you post your information on an unsecured website or a website that has been hacked by hackers. Depending on your browser, if you attempt to visit a dangerous website, you might get a warning.
3. Dark Web Markets
The dark web is also where the material you individually recognise winds up after it has been compromised. Hackers do not actually take the information and use it for themselves, rather they may opt to sell it to those with more nefarious intentions instead.
The dark web is a secret network of websites that regular browsers do not have access to. In order to hide their identity and actions, people who use the dark web use special tools, making it a refuge for fraudsters. If your knowledge winds up in a dark web auction, it may be bought by anybody, placing your privacy at greater risk.
4. Malware Activity
Malware is malicious malware intended to wreak havoc of all types. Fraudsters can use malware, without you knowing, to steal your information or spy on your computer activity.
5. Theft of Credit Card
Credit card theft is one of the easiest types of identity theft. They will use that to make illegal payments if a robber will obtain access to your credit card details. Popular forms in which credit card fraud happens include via a data breach, physical robbery, credit card skimmers, and card information saved from online retail accounts.
6. Hacking Mail-ID
Identity hackers have been combing through the mail to locate papers containing personal information since long before the internet. It is possible to intercept bank and credit card statements and any other document you send or receive via the postal system and use them to obtain access to your records. You may even be left unprotected by the mail you throw out, so make sure to shred any old mail that might hold sensitive information.
7. Spam Attacks
To steal your personal details, such scammers use email and text messaging and other means of electronic communication. The letter also seems like it comes from a reputable source and requests victims to offer up one or more data forms.
8. WIFI Hacking
Hackers can be able to “eavesdrop” on your connexion if you use your computer or phone on a public network — airport, retail store or coffee shop Wi-Fi. This suggests that an eavesdropper will quickly decrypt it and exploit it for their own purposes whether you type in a pin, bank account or credit card number, Social Security number or something else.
9. Theft of a Smartphone
Smartphones are a treasure trove of information for identity thieves, especially if you can automatically log in without a password or fingerprint from your applications. If someone tries to hack and decrypt your phone, the details contained in your applications, as well as in your emails, text messages, notes and more can be displayed.
10. Skimming Cards
Any criminals use a skimming gadget that can be conveniently mounted on an ATM or a fuel pump over a card reader without anything out of the ordinary. The skimmer reads the information from the magnetic stripe of the card as someone swipes a debit or credit card on a corrupted computer and then stores it or transmits it. To make transactions, a thief may then use this knowledge.
Types of Identity Theft
- Child ID theft: IDs for children are particularly insecure. The robbery may have gone undetected for many years. The damage has already been done by the time they become adults.
- Tax ID theft: To file tax returns falsely with the IRS or state government, criminals may use your Social Security number.[2]
- Medical ID theft: To access medical benefits, anyone might steal your Medicare ID or health insurance participant number. It could also cause a health care provider’s dishonest billing.
- Senior ID theft: ID theft systems are usually targeted at people who are in regular contact with medical practitioners or caregivers and have access to confidential data or financial records.
- Social ID theft: You can use whatever is on your social media sites to create a fake identity, such as your profile, images and other personal information.
What if You are a Victim?
The most important thing to do if you even have an indication that you’ve fallen victim to identity theft is to restrict the possible damage. Call the card issuer and your bank directly if a credit card or debit card has been compromised. Certain banks can also encourage you to lock your account with your smartphone app before you can confirm the theft.
Contact the credit bureaus on your credit records to document some sort of suspicious activity and get help dealing with the fraud. Try locking or freezing your credit if you get to know something is wrong. Alternatively, a fraud warning can be set up to warn lenders that you have been a victim of identity theft so that they can take further steps to verify your identity. Know, identity theft is a felony, so calling the nearest law enforcement department is also a smart move. Although officials might not be able to do anything, they might be able to take information and be on the lookout about unusual activity that your name or address may entail.[3]
Precautions and Signs of Identity Theft
You can’t entirely eliminate the risk that your identity will be compromised, so before it becomes a big concern, you should take steps to detect possible fraud. Keep an eye on your credit records to check for identity fraud. Although you can display each of the credits for free every 12 months. A sudden inexplicable decline may be a dead giveaway that something is wrong. Keep an eye on your credit score.
Here are several more common signs that your identity might have been compromised by someone:
- You don’t get critical emails, such as bills or checks.
- You get bills for things that you didn’t buy or credit card receipts you didn’t sign up for.
- Despite getting an outstanding credit record, you’re refused credit.
- You have financial transfers or deductions which are illegal.
- You have received notification that in a data breach, your personal information might have been compromised.
- Your electronic filing for taxes is rejected.
- For undisclosed accounts, you get unwanted verification notices through text or email.
- You get an email from an agency that claims that you recently accessed your account and it wasn’t you.
- You are receiving a bill or a description of health care services that you have not requested.
Conclusion
For the very clear reason that most of us have made our most important personal details public online: name, address, social security number, driver’s licence, credit card number, etc., where identity theft is the fastest-growing crime in many countries. And it’s easy for cybercriminals to snatch it. The one good thing is that clients and corporations have stepped up the fight against identity fraud and have fought some of the challenges, but there is a long way to go. Identity theft can occur in multiple ways, but in many situations, the victim is left with damage to their credit, finances, reputation, and life. The prevention against identity fraud is a growing market that keeps track of the use of credit records, financial activities, and social security numbers by individuals.
References:
https://www.experian.com/blogs/ask-experian/what-is-identity-theft/
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