Federal Trade Commission (FTC) has reported 5.7 million cases of identity fraud in 2021, out of which 1.4 million cases were indicating identity theft. ID theft, considered a crime now, has become a global problem, affecting hundreds of thousands of people globally. The consequences of the crimes are far-reaching and severely impact the psycho-social well-being of victims. FTC revealed that victims lost nearly $5.8 billion to fraud & ID theft incidents in 2021, showing an increase of 70% compared to the previous year, stressing the cases of ID theft are surging at a distressing rate. To stay ahead of the curve and safeguard digital identities, it’s highly essential to implement effective identity theft protection strategies and stay cautious.
Rising Threats of Identity Theft
ID theft is a deceptive technique used by fraudsters to steal or acquire the personally identifiable information (PII) of vulnerable or unsuspecting individuals. PII includes confidential information that is connected to a specific individual such as name, date of birth, address, social security number, or contact details. Cybercriminals employ advanced deceptive techniques to get their hands on other’s sensitive information and use the acquired information to conduct illegitimate activities.
Anyone can fall victim to the trap of this deceptive act, indicating how discerning the matter is. In addition, crime is evolving with technological developments and fraudsters have upgraded their nefarious maneuvers, leaving no avenue unexplored to accomplish their unethical goals. The stolen or manipulatively obtained information is used to log into digital accounts, and social media platforms or evade authentication systems.
Common Types of Identity Theft You Must Know
ID theft comes in various forms and profoundly impacts the victims, causing financial losses and damaging reputational image. The types of online theft are continuously evolving with progressing technology and finding new avenues to sneak into services or privileges. Let’s have a look at the forms of ID theft that commonly affect most people.
- Credit Card Theft
Credit card readers, stolen credit cards, or skimming devices are employed to acquire the credit card details of the targeted individuals. The obtained information is used to circumvent authentication solutions and sneak into the financial world. After getting access to financial systems, fraudsters make potential transactions and wire transfers for personal gain.
- Biometric Theft
This advanced form of ID theft is where cybercriminals replicate or spoof biometric identifiers like fingerprints or facial patterns. When someone’s password is stolen, he can immediately alter the password, but getting biometric data stolen is a serious concern. Fraudsters use the acquired facial features or fingerprints to dodge ID verification solutions and get unauthorized access to services or systems.
- Synthetic ID Theft
It is a type of online identity theft where cybercriminals combine stolen information with fabricated information to generate a whole identity. The deceptively constructed identity is employed to commit fraud and conduct illicit activities for personal interests.
- Medical ID Theft
Fraudsters with malicious intentions leave no chance to conduct deceptive acts for their gains and support their illicit activities, the menace has surged to the extent that they even steal patients’ medical information. The acquired information is used to get medical services or unprescribed medications. Medical ID theft is growing at an alarming rate and patients suffer the most, as the resources are diverted from deserving persons to unauthorized individuals.
What are the Best Practices for Identity Theft Protection
The significant surge in ID theft and the aftermath suggest individuals stay alert and implement identity theft protection strategies to safeguard their digital presence. Here are some effective strategies that can help you fight the battle of ID theft
- Implementing Strong & Unique Passwords for Digital Accounts
It’s crucial to secure digital accounts and social media platforms by implementing strong & unique passwords, making it challenging for fraudsters to replicate or spoof easily guessable passwords.
- Properly Shred Confidential Documents before Discarding
Before discarding or throwing away your sensitive documents containing personal information, make sure to shred them properly, so that no one can access your confidential information from those documents.
- Regularly Monitor Credit Card Reports
To prevent financial theft or fraud, it’s recommended to regularly monitor your credit card reports and look for anomalies or suspicious activities.
- Carefully Confirm the Legitimacy of the Unknown Resources
Be aware of phishing scams and confirm the authenticity of resources asking for your personal information in the disguise of legitimate bodies like banks or government bodies.
- Avoid Oversharing Your Personal Life Online
Be careful before sharing your personal information or lifestyle on social media platforms, as cybercriminals are always finding opportunities to scam vulnerable information. Reduce your digital footprints and keep social media profiles private, keeping out unknown people.
Closing Thoughts
The sophistication of identity fraud has evolved to the scale that even advanced authentication solutions fell short to recognize spoofed attempts. However, deploying advanced authentication technology integrated with machine learning, AI algorithms and liveness detection can help businesses and online platforms to detect fake identities and prevent unauthorized entry into systems.
